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Real estate is a valuable asset of which a court can take control to sell and obtain funds to pay off debts. Property owners who are experiencing financial issues are often motivated, willing to consider selling their homes at discounts to liquidate equity and avoid bankruptcy.
And the payoff(s) for a savvy buyer and/or investor can be huge.
To make it work, you need to learn all you can about the property from public records, as well as contact the Realtor® if the property is for sale. For your convenience, this contact information is located under the property's "Bankruptcy Information" header.
If it is not listed, you will need to speak to whomever the court officer directs you to contact regarding the purchase of the property.
Important: We often share the debtor's mailing address in a bankruptcy filing, which is attributed to the person(s) living in the home. Accordingly, it's possible that a tenant(s) and/or renter(s) is facing bankruptcy and not the actual homeowner(s) on the title/deed.
Collecting this information at the county courthouse or records office will enable you to learn what actions must be taken to make a valid offer to purchase. In most cases, your offer will have to be approved by the bankruptcy judge or trustee who is in charge of liquidating or selling the assets of the person who filed bankruptcy.
The court's objective is to get a fast but fair offer for the real estate, converting it to cash to satisfy and pay as many of bankrupt person's creditors as possible.
With patience and persistence, however, it's possible to turn someone's misfortune into your personal gain.