I’m looking to do my first deal in the next day or so, but I have a question or two. I just found this house that the owners just came up on the radar in the past 2 days as filing for bankruptcy, who is the first person I need to talk too? :shocked
P.S I’m a new father today.
The first person to speak with is the owner of the house, did they file BK to keep their home, or do they want to sell it?
Congrats on the new addition! :biggrin
Thanks Lori, they do want to sell the house.
They should speak with their BK attorney. Selling the home can have an impact on their monthly budget payments. I believe they will need the judge’s permission to sell, so speaking with the attorney would be the next step.
One thing you may think of doing is to consult with a Real Estate Attorney as to what they may charge you to get involved… it may not be all that much, but use care. Another FREE thing you can do is to contact a local Realtor in your area, ask if they can sort out the details or at least discover if the property is a “Short Sale”, pre-forclosure or actually foreclosed on etc. — Some sellers cannot even sell their own home once it goes into Foreclosure, you would need to deal directly with the Bank or Lender’s Foreclosure Department… which can sometimes be a REAL pain in my expierence. Also ask a Realtor to do a Comparitive Market Analysis or CMA. If you ask several you should be able to find one that will help out. There may even be a commission paid by the seller or Bank in some cases of 1 to 3%…, and its normally cheaper than an Attorney in general.
I own rentals and Flip properties, so I am a seasoned Investor.
Best of Luck,
-Don