This Bankruptcy is located at 1/2 N Oak St, Lake City, MN 55041. It has 3 Beds, 2 Baths , 1,107 sqft of living space. This property is Bankruptcy.
Save money on this property now.
This property is available as a bankruptcy at 1/2 N Oak St. It has 3 bedrooms, 2 bathrooms, and 1,107 square feet of living space. Based on our analysis of the current market conditions in Lake City for 1/2 N Oak St and comparable listings, the estimated market value is still being calculated. If purchased for rental purposes, this property might present an opportunity to make monthly rental income. The rental value will be updated on this listing soon. Factors considered in this calculation include the property location, condition, status, and convenience. Properties like this one located at 1/2 N Oak St are updated daily along with others in Lake City, Minnesota.
The property located at 1/2 N Oak St in Lake City, MN is listed as a BankruptcyThis bankruptcy listing at 1/2 N Oak St in Lake City, Minnesota is among more than 1 million records featured in our comprehensive nationwide real estate database. However, unlike most property records, not all homes / addresses associated with a bankruptcy filing are for sale. This is an important legal concept to understand before moving forward on 1/2 N Oak St Lake City, MN. We highly recommend that you first contact the court-appointed receiver / trustee listed below (scroll down) under "Bankruptcy Information" to learn whether or not the property is (or will soon be) for sale.
In order to purchase a bankruptcy property, you will need to approach the court appointed receiver / trustee to pursue your deal.
Contact the bankruptcy trustee to find out if the property is for sale as part of the bankruptcy. If so, request the terms for the sale of the property as well as any additional information regarding the condition of the property. This will help you understand the type of investment your are getting into.
Here is how you can proceed:
There are special issues to be considered when dealing with properties that are the subject of bankruptcy. Properties in bankruptcy frequently have flaws both physically due to lack of maintenance, and liens of creditors. There may be a great deal of motivation for the courts to dispose of the property for the benefit of the creditors, which can translate into a good deal for a property investor. When dealing with the courts in the sale of a property, buyers need to be patient as each decision related to the sale has to be approved by the court. However, a patient real estate investor can turn this situation into a sale at below market price.
Contact the court-appointed receiver / trustee listed below (scroll down) under “Bankruptcy Information” to determine whether or not the property is (or will soon be) for sale. REMEMBER: not all homes / addresses associated with a bankruptcy filing are for sale.Step 2
Request the terms of the sale for the property that is included in the bankruptcy filing, as well as any additional information regarding the condition of the home. This will help you better understand the type of investment (price, terms, conditions, etc.) that you are exploring.Step 3
Drive by the property and visually inspect it, as well as the surrounding neighborhood. Frequently, properties that are involved in bankruptcy filings are in need of maintenance (some may even be abandoned). Please keep in mind that the distressed homeowner(s) may still be living in the property and their privacy must always be respected.Step 4
Make an offer! At this stage, you have already determined that the property is for sale, appears to be in acceptable condition, and that you can live with the terms the court-appointed receiver / trustee has spelled out. Be certain that your offer contains contingencies such as appraised value, property inspections, clear title and the financing you will need to close the deal.Step 5
Once the court-appointed receiver / trustee has signed off on your offer, have professional inspectors give detailed reports on the condition of such things as construction defects, the roof, insect infestations, mold, electrical and plumbing systems, appliances, and heating and air conditioning units. Once you are satisfied with the inspections -- and all other contingencies are assured -- have your lender give you a commitment for financing.
Patience is the key to buying a home involved in a bankruptcy filing. For example, bankruptcies can present unique problems with respect to title since you will be receiving the deed from the court. Also, when bankruptcies occur, liens frequently follow. Therefore, be sure to work with a title agent who understands the fine points of bankruptcy and can insure your title is clean and unencumbered.
Patience will be rewarded more often than not … in a major way!
Indeed, there is often a great deal of motivation for the court-appointed receiver / trustee to sell a home included in a bankruptcy filing quickly and reasonably to satisfy creditors, which can translate into a great deal for a property investor (that’s you!). Just be patient -- each decision related to the sale has to be approved by the court. However, a patient real estate investor can often turn a bankruptcy situation into a sale at well below fair market price.
The information provided on the Website, which encompasses details such as property dimensions, floor area, valuation, geographic location, and general property description, is furnished for your convenience and originates from third-party sources. This data should not be interpreted as constituting a contractual offer for the procurement, leasing, or advertising of real estate. No express or implied warranties or assurances are extended concerning these properties, including their availability. While the data presented on this Website is considered reliable, it acknowledges a degree of uncertainty, thus necessitating independent verification.
The administrators of this platform, as well as their respective directors, associates, and personnel, have not undertaken a process of due diligence to verify the accuracy of the information. Their role is limited to disseminating the information, and they do not accept liability, whether direct or indirect, for any injuries, losses, claims, damages, or associated indirect or consequential harms, including but not limited to lost profits or savings, arising from the use of any information or any deficiencies, inaccuracies, or defects in the disseminated information within the bounds of the Website.
Foreclosure.com, in conjunction with its Affiliates, disclaims any responsibility arising from your acquisition of third-party goods, services, or tangible properties based on the informational context of the Site. Foreclosure.com reserves the right, at its sole discretion and without prior notice, to rectify errors or omissions within any section of the Site or to restrict access to the Site.
Relying solely on the informational content featured on the Website is not advisable. Conduct your own personal inquiries and seek legal counsel regarding any property under consideration within the scope of the Website or the associated data.
Calculate monthly mortgage payments with our easy mortgage loan calculator.CALCULATE
Millions of people receive foreclosure alerts daily, don't miss out.
Alert me about homes in that match this search.
By signing up for property alerts, I have read the Terms and Conditions of Service and agree to receive emails from Foreclosure.com.