Sub-2 from Bankruptcy... - Posted by Flipper

Real Estate Investing Real Estate Law
1

Posted by Flipper on May 02, 2005 at 20:37:44:

I hope someone can give me some insight on this, I dont have much time.

If anyone has some advice I would really appreciate it!

Thanks!

Flipper

2

Sub-2 from Bankruptcy… - Posted by Flipper

Posted by Flipper on May 01, 2005 at 15:28:03:

I am trying to buy a property from a seller who is currently in Bankruptcy.

I would like to buy it Sub-2, but the sellers attorney said he needs a purchase and sales agreement so the Judge can approve and release the property.

What should the P&S agreement say for sale price? Just the loan balance? And should it mention buying it Sub-2?

(House was in foreclosure before he filed. Its 16,000 in arrears. Lender has been VERY uncooperative with owner because he inherited the the property and the loan from his mother and has not been able to pay.)

This looks like it could be a good deal for me, I would hate to blow it by giving the attorney more info than I need to.

Thanks for the advice!!!

Flipper