Posted by Rob FL on February 01, 2001 at 15:36:02:
You may need to verify the bankruptcy. If it is in bankruptcy it won’t be going to auction and the owner cannot sell it to anyone. The automatic stay will have to get realeased before the property can be sold.
If possible try to contact the owner directly.
Best Course for this situation? - Posted by B.Weaver
Posted by B.Weaver on January 31, 2001 at 22:29:42:
I’m new to RE and and still trying to decide which course to buy and which area I want to go into first. I have a real life case study that I probably don’t have enough knowledge to take advantage of right now, but would like to run it by the experts and see what I need to learn to take advantage of situations like this.
Property: 2 bdr, 1bath assesed at 26K in a low rent neighborhood in a small county seat town in TN. Current tenant is paying $240/mo rent.
Owner moved out of state about a month ago, and I just found out from the tenant that the property will go on the auction block 1-Mar if the back taxes aren’t paid. According to the tenant the back taxes are only about $1000. The owner may also have declared bankruptcy recently.
I just today found out about this, so I haven’t researched the comps.
Assuming the house is in decent shape, how would you approach this? Contact the owner and make an offer, or go to the courthouse and try to buy at the auction?
Another thing is that the tenant said he would like to buy the house and had tried to, but the owner told him that it was tied up in bankruptcy.
Would a lease/option course cover what I would need to know to handle a situation like this?
Thanks in advance.