Hi,
Not sure if this is the right forum for these questions but does any body have experience buying from people in bankruptcy?
Is it basically the same strategy as working with someone in foreclosure more or less?
Should both chapter 7 and chapter 13 bankruptcies be targeted?
Any good books or training on this subject?
I have not seen many discussions on this subject.
I have access to bankruptcy listings but I am not sure how to work this market.
Any feedback will be appreciated.
Thx.
The problem with dealing with sellers in bankruptcy is that court approval is required. A court appointed trustee will have to agree to the terms of the deal and recommend the sale to the judge. My gut tells me it isn’t really a viable avenue for profit, but I could be wrong. Good luck.
The thing you have to be aware of people in bankruptcy is most of them won’t even pickup the phone. You have to put yourself in their own shoes. It’s one the lowest part of their life, so dealing with these folks can be very, very critical.
It’s going to be tough especially if you never had any experience dealing with bankruptcy. And it could even be harder to find them since most of them have probably moved out.