Greetings good people of BiggerPockets! I'm brand new here and this is my first post so I hope I'm going about this the right way. I'm currently in talks with my brother in law about his home that he's renting from a lady who is in pre-forclosure. He is in no position to purchase the home so i was hoping to acquire the property myself and my BIL can rent it from me. My issue is (and I haven't spoke with the owner yet) my BIL says she filed bankruptcy on the house. Not sure if its chapter 7 or 13 that has been filed (Not sure that even matters or not). Is it worth it to even pursue acquiring the home or......? This will actually be my first property if I go through with it. All advise/help will be greatly appreciated. Thanks to all!
Sounds like you may want to pursue it as a short sale by talking to the bank that owns it. It's not as simple as it sounds. I had this exact situation and I had a rock star realtor that talked to the bank for me.
The BK filing possibly would prevent the sale of the house. At the very minimum there may be extra hurdles.
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