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.
|Start Date||End Date||Listing Type||Bank Name|
|08/21/15||10/01/15||Preforeclosure||US BANK NATIONAL ASSOCIATION|
|08/18/15||10/01/15||Preforeclosure||US Bank National Association|