How best to put a purchase offer on a home in bankrupcy court?

Question

A real estate friend told me homes for sale when owners are in bank. court are tricky - actually she warned me to just forget about it. We actually would have to sell our own home first anyway, could we make an offer to purchase the home at a future date once most issues are resolved? Or would they possibly accept a lease to own proposal?

What are your experiences, tks!

Answer 1

Homes sold under foreclosure/bankruptcy are much like buying any other, except that the lender won't accept an offer other than a direct offer to purchase. They do not entertain offers contingent on the sale of your existing house, nor do they entertain lease to own or anything similar. They simply want to sell 'clean'.

Answer 2

the belief of tangible belongings is describe in one sentence, it is: sellers want the optimal value accessible, consumers want the backside value and the terrific deal and the agent needs a rapid sale. i'm no longer suprised that the employer is that stingy. If the domicile has been on the marketplace for 30 days, it no longer that undesirable, many times if it relatively is a few months, that a various tale, yet 30 days hardly characterize lots. once I have been given into actual belongings, one guy might different than me to refund him the insurance, taxes and different costs on extraordinary of the remaining and agent value. maximum sellers want the optimal value accessible and as long simply by fact the area isn't dire, than there is no longer something you're able to do. If he's eager to sell, tell him thank you and notice you later. If he's not too obdurate, he would be conscious of what's terrific. communicate with the agent and notice if he's prepared to surrender a element of his value. to confirm a honest value, base it on the municipality's each year assessment, that is way under the asking value.

Answer 3

Your best bet is to sell your home, rent a place, and then have a Realtor keep his/her eyes open for "deals" for you. Then, you have the money to be able to move fast when that smoking hot deal comes up for sale.

That's the best way to be able to buy one of these homes from the bank, is have the money, have no contingencies, and be able to close relatively fast. This way you get the best deal.

Good luck.