what to offer?

I have found a foreclosure local to me

woman doing chapter 13
owes 15k on home
fmv 150k
about 15 k in repairs

she is very distraught…meeting with her in the morning

what should I offer her?

also when its a foreclosure and bankruptcy can I still do the deal as a purchase agreement and then reasign/wholesale or do I have to do it with financing or cash?

Howdy Njbirddog:

You are full of questions I love it. Glad you are asking for help. The BK deals are tough. The judge and trustee and creditors will know you are green. You need your investor to follow thru with this. It takes a lot of experience to get thru one of these and pre-approved loan or money in the bank. It takes a motion to sell that has to be approved by the court and if no objections are filed by the debtor or creditors it is usually approved. If the offer is too low someone will object and it will also have to be approved by the trustee or they will object. The bankruptcy will stop the foreclosure if you did not already know this.

An offer of $40,000 may get the ball rolling.

In chapter 13 the property is not up for sale by the court unless the debtor wants to do so. Usually it is just a plan to repay over 3 to 5 years and the debtor to keep the property. They can even keep other rental property as well, as long as they agree to pay for it.

Hope this gives you some insight