Learn about Winning Colors Dr in Wilmer, TX
Our team of real estate experts has conducted a thorough analysis of the current market conditions in Wilmer, specifically for Winning Colors Dr and comparable listings. Based on this expert analysis, 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, all assessed by our experienced professionals.
Properties like this one on Winning Colors Dr are updated daily along with others in Wilmer, Texas, ensuring you have the most current and accurate information.
Property Information
Bankruptcy
The property located at Winning Colors Dr in Wilmer, TX is listed as a potential Bankruptcy asset.
This property may be available as a potential bankruptcy asset in
Case Number: 24-31672-swe13. It is listed because the address was used as the mailing address for an individual who has filed for bankruptcy on
06-05-2024.
This listing at Winning Colors Dr in Wilmer, Texas 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. We highly recommend that you first contact
Thomas Powers (court-appointed receiver / trustee)
listed below (scroll down) under "Legal/Bankruptcy Information" sections 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, like Thomas Powers, 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. Thomas Powers 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 a house that's part of a bankruptcy filing for sale in Wilmer, TX can be tremendous.
First Steps to Buying a Bankruptcy
In order to purchase a bankruptcy property, you will need to
approach Thomas Powers
to pursue your deal.
Contact Thomas Powers
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.
Read more...
Here is how you can proceed:
- Consider all properties Occupied: Do not disturb occupants. Trespassing is a criminal
offense.
- 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
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.
Read less...
Legal Information
Bankruptcy Information
Credit Information Center
County Information
Document Center
Listing History
| Start Date |
End Date |
Listing Type |
Bank Name |
| 06/05/24 |
|
Bankruptcy |
|
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