Bankruptcy Trustee Sale? First-Time Flipper
Hey guys,
There is a property that I am interested in that becomes available early next week that is being sold via a bankruptcy trustee sale. I am a cash buyer looking for my first flip project but I am mostly familiar with REOs. While I am confident with the numbers aspect and analysis, this is my first time stumbling upon this type of sale.
My understanding is that these properties are often sold free and clear of liens, which I like. The listing agent who is to represent the seller mentioned she has never executed one of these sales before and seemed to be having a hard time describing the process. I am wary of being in a blind leading the blind situation. She said the process is similar to a short sale but requires court approval.
Obviously, I will be researching this more throughout the weekend but I was just wondering about other investors' experiences have been in the past with these sort of sales. Do you prefer them? As there is an additional approval needed via the court, have you found them to be a much more lengthy process or is it more of just a slight hiccup? Any advice would be helpful. I have been guaranteed first-look of the property as soon as the REA gets the keys and if it checks out, I'd like to put in an offer ASAP. Just want to be a little cautious before I jump in.
Thanks in advance. You guys rock!
KB