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Answers (3)
- Tarris Rogers, "Tarris Rogers"
- Contributions:40
If you decide to move ahead with the sale, I would talk with your Escrow Comany about purchasing an Owners Extended Coverage Policy that might possibly protect you against further liens on the home from any actions of prior owners. Be specific with them on what you are trying to protect yourself against.
- real estate mike
- Contributions:2001
Also from my experience, the bankruptcy judge must approve the offer. Lots can go wrong but then you're trying to get a good deal, so more risk is involved. Your buyers agent and the escrow officer are your keys points of cummunication, best of luck.
- Melina Tomson, "Melina Tomson"
- Contributions:290
The home has to be released from the bankruptcy court in order for it to be sold. What else can go wrong is that the creditors don't agree to the release because the home has some equity and what happens to those monies is still in question.
If the home is an underwater home and there is no equity, then the release of the home tends to be straightforward. There is no equity to discuss, so they release it so that it can be sold.
If the home is an underwater home and there is no equity, then the release of the home tends to be straightforward. There is no equity to discuss, so they release it so that it can be sold.
What are the dangers of buying a home that turns out is still in bankruptcy?
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