I would like to know how to buy a home that is in bankruptcy!

Marie
Home Buyer
44625

I want this home which went up for Sheriff sale in April, but was pulled - the owner isn't paying what he owes so I am assuming he filed for bankruptcy.(I know a relative of the owner) How can I buy this house and how long will I have to wait?

Answers (3)
Hal Cutler
Agent
Port Hueneme, CA

My understanding is that when an asset is part of a Bankruptcy, it's disposition is subject to court approval. But the property may not be part of a bankrupcy. The problem may have been settled through other means, perhaps through a settlement with a lien holder. However, once the property becomes available for sale, an experienced Real Estate agent can act in your behalf. Maybe the property can be purchased now?

In my opinion the best way to buy this property is find an experienced Real Estate agent to track the dispostion of the property and present your offer when and if the time comes. This process could take months and require third party approval.

Wed Jul 22 2009, 13:36
Cindy Wright
Agent
Warren, OH

What is the address of this home?

Wed Jul 22 2009, 13:24
Dan Castagna
Mortgage Broker
or Lender

Haddon Township, NJ
FIRST ANSWER

yes, you can discuss buying the house. YOu wil need to get a the bankruptcy judge to approve the transaction. This can take anywhere from 15-45 days.

Wed Jul 22 2009, 13:20

Didn’t find what you were looking for? Ask a question!

Search Advice

Ask a question

Got a real estate question? Get answers from locals, experts and real estate pros.
Ask
Email me when…

Learn more

Copyright © 2009 Trulia, Inc. All rights reserved.   |   Fair Housing and Equal Opportunity
Help us improve our service—send us feedback