Asked by Freedom, Woodbridge, VA • Tue Mar 8, 2011
Stepdaughter signs ratified contract to purchase condo in N. Virginia. The condo, a short sale listed for 160k. Home sold for 320K in 07. Home has weird brick wall blocking front door. Agent says it is keeping the house from selling. She advises her to bid 155K ,ask for closing cost assistance. I felt the house was priced low enough and bid 160K, put 5K as an earnest money deposit. We wait 3 months for bank and they(bank) say they need a net profit of 190K. We were going to bid 180K with 5K deposit. Day of closing agent says seller involved in bankruptcy in N. Carolina and not sure if seller has home involved in bankruptcy case. Seller's lawyer being notified to determine type of bankruptcy. Should she proceed and wait to see if home is clear of bancruptcy? Could seller have legally signed ratified contract to sell home if involved in bancruptcy?
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