Ready to close . . . BUT
Any of you short sale pros ever come across a property that has been released from bankruptcy?
I am working on a property that the Foreclosing bank told me was released from the Bankruptcy court and that they were scheduled to hold the auction on May 15th.
I am going to buy it before the auction, and was planning to do so this week, however, I received a call from my attorney today that the property has not been released from Bankruptcy.
Any thoughts on what I can expect? Can the trustee simply write a letter to my attorney to release this?
Also, if it has not been released from the courts, how can the mortgage company have an auction on it and expect there to be transfereable title?
COME ON YOU PROS, I'm looking for your thoughts and advice!
BAMZ
This is a very good question bBamz. Were you able to get advice from anyone?
What happened with the deal?
Hi Verb,
After I cofirmed that the stay on the bankruptcy had been released, I bought the property. In addition, the homeowner provided me with a letter that showed that they also had been released from the bankruptcy!
I did buy the property and made over $20,000 on it less than 2 months!
Best of Success!
BAMZ