Updated over 12 years ago on . Most recent reply
Buying Subject To from seller in Bankruptcy
Hello, I'm trying to structure a deal on 4 duplexes, but the seller is in chapter 11 bankruptcy. My original offer was to take the loans subject to and pay the small balance in cash. The seller said his bankruptcy attorney advised him not to since he has several other investment loans with the same small local bank. He proposed doing a lease option on the units with my option period being 42 months (the end of his bankruptcy term). My concern is what if he doesn't fulfill his obligation to the bankruptcy court? I will lose my money and the properties. Any ideas on this deal??? The properties will cash flow about 350 each per month!!!