Buying Prop. Form Bankruptcy Court
Can a prop. be bought from a bankruptcy court or trustee? I am decently experienced but have never heard of anyone buying directly from bankrupcy court. I have seen a couple props. in the MLS sold by a realtor but nothing else. How can this be done? If it can its sounds like an area not too many are targeting. I appreciate your comments.
My thinking is that a bankruptcy court or trustee cannot sell what they do not own. They might compel a sale which is subject to bankruptcy trustee approval...
The Bankruptcy Judge, referee and or trustee administer the sale of any secured assets on behalf of the creditors and debtor.
This is be a long process and requires cash money; no creative deals unless the subject property has been set aside of the petition.
I have been able to get some great deals with form of investing, but I only go after good equity positions because to the time factor involved.
Keep in mind that any proceeds from the sale will normally be distributed by the Judge, referee and or trustee and secured creditors have a priority over the debtor in that which is over the state allowable equity percentage and homesteading as applies.
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