Profile picture for user70051702

There is a home my husband and I are interested in but the owner filed bankruptcy 6 - 7 months ago.

The home was taken off the market after the owner filed bankruptcy.  How do we go about possibly purchasing this home?

  • March 20 2014 - Collinsville
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Answers (6)

Profile picture for Domenica Koch
At the time he was listed with an agent, he was probably trying to get enough to pay off his loans. It is such a shame to see these properties deteriorate and there's nothing you can do.  When a lender acquires a property with damages, they are not responsible for remediating any mold.  If water is still in the basement, they may have it pumped out, but will sell the property As-Is. Make sure you have the property tested for mold an get a quote for mold remediation if you decide to purchase it. When you go to sell a property with previous mold, you will need to have those reports that it was taken care of.
  • March 22 2014
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Profile picture for user70051702
The gentleman moved out of the house prior to filing bankruptcy papers.  Court documents shows he owes $$112,000.  We had made an offer on the home at $147K when it was listed with a realtor after the gentleman moved away.  He did not accept the offer and said he would take no less that $160K and would ddo no more negotiations.  Since that time the home was taken over by the lender and the lender shut off all the power in the home. Because of that the home sits on a lake where the water table is high and since the sump pump could not kick on the home had 3 feet of water in the basement. Power is still not on there.  So now there is more damage and possible mold issues.  What would be the lenders responsibility if there is mold in the home?  Do they have to take care of that prior to listing it again?  Or would that damage be negotiable if a contract was eventually put on the home?
  • March 22 2014
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Profile picture for Domenica Koch
There are many empty houses that clients call me about to see how they can purchase them, but the process of foreclosure is not an easy one, the house sits in limbo during the foreclosure proceedings, then it has to go through the court process, and then the it gets assigned to an agent to list it, the average amount of time a house sits vacant during the whole process is about 600 days.  It could be a while before that house is ready for a buyer. Keep your eye on it.
  • March 22 2014
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Profile picture for pknott
Typically, If a home is involved in a bankruptcy case, you'll need to wait until the bankruptcy is discharged.  Often times, in today's market, if the owner still has possession of the property after the discharge, they are considering a  way for them to dispose of the property, i.e. deed-in-lieu of foreclosure, short sale or it may end up as a foreclosure in which case you can try to buy it from the bank using the  avenue they choose to market the property for sale. (typically an auction or a listing it on the MLS)
  • March 21 2014
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Profile picture for Robert Wagener
Have you checked out other sites to see if they have tried selling it on their own?  

If you would like, you can send me an email to rockinrealtyguy@gmail.com, and I can check into the house for you. I'm a Realtor in Madison County.

Thanks, 
Robert
  • March 20 2014
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The owner owns it so you have to make him an offer. I can guess that the home is likely not worth what is owed on it and why the owner has not sold it. To buy it the owner must pay off the loan in full, meaning they will want you to offer enough to pay it off. Otherwise it won't sell and I doubt you want to pay that much, so just wait for the foreclosure and the bank to take it back, then as the owner the bank can sell it at a loss.

  • March 20 2014
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