Property In Bankruptcy
I've been chasing the owner of a deserted property for a month now. Finally talked to him and found out the property was in the hands of the Bankruptcy Court (or whatever it's called)
I assume the only way to get my hands on this property is to be the high bidder at auction....or is there a way to buy before auction for FMV? The house is a mess. Probably 20K in repairs needed.
And that FMV would be Fair Market Value...not Full MV.
Is the property in the hands of bankruptcy court to be disposed of or is the person in bankruptcy with a lender trying to foreclose? If it is the latter then there may be a stay on the foreclosure. You might be able to work a purchase with the seller and have the bankruptcy lifted to allow the sale. The reinstatement laws probably are different where you are but here the loan may be brought current up until close to the date of sale. This may give you a window and some head room.
I think you need to give us a little more info.
I guess another question is why would you want to buy a financially distressed property at FMV with $20K worth of repairs?
My mistake....I want to steal this property. Way, way below wholesale.
Misuse of vocabulary. Sorry.
And the process has been completed. The house is just sitting there empty. Matter of fact, all info at the registers office states that the mortgage was satisfied and the Deed has been released.
Looks like an auction is in my future.
A bit confused ? If loan if paid off then there will be no auction? Did someone buy the property? In Chapter 7 trustee tries to sell property for market value as is and will not spend and of the estates money on the fix up and will not pay off mortgages. Everything like that needs court order. There should be a trail at the courthouse.
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
As Tedjr says, <There should be a trail at the courthouse>
So your next step needs to be to go down to the BK Clerk, ask for the file, and sit there and read it.
All Court files, unless specifically sealed by Court order (which is rare) are publicly accessible and anybody can go pull and read any court file in the US of A,