question re: seller in bankruptcy - Posted by Lauren

import · July 18, 2003, 1:11pm

Posted by Mike Waters on July 18, 2003 at 14:24:08:

The sellers bankruptcy could have a lot or a little to do with it depending on where they have placed the house in the bankruptcy. You njeed to find out if the house is included in the bankruptcy or if it is excluded first. Then the question can be better answered.

import · July 18, 2003, 1:11pm

Posted by Lauren on July 18, 2003 at 13:11:16:

Hi,

I’m new to rei and am currently looking for my first deal. I just spoke to a seller who is in bankruptcy and says he has until Aug. 12th to sell his house. Here are the details on the house:

asking price $497k
comp across street sold for $550k in Nov., 2002 and is 300 s.f. smaller

House needs central air and possibly new kitchen cabinets. The whole exterior has been re-done (seller is professional landscaper) in front and back.

I guess my question is, what do I need to offer him to make this deal work? I figure I would have to put less then $10k
into it to get full market value.

The street it is has a few fixers and then a lot of nice, big newer homes. People in the area snatch up the fixers and make them very nice. It is in a good area in a very hot market.

My other question is if the guy has already filed for bankruptcy what does that mean as far as the house goes. Will it even be clear for him to sell?

I’m meeting with him tomorrow morning and just want to have as much information as possible.

Thanks,
Lauren