Posted by SDM on July 19, 2002 at 19:59:35:
Who do plan on offering the $90k to? They already filed for BK eventhough they are only 3 months behind? That doesn’t make sense. Have them Deed the property to you and pay off the arrears. End of story. Otherwise, I would move on to the next one. I can guarantee you the lender will not take $90k
How do I do this…2 homes in bankruptcy - Posted by Gemi
Posted by Gemi on July 18, 2002 at 20:30:36:
I need your help. I found a potential deal but am not sure how to go about buying it.
The seller owns 2 houses and has filed bankruptcy. They are current on there personal residence but the property they had rented for awhile is now 3 months behind. I am interested in buying it since the courts only allow them to keep one property.
They owe about $135k, it’s worth about $135-$140k.
I’m not sure if I get the owner to agree first and they take it to the trustee or I contact the trustee?
And who actually decides if the price is acceptable the court or the lender?
Is it better to offer cash or does it matter?
It only needs paint & carpet and a few minor things. I was thinking of offering about $90k.
Thanks!
Gemi