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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Dealing with bankruptcy approval and listing agreement.. Posted by Matt on October 31, 2003 at 8:46 AM In Reply to: Dealing with bankruptcy approval and listing agreement.. posted by Ward-CA- on October 30, 2003 at 10:47 PM : : Hi Ward, : : Here's the situation in California : : Owner in Chapter 13 and making court required payments. : : Trustee sale postponed due to 13 and payments being made. : : Owner has bad credit and can't get new loan : : House listed with realtor for sale : : $580K total encumbrances (not yet verified) of 1st, 2nd, arrearages, tax liens, etc. : : Listed for sale at $895k with not much activity. : : 3 Units, owner lives in 1, 2 others rented out. : : In average condition, but with $50K of improvements, could sell for $925k+. : : Questions: : : How can I close this deal if in chapter 13? : : He contacted me directly. What to do about the listing agent? : : Thanks! : : Matt : -=-=-=-=-=-=-=- : Matt, : #1. Close the deal with the written approval of the bankruptcy judge and bankruptcy trustee. : #2. It’s the owner’s problem and depends on the type of listing that was executed. It it’s an exclusive listing then the owner will owe the listing agent a commission regardless of who sells the property. If it’s an exclusive agency listing the owner is free to sell the property himself without owing the listing agent any commission. If it’s an open listing he doesn’t owe the agent any commission. Ward, I assume I would need the owner to sign an EPA (unless I intend to occupy) with contigency stated that the judge and trustee have to approve the price/terms? Any guidance on how the judge/trustee will react to a deal, what they are looking for, etc? Thanks Follow Ups: Re: Dealing with bankruptcy approval and listing agreement.. Dave 10:20 AM, 10/31/03 (2) Dave - i think it is stll active steve 3:20 PM, 10/31/03 (1) Re: Dave - i think it is stll active Dave 8:23 PM, 10/31/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : Hi Ward, : : : Here's the situation in California : : : Owner in Chapter 13 and making court required payments. : : : Trustee sale postponed due to 13 and payments being made. : : : Owner has bad credit and can't get new loan : : : House listed with realtor for sale : : : $580K total encumbrances (not yet verified) of 1st, 2nd, arrearages, tax liens, etc. : : : Listed for sale at $895k with not much activity. : : : 3 Units, owner lives in 1, 2 others rented out. : : : In average condition, but with $50K of improvements, could sell for $925k+. : : : Questions: : : : How can I close this deal if in chapter 13? : : : He contacted me directly. What to do about the listing agent? : : : Thanks! : : : Matt : : -=-=-=-=-=-=-=- : : Matt, : : #1. Close the deal with the written approval of the bankruptcy judge and bankruptcy trustee. : : #2. It’s the owner’s problem and depends on the type of listing that was executed. It it’s an exclusive listing then the owner will owe the listing agent a commission regardless of who sells the property. If it’s an exclusive agency listing the owner is free to sell the property himself without owing the listing agent any commission. If it’s an open listing he doesn’t owe the agent any commission. : Ward, : I assume I would need the owner to sign an EPA (unless I intend to occupy) with contigency stated that the judge and trustee have to approve the price/terms? : Any guidance on how the judge/trustee will react to a deal, what they are looking for, etc? : Thanks Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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