There may be a great deal of motivation for the courts to dispose of the property for the benefit of the creditors, which can translate into a good deal for a property investor. When dealing with the courts in the sale of a property, buyers need to be patient as each decision related to the sale has to be approved by the court.
However, a patient real estate investor can turn this situation into a sale at below market price. Request the terms of the sale for the property that is included in the bankruptcy filing, as well as any additional information regarding the condition of the home. This will help you better understand the type of investment price, terms, conditions, etc. Drive by the property and visually inspect it, as well as the surrounding neighborhood.
Frequently, properties that are involved in bankruptcy filings are in need of maintenance some may even be abandoned. Please keep in mind that the distressed homeowner s may still be living in the property and their privacy must always be respected.
Make an offer! Be certain that your offer contains contingencies such as appraised value, property inspections, clear title and the financing you will need to close the deal. Once you are satisfied with the inspections -- and all other contingencies are assured -- have your lender give you a commitment for financing.
Patience is the key to buying a home involved in a bankruptcy filing. For example, bankruptcies can present unique problems with respect to title since you will be receiving the deed from the court.
Also, when bankruptcies occur, liens frequently follow. Therefore, be sure to work with a title agent who understands the fine points of bankruptcy and can insure your title is clean and unencumbered. Just be patient -- each decision related to the sale has to be approved by the court. However, a patient real estate investor can often turn a bankruptcy situation into a sale at well below fair market price.
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