South Amboy, NJ · Member since 2014 · 114 posts · 2 votes
I am interested in buying a property where the numbers work really well. The realtor said they are representing the bankruptcy court in this property. It is not a short sale nor a foreclosure so things should go as scheduled. Does anyone have any information about this kind of property, what should I know ?
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
12y
If the BK trustee is selling it, it's just like any other MLS transaction. They'll take offers and will want to see preferably a cash buyer. There may be some small additional approval delays, but probably about normal.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
12y
If the BK trustee is selling it, it's just like any other MLS transaction. They'll take offers and will want to see preferably a cash buyer. There may be some small additional approval delays, but probably about normal.
Involved In Real Estate · My City, NJ · Member since 2013 · 181 posts · 81 votes
12y
One of my better buys was off a NJ BK trustee sale, it was a vacant lot that started at about $99K, dropped to $69K by the time I low ball offered $19K and they accepted. I then was able to drag my feet with them over the closing by blowing smoke telling them that I was still waiting for approvals so they would offer an extension, they didn't care because it wasn't personal to them, they just ran it past a judge who just rubber stamped everything put in front of him. You might have a better deal than you think in this kind of situation, I did...
South Amboy, NJ · Member since 2014 · 114 posts · 2 votes
12y
Yeah I found a great multi family, it is currently occupied collecting pretty good income. I am not going to be a cash buyer but my realtor said I still have a chance just depends who else comes with better offers..
Involved In Real Estate · My City, NJ · Member since 2013 · 181 posts · 81 votes
12y
If the building is habitable / full, the pay off for them shouldn't matter to them weather cash or financed, they still get paid in the end, especially if your a strong buyer with a commitment / letter of credit to get them to say yes faster than usual. Did you submit the offer already? How close to asking did you make it?
South Amboy, NJ · Member since 2014 · 114 posts · 2 votes
12y
@George C. I am going to submit my offer today. I am going pretty close to the asking price,since It is reasonable. It's a multi family occupied already in pretty good shape. Like I said I was going to offer pretty much right at the asking price..
Investor · Howell, NJ · Member since 2013 · 27 posts · 6 votes
12y
As long as the trustee is selling it you'll be fine. Unfortunately even if your offer is higher the trustee may opt for the CASH buyer. My first deal in NJ was a SFR BK trustee sale there were multiple offers above ask all with financing contingencies. I offered $5k under ask and won the bid since I could close with cash the quickest. All the trustee wanted to do was to be done dealing with the property.
If you haven't already make sure your financing is in place approval letters, etc. Financing approvals are taking 60- 90 days!!!
Haiku, HI · Member since 2011 · 50 posts · 19 votes
12y
What happened with the property @Joseph Tarallo ? I am looking at a duplex that is bankruptcy sale as well. It is subject to overbidding and court approval, but I am planning to attend court date to overbid.
South Amboy, NJ · Member since 2014 · 114 posts · 2 votes
12y
@Ben Schembri I am planning to attend court and over bid also. I am waiting for the date of hearing. I'll see what happens I never did this before. Mines in nj hopefully it's not the same one lol
Haiku, HI · Member since 2011 · 50 posts · 19 votes
12y
@Joseph Tarallo rest assured we are looking at two different properties, I'm in California. How funny would that be, well maybe it wouldn't be so funny. Court date is May 11 for the duplex I am looking at, I will let you know how it goes!