OfflineOK, So I got a call from a guy that saw my ads and he wants to know if I can help him because his wife is going into bankruptcy but before the judge goes through the house he wants me to help him. I told him I can help him for sure but I dont know how. What I want is to put the house under contract and then assign it to one of my investors, but how does this work with the bankruptcy thing? is this a short sale? Should I contact the bank to ask for how much are they willing to sell they house.
Please any information and guidance is appreciate it.
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some one kows how to deal with bankruptcy? would this be trated as a short sale...???? HEELPPP
How much are they asking for? Are they behind on payments? What's their balance with the bank? These things need to be known, in order to find out if you can truly help them. Bankruptcy can take a while to actually go through once it's finalized in court, so depending on those numbers, you could do something to help.
Please any information and guidance is appreciate it.
I can possibly assist him with the bankruptcy
because there is too much for you to learn to be able to help anyone in their situation. You are unsure about bankruptcy and you do not know how short sales work. Your other post shows you didn't understand REOs and/or HUD properties and now you are placing ads, getting responses but not knowing what to do. I think you need to study a lot more and research different processes before you place yourself in deep financial agony.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
If they are in bankruptcy no property can be sold until it is final. In some cases they will go back 6months or more to see if you are hiding property. I know you would like to help, but it is not good for a friendship to get involved with this type of problem. They never work out the way you had hoped and the friend usually ends up resenting you.
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I thought you could?
Dallas I need to amend that it can be sold but the sale will be guided by the courts to make sure any funds are going where they need to go. They can't just sell it and have a party with the money.
Just like a bank is stopped from foreclosing on someone when they file for bankruptcy protection. There is a stay of execution put in place that stops all transactions. At least that I'm aware of in NY.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
Don't accept projects that you clearly know you are not qualified to complete.
Simply say "I cannot" or "I can ask around"
Like Jim said, this can end in the worst way possible