What can you tell me about making offers to bankruptcy trustees?
Will they sometimes accept discounts?
Do you need to justify price by including photos as you would in a short sale?
Is the bankruptcy trustee allowed to accept a discount from the homeowner should they decide to redeem the property themselves?
I guess the only way to take it subject to is for the homeowner to redeem, is that correct? Or is it still possible to take it subject-to when buying through the BT?
Thanks,
matt
Howdy Matt:
The trustee is just that a trustee. They do not make the decisions. They do have a lot of influence if they object to a motion but the judge makes all the decisions. You will want the trustee on your side or least not against you.
If all parties in the BK agree you can do an assumption but not a sub2.
i actually had several listings with a bancruptcy trustee in the past, they have a bottom dollar they must receive or they will not even bother with the sale. if properties were worth much the seller wouldn’t have been in bancruptcy in the first place.
Howdy Wendy:
Not all together true. One of my properties was a vacant lot worth $45k that I owed less than $10K. Even most of my houses had some good equity.