Frequently, properties that are involved in bankruptcy filings are in need of maintenance (some may even be abandoned). Step 3ĭrive by the property and visually inspect it, as well as the surrounding neighborhood. This will help you better understand the type of investment (price, terms, conditions, etc.) that you are exploring. 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. REMEMBER: not all homes / addresses associated with a bankruptcy filing are for sale. However, a patient real estate investor can turn this situation into a sale at below market price.Ĭontact the court-appointed receiver / trustee listed below (scroll down) under “Bankruptcy Information” to determine whether or not the property is (or will soon be) for sale. 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. 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. Properties in bankruptcy frequently have flaws both physically due to lack of maintenance, and liens of creditors. There are special issues to be considered when dealing with properties that are the subject of bankruptcy.
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