Kim Beegle, Home Buyer in 97603

Sellers of a house that excepted our offer has now decided to file bankruptcy to include their home. What can we do to still purchase the house?

Asked by Kim Beegle, 97603 Tue May 29, 2012

How long will this process take? Will it be a foreclosure or a short sale? Can we contact their bank or someone to let them know we want to buy the house? What steps can we take to still get the house? Will it have to go back on the market before we can make an offer? We had an excepted offer, but the appraisal came in super low. Now they want to file bankruptcy. Is the deal off?

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Kim, you would have to wait and see if the trustee is going to keep the property or will kick it out of the bankruptcy. The trustee would only keep the house if the bankruptcy estate could NET $$ after subtracting the costs of sale and the homeowners' homestead exemption. Your agent can contact the bankruptcy attorney and find out which way it will go. If the house is what you want, if everything is lined up right, and if the sellers still want to sell, then you can go forward to purchase the home.
0 votes Thank Flag Link Sun Jun 3, 2012
Hi Kim,

I am sorry that I could not answer your question in a more succinct way that I would like it to be.
The seller's situation is complicated and once they file bankruptcy, the property MIGHT end up being included in the filing and could be held in a trustee until the property gets foreclosed by the bank.

Why would you want to be in the midst of this uncertainty?

0 votes Thank Flag Link Wed May 30, 2012
Sounds like the transaction wont be workable unless you can still agree on a price you can get the loan and appraisal to work with. It will depend on the sellers whether or not you can still make it happen.
0 votes Thank Flag Link Tue May 29, 2012
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