I got a call from a seller who is bankrupt and has an vacant property she wants to sell.
She doesnt want any money for the house, she just needs who buys it to pay the backtaxes on the property which are about 7k.
Is there anything special I need to do because shes in bankruptcy? Ive never dealt with this type of property before.
I believe you’ll have to get the house released from the bankruptcy. Not sure how to do that, but search around it has been discussed.
You woulde have to have the bankruptcy judge ok that. The creditors will need to get fair market value for the house so that they can get paid.
You can’t liquidate anythng without approval until you emerge from bankruptcy.
sounds like this will not be easy to wholesale.
I don’t know the details exactly of how to do this, but I have successfully bought houses in bankruptcy just by asking the seller to call their attorney and tell them they want to sell their house. Usually after that, their bankruptcy attorney will communicate with according to find out what options are or are not available.
Go to you what you can and can’t do, and the leader be able to buy it or not. exactly how the process works, I’m not sure.
ok, I will go ahead and put it under contract for one dollar, and work from there. I have to pay 7k in back taxes to close hopefully the bankruptcy attny will understand. its a shell… so who knows.