vmoney 0 Report post Posted June 16, 2004 I have a seller that called on one of my mailings. She has a condo she will sell me subject-to for what she owes. She also has a bankruptcy that she filed some time in the last two years. Anyway, not sure how the bankruptcy comes into play here. What do I need to look out for? How can the bankruptcy effect my purchase and subsequent sale? Thanks!!! Share this post Link to post Share on other sites
MichaelC 160 Report post Posted June 16, 2004 vm, I don't see how it would affect your deal with the seller at all. She isn't applying for any financing, and she isn't buying anything from you. Assuming you do your due diligence and verify the current state of any existing loans on the property, her past credit history should not be a factor for you. Share this post Link to post Share on other sites
vmoney 0 Report post Posted June 16, 2004 Isn't it possible that the house is under the control of a bankruptcy trustee? How do I verify that there are no bankruptcy-related incumberances? Thanks Share this post Link to post Share on other sites
MichaelC 160 Report post Posted June 16, 2004 Yes, that certainly is a possibility. The due diligence I referred to includes information on the type of bankruptcy, when it was discharged, and if the property was included in the filing. To verify the property was not included in the filing, ask the homeowner for a look at her filing papers and case number. Get the Trustee's name and verify this directly. Share this post Link to post Share on other sites
vmoney 0 Report post Posted June 16, 2004 The due diligence I referred to includes information on the type of bankruptcy, when it was discharged, and if the property was included in the filing. To verify the property was not included in the filing, ask the homeowner for a look at her filing papers and case number. Get the Trustee's name and verify this directly. Thanks...you rock!!! Share this post Link to post Share on other sites
MichaelC 160 Report post Posted June 16, 2004 You're welcome. And another cool avatar on the board..... Share this post Link to post Share on other sites