Real estate is a valuable asset that a court can take control of to sell and obtain funds to pay off debts. Properties that are
listed as part of a bankruptcy filing are often subject to liens and potential inconveniences that you must take into consideration.
But, the payoff can be huge.
To make it work, you need to learn all you can about the property from public records, as well as contact the Realtor® if the
property is for sale. For your convenience, this contact information is located to your left under the property's
"Bankruptcy Information" header.
If it is not listed, you will need to speak to whomever the court officer directs you to contact regarding the purchase of the property.
Collecting this information at the county courthouse or records office will enable you to learn what actions must be taken to make a valid offer to purchase. In most cases, your offer will have to be approved by the bankruptcy judge or trustee who is in charge of liquidating or selling the assets of the person who filed bankruptcy.
The court's objective is to get a fast but fair offer for the real estate, converting it to cash to satisfy and pay as many of bankrupt person's creditors as possible.
With patience and persistence, however, it's possible to turn someone's misfortune into your personal gain.