 If you are thinking of purchasing a property that is subject to bankruptcy, then you had better be very patient. Many poeple in the foreclosure process will file bankruptcy in an attempt to stop the foreclosure process. This is the big misconception. Bankruptcy can slow down the process, but it certainly does not stop the process.
TIME DELAY - When an owner files for bankruptcy is allows the process to slow down, but they still have to come up with the money needed to buy themselves out of foreclosure. If the owner has the funds to pay the lawyer to file the bankruptcy, then they should just buy themselves out of foreclosure and avoid the bankruptcy altogether.
TEST OF BUYER’S PATIENCE - If you are preparing to buy a home in foreclosure, then don’t be surprised if the process gets near halted by the bankruptcy filing. And in truth, I wish the best for anybody faced with those extreme options and hope that all people can come up with a way to stay in their home. The thought of the Sheriff arriving and posting a 72 hour eviction notice on the door of a family that has befallen on hard times is a tough reality to experience.
SHORT-SALE PURCHASE - Please take a moment to read our short-sale information, and then discuss with your agent the possibilites of pursuing that avenue of property acquisition. So much of this is out of your control as the buyer, and the process is definitely slanted in favor of the homeowner, but that is by design. |
