can I buy a short sale where the seller has been discharged from chapter 7 bk filing in california?

Asked by Hmbuyer, Simi Valley, CA Mon Nov 29, 2010

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6
Bonnie Sterl…, Agent, Simi Valley, CA
Fri Dec 10, 2010
I just closed on a property where I represented a Seller whose daughter was not on title but signed onto the note, co-guarator, and who completed and was discharged from bankruptcy prior to the sale. My concern was for the daughters liabilty for the deficiency, which she fully researched with her attorney and to her satisfaction before we proceeded. As the buyer, you would probably want to consult your attorney to determine if there is any liability you assume but I can not see how this creates a liability for you, but it is a very good question. Did you read something or hear something that created a cause for concern?
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Denny Beckham, Agent, Simi Valley, CA
Tue Nov 30, 2010
Yes, you can, at least in theory. Please contact me direct for more clarity: Denny Beckham, Broker, 805.526.8804 or Info@BeckhamEstateBrokerage.com.
0 votes
Debra Kessler, Agent, Simi Valley, CA
Mon Nov 29, 2010
Attorneys may be involved in some manner for this transaction to be successful. I managed to close a short sale where the seller simultaneously went through a BK. It was complicated and required lots of communication, but today the buyer is happily enjoying her new home.
0 votes
Donald Hendr…, Agent, Ventura, CA
Mon Nov 29, 2010
The answer is yes. But always get advice from an attorney when you have doubts.

Don Hendricks - CDPE
IHLINC.
805-813-9959
0 votes
John R Thomp…, Agent, Simi Valley, CA
Mon Nov 29, 2010
I know it's been done but nowadays who knows what will happen with these banks in control.
You can find out from Title if the discharge has taken place but I would say Go for it.
0 votes
Sara Mehrpou…, Agent, Los Angeles, CA
Mon Nov 29, 2010
If the seller's bankruptcy has been discharged and the short sale lender knows that the seller is no longer in bankruptcy, then yes you should be able to proceed and buy the property. Let me know if you need any assistance.

Sara Mehrpouyan CDPE
Specializing in Foreclosure & Short Sales
Rodeo Realty
Dre#01712757
818-903-2040
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