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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Getting beyond bankruptcy... Posted by Ward-CA- on February 20, 2004 at 6:27 PM In Reply to: Getting A Sale Approved by Bankruptcy Court posted by W Priske (So Ca) on February 20, 2004 at 2:51 PM : Ward (and friends), : Thinking of buying a home in forclusure from a woman who filed bankruptcy. How does one go about getting the bankruptcy trustee or judge to approve the sale? Do I write a letter to the trustee, show up in court, deal with the seller's attorney, or what? Do I have to use a particular format for my offer when submitting it to these folks, or just the one I normally use? Do I turn the cash directly over to the BK trustee, even if no other creditors are listed? Also, does it matter what chapter they file and why? Sorry so many questions, I just don't know what the anatomy of this type of transaction looks like. Thanks in advance. ====================== Well, if you intend to move into the house and use it as your personal residence then you don't have to comply with the rules and procedures of CA. Civil Code §1695 (see Foreclosure Codes at link herein below). But if you aren't intending to move in, and the present owner is in residence then you will have to deal with CCC §1695. Once your offer paperwork is in order and accepted by the owner and you're past any cooling off requirements, etc. then I'd persuade the seller to open escrow and get her attorney to rubber stamp your offer and then get the approval of the bankruptcy judge along with the blessing of the bankruptcy trustee. Make sure the deal isn't one of those lopsided deals where you're going to take more than 50% of the net equity in the property. If so, I don't think it will fly in the bankruptcy environment and you'll be wasting your time. Hope this helps. Foreclosure Codes Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward (and friends), : : Thinking of buying a home in forclusure from a woman who filed bankruptcy. How does one go about getting the bankruptcy trustee or judge to approve the sale? Do I write a letter to the trustee, show up in court, deal with the seller's attorney, or what? Do I have to use a particular format for my offer when submitting it to these folks, or just the one I normally use? Do I turn the cash directly over to the BK trustee, even if no other creditors are listed? Also, does it matter what chapter they file and why? Sorry so many questions, I just don't know what the anatomy of this type of transaction looks like. Thanks in advance. : ====================== : Well, if you intend to move into the house and use it as your personal residence then you don't have to comply with the rules and procedures of CA. Civil Code §1695 (see Foreclosure Codes at link herein below). : But if you aren't intending to move in, and the present owner is in residence then you will have to deal with CCC §1695. : Once your offer paperwork is in order and accepted by the owner and you're past any cooling off requirements, etc. then I'd persuade the seller to open escrow and get her attorney to rubber stamp your offer and then get the approval of the bankruptcy judge along with the blessing of the bankruptcy trustee. : Make sure the deal isn't one of those lopsided deals where you're going to take more than 50% of the net equity in the property. If so, I don't think it will fly in the bankruptcy environment and you'll be wasting your time. : Hope this helps. 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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