Rules of thumb for buying a home in bankruptcy courtMy wife and I are considering buying a home that's currently in bankruptcy court. Our broker mentioned that bankruptcy purchases are MUCH more involved than just about any other type of real estate transaction. I've researched some of the basic issues around a bankruptcy-related purchase, but what are some good rules of thumb to consider? By the way, we own our current home and we have cash (and time) to work with.Here's the short list of things I've learned. What else should we think about?* Not a good option for 1st time buyers* Must be willing to be patient (could take 2-3 months...or more)* Cash is King WRT to the bank; loan pre-approvals can help, too* Potential upside is good* Very little feedback (if any) from bank or other 'interested parties', so you're operating "In The Blind"* When the price is right, be willing to make a solid offer rather than try to low-ball* Once again, patience is a virtueApril 20 2010 - Sammamish0YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.