Home Buying in 31705>Question Details

Pes1322, Home Buyer in 31705

I am a buyer of a house in which i have a contract for deed. The seller has informed me of them filing for bankruptcy. What are my options?

Asked by Pes1322, 31705 Sat Oct 8, 2011

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At this point it's really in your best interest to consult with an attorney who specializes in real estate, he/she can better advise as to any options....
0 votes Thank Flag Link Sat Oct 8, 2011
You real estate agent will need to help you nagivate through this. They can assist you with contact with the real estate attorney for your sale. Once the seller files for bankruptcy, they no longer have the ability to sell a property. They would have to have permission from the bankruptcy court in order to complete a sale.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Conventional | FHA | FHA 203K Renovation (Streamline & Consultant) | HomePath® |
HomePath® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Sat Oct 8, 2011
Immediately contact a lawyer that specializes in Real Estate. While many agents can give you some tips we have to be very careful about crossing the line of providing legal advice which can cost us our licenses if we don't tread carefully enough in our answers.

This seems like one of those situations where you need to act quickly to see if you can preserve your interests and the best advice is going to come from a professional.

Many times you can call around and find one that will give you a free consult. Sometimes over the phone but I have found that you get more attention and better advice if you actually show up at the firm to ask for a consult.

I hope this helps and good luck with your situation.
0 votes Thank Flag Link Sat Oct 8, 2011
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