S Main St
Ottawa, KS 66067

Overview

This is located at S Main St, Ottawa, KS 66067. This property is Bankruptcy with an estimated market value of $101,332.
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Status: Active

Listing ID: 56981950

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Property Information

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Potential Home Value

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Kitchen Renovation
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Backyard Home Office
Adds $84,000

Bathroom Renovation
Adds $25,000

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Bankruptcy

Real estate is often a very valuable asset that a local court can take control of and sell through a bankruptcy procedure. This bankruptcy listing in Ottawa, KS 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 S Main St Ottawa, KS. 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.

What is a bankruptcy estate?

A property owner who is experiencing difficult financial issues will sometimes file for bankruptcy as a last resort. This is a legal proceeding (usually called Chapter 7 bankruptcy), during which a court-appointed receiver / trustee will be assigned to determine all the assets of a distressed property owner. More often than not, a home or property is one of the most valuable assets that the court-appointed receiver / trustee will leverage to satisfy the distressed property owner’s outstanding debts. The contents of the home, as well as any other assets (e.g. cars, boats, etc.), are also often included in a bankruptcy estate. The court-appointed receiver / trustee is almost always motivated to sell a property included in a bankruptcy filing very fast -- there is no real attachment to it other than to obtain funds to pay off debts. And the savings for a savvy buyer and/or investor looking to buy bankruptcy houses for sale in Ottawa, KS can be tremendous.

First Steps to Buying a Bankruptcy

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:

It is a very good idea to at least drive by the property and visually inspect the property itself and the neighborhood. (Please keep in mind that the owner may still be living in the property and their privacy should be respected) Frequently properties that are tied up in bankruptcy are in need of maintenance. Some may be abandoned. Since the property owner often has no hope for cash after the sale, he or she may have already stopped spending money on the property for even basic necessities such as maintenance of the roof or pool or landscaping.
Once you have determined that the property appears to be in acceptable condition, and that you can live with the terms the trustee has spelled out, make your offer. Be certain that your offer contains contingencies such as appraised value, property inspections, clear title, and the financing you will need.
Once the trustee or court 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.
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. This is why using a title agent who understands the fine points of bankruptcy and can insure your title is so important.
Once you are satisfied with the inspections, and all other contingencies are assured, have your lender give you a commitment for financing.
When financing has been secured, and acceptable inspections of the physical condition of the property and the condition of the title have been made, have the title agent and trustee schedule your closing.

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.

How to buy bankruptcy homes

Step 1

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.

Pros and cons of buying a house in bankruptcy

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.

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