Home Buying in 90210>Question Details

John Yarboro…, Real Estate Pro in Beverly Hills, CA

Dealing with a Home that is now in Bankruptcy after a failed Short Sale. Waiting for the Discharge any day now. We currently have an all cash Offer

Asked by John Yarborough, Beverly Hills, CA Fri Sep 18, 2009

on the table with the First Trust Deed Holder. My question is will the First still look at the Offer during Foreclosure procedings and at least consider it before it goes to Auction?? I have at least two other people who would love to present an Offer but the Bankruptcy has held them off!! Should i encourage them to put an Offer on the table so they have it before Auction?? Thanks, John

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I've had this same situation going with buyers I'm working with in Florida. I assisted the buyers in making an offer to the trustee in bankruptcy while the bankruptcy estate was still open, as I believe your case to be. In each instance, the trustee elected to complete the bankruptcy and allow th foreclosure to resume.

After the discharge in bankruptcy, the lienholder will then resume the foreclosure proceedings. The owner of the real estate is still the owner and all requests for sale prior to the actual foreclosure must be made by the owner to the lienholder. If the owner will not assist in forwarding offers to lienholders, buyers will need to wait until the foreclosure auction as their next opportunity to acquire the property is my understanding.

If a sale date is approved by the Court having jurisdiction and there are no successful bidders at auction, the property will be acquired by the lienholder and sold at a later date.

Good luck,
Web Reference: http://www.beachbagg.com
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