You have no idea if they have clear title on the property, and you don’t know if they can even sell the property, as it may still be subject to the bankruptcy.
You have no idea if there are any mechanic’s liens, delinquent taxes, IRS liens or judgments on the property.
You also don’t know if anyone else is in the chain of title.
If you proceed, everything might work out in the end, but your risks are very, very high.
Posted by Mark-Chgo on August 22, 2003 at 17:15:12:
Situation: Property is scheduled to go to auction on Tuesday, Aug 22. The homeowner had filed Chapter 13, but was late on a payment and is therefore no longer protected. The lender is willing to accept a reinstatement amount (that’s where I come in). Would the owner’s bankrupcy situation cause any problem of her transferring ownership of the property through a quitclaim deed?
Any insight would be much appreciated, especially since Monday is the only day to get this completed!
Posted by Mark-Chgo on August 23, 2003 at 09:09:08:
I don’t think I have time for the title company to do a search and close on it. Everything needs to be completed on Monday. The sale is Tuesday morning.