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Real Estate Deal Analysis & Advice

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Dave Katz
  • Real Estate Broker
  • Fort Collins, CO
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Questions to ask Seller in Bankruptcy

Dave Katz
  • Real Estate Broker
  • Fort Collins, CO
Posted Jul 22 2014, 22:02

I have a meeting with a very motivated seller on Thursday who filed for bankruptcy in January.  Before I can analyze this deal I feel like I need more info, and need authorization to talk to seller's lender and BK trustee.  What should I find out from this meeting?

What I know:  

We are in Colorado

Seller  said she is 4 months behind on payments, but i don't see an NED filed on county public trustee site.

I know she has a BK attorney 

Her principle balance is around 162k, but do not believe this is final payoff

My desktop evaluation of the house is 180-185k

What I don't know:

What type of BK she has filed

If the BK trustee is requiring the sale or not

Does the bank have any say in price i.e. short sale, or just the trustee?

Any advice is appreciated.

Kindly,

Dave

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