Posted on: 19th Jan, 2009 09:03 am
I am trying to purchase a home from and owner but the owner just filed for bankrupcy and a hearing is pending. I am sorry for this persons misfortune but still desire this house. How do I proceed and act quickly enough to make sure I don't loose out a deal that maybe even better that what it had appeared? Is there a way to find out what is owed?
Hi brucemosher,
In my opinion, it will be a risky option for you to purchase the home of a person who has just filed for a bankruptcy. As the person has declared bankruptcy, there are chances that his property will be liquidated to pay off the creditors. So it is better if you can wait for some time before purchasing the property. But I would suggest you to look for any other property of your choice and purchase it. I don't think it will be easier for you to know what is owed. However, you may ask the lender about the amount of money owed.
Thanks
In my opinion, it will be a risky option for you to purchase the home of a person who has just filed for a bankruptcy. As the person has declared bankruptcy, there are chances that his property will be liquidated to pay off the creditors. So it is better if you can wait for some time before purchasing the property. But I would suggest you to look for any other property of your choice and purchase it. I don't think it will be easier for you to know what is owed. However, you may ask the lender about the amount of money owed.
Thanks
You need to contact the bankruptcy trustee who is handling the owner's bankruptcy estate. The trustee may agree to sell you the property from the bankruptcy estate.
