All Forum Posts by: Ibrahim Hughes

Thanks Bryan. I'll look into it.

A friend of mine is buying a home with a city assisted mortgage program of some sort. They are requiring that she put 5% down and that she can't receive it as a gift or borrow it. Any other ideas?

Since her Mother WAS going to gift it I thought the best bet would be to put the Mother down as a co-signer and co-purchaser of the home. Any other ideas?

John: That's because they aren't approaching their homes from a 'business perspective'. They're approaching it emotionally. And so they 'feel' they should be able to get x amount of $$$ when the market feels otherwise. I really don't deal with people like that as its a waste of time for everyone involved.

Hi Sue. I'm an Investor and a realtor. I think that if you're in the right location, priced right and the house is appealing it will sell.

Tried selling my 2 family rehab in Rahway without the MLS and could hardly get it seen let alone get offers on it. Listed it and the activity took off. But no serious offers. Lowered the price a little and suddenly had two competing offers. Now going under contract at my asking price.

The buyers are there but they are looking for good deals. Good time to rehab imo. If you're one of the better looking houses on the market and priced to sell, you'll sell imo.

Try these:

http://www.taxliens.com/home/index.html

http://www.taxsalelists.com/

This is sort of related to my original post on the topic of sellers in BK: http://www.biggerpockets.com/forums/51/topics/52618-is-seller-better-without-bankruptcy-protection-

So the Trustee gives the seller in this case an extension to sell the property while under chap. 13 BK (new deadline: 8/13/10)

Since it has already been established that the seller herself can't sign a p&s agreement while under BK (because technically the property is not hers, it's part of the BK estate), I'm assuming this applies to the seller signing listing agreements with a Realtor as well?

So if the seller wanted to sell the property herself or list it with a Realtor, who signs the agreements? The Trustee? Do I present my agreement to the Trustee? And if the Trustee signs the listing agreement, I guess it's the trustee who accepts or rejects an offer by a prospective buyer?

One last question. In my title searching I found that a lis pendens was filed against the homeowner back in 08/2009 to serve notice that the property was under tax foreclosure. However, the seller was under BK protection at that time. Is the tax f/c valid? I guess if the tax lien holder was able to successfully petition the court to initiate the foreclosure then it IS valid?

Thanks in advance.

Yep Tracy. It seems like you were dead on. Thanks to you and everyone else who answered.

I posted this on another site where a person I know who is extremely knowledge about real estate legal matters, especially BK, had this to say:

Yes, you must wait to sign the contract because any contract dated while her assets are part of the Bk estate, (prior to closing of the Ch 13 case), would not be enforcable, even after the case would be closed. She can't agree to sell what is not hers, and technically the Trustee now owns her assets.

It was followed by another knowledgable investor in this area who stated the following:

You can have your seller complete and file the BK form "Petition for Order for Voluntary Dismissal" along with getting an Order for same signed by the BK judge.

Or, if you're impatient or have control issues, it may be even odds as to whether the Trustee's Request for Dismissal or Petition for Voluntary Dismissal gets signed first, but it's good to know that you have tools that you can use and a basic understanding of the BK system/documents.

Thanks Tracey. So you are saying that I shouldn't get under contract with her until AFTER she is officially dismissed from BK?

I'm about to meet up with a seller who is on her way to being dismissed from BK (chap. 13) due to her inability to make the payments. She thought the payments would be cheaper when she filed but of course she was taken in by those who make money on her filing.

In any event, her letter from the Trustee says that if she doesn't pay x amount of dollars by 7/21/10 she will be dismissed. She doesn't have the money anyhow (and actually has some equity in her primary home) to make the payments. My thinking is that at this point she is better being dismissed from BK so that any deal she and I make won't have to be approved by the Trustee. Am I correct in my thinking here (generally speaking)?