Opportunity Meter is Flashing here… - Posted by JT-IN
Posted by JT-IN on October 08, 2003 at 11:43:06:
A Bk does not eliminate ownership of property, unless the Trustee orders the property sold, which they apparently did not in this case. The Trustee would have released the asset from the control of the Bk court, in which case the owner is free to sell the property.
You, or someone with experience here, could agree to purchase this property at an agreed upon price. In a case such as this where the owner really has no real idea that they own it, or has planned on selling at a profit, the opportunity is wide open to acquire the property for meerly payoff, or slightly higher. Hopefully this leaves some equity in the property for the investor… It is as simply as that, really… cut a deal and close it, rent or resell at a profit.