Short Sale / Bankruptcy
I have an agreement of sale w/ a separated couple who's house was up for sheriff sale but we got it stayed. I have signed up for a Foreclosure class in 2004 but I need some help now.
I just found out the couple declared bankruptcy a year or so ago. Can the short sale still go thru? We have a signed agreement of sale, release signed by couple so we can talk to the bank, pictures, repairs lists etc..., title search etc....
Thanx
If the property has not been taken outside of the bankruptcy estate then you will need permission from the trustee to purchase the house.
As I stated earlier I am signed up for Foreclosure classes and I also purchased a book rec by another memeber. In the meantime I don't wnat to loose this house so I have a few more questions.
How do I found out what the bankruptcy estate is and who is the trustee bank or owner?
My partner has spoken w/ the bank yesterday but I don't have details
Thanx again
Your easiest route for this information to to simply ask the owner of the property. You will need their cooperation to purchase it anyway. You can also march down to the bankruptcy courthouse and take a look at the debtors file to determine who the trustee is.
Hope this helps.
Yes thank you.
The owners are very cooperative but not very knowledgable re: the bankruptcy. We have a signed release, agreeement of sale, pictures, hardship letter etc....
I will go to the court house today.
thanx again
Chances are the BK was dismissed for non-payment. Their BK atty will be able to tell you - also the mortgage company's BK department will most likely have a disposition on the case.
Good luck and watch out for those BK's in the future - they can be real deal killers.
C-
go to http://pacer.psc.uscourts.gov/
sign up for the service. it gives you info on any bankruptcy petition filed nationwide...7 cents for each page downloaded...
hope this helps in getting the info needed.[ Edited by lp1 on Date 12/28/2003 ]
Hey Lp1
Thanx for the lead. Great info and cheap.
We have now moved forward and are very close to closing our first short sale.
Looks like we'll get the prop for $215K- repairs $45K - retail value $329K
We offered the bank $200k and they came back @ 215
thanx again