Owner in Pre-forclosure

2 Replies

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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