I just came across a company that is filing bankruptcy and most liquidate the 17 apartment complexes it has. I have already sent postcards and I’m already sending offers. This was on the news as some of the properties got there water shut off because of non-payment. Now imagine how many upset tenants they have. All the properties will fall into foreclosure soon. Most of them are behind in taxes. I have a lot of info on the properties and I need some help buying these properties.
Tawn
First things first. If a Corporation declares bankruptcy the assets IE properties it owned and operated will be frozen by the court and a Trustee will be appointed to oversee and manage the property.
The judge will order an independant assessment of value on the property and determine the current FMV from this information.
If and when the court determines all creditors and debts owed against the corporation and determination is made as to best way to liquidate assets a plan will be written and the judge will mandate a sale in the best fashion.
This liquidation has to be advertised by law and submit all / except all orders will be made to allow the judge to see all offers and determine with the trustee’s and probable an accounting firm paying all corporate debts.
It’s nice your writing offers, but the judge is going to require POF for the transaction and a bank letter of credit! The equivelant of a mortgage approval for a single family home.
In most corporate bankruptcies expect a 6 month to a year time line. Foreclosure can be temporarily averted by a judges court order.
If there is no equity the property will probable be turned over to the First or Second Deed of Trust holder.
I will be back in Phoenix on Thursday.
Is this the company you are posting about?