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  #1  
Old 10-16-2005, 01:12 PM
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trying to purchase investment property in bankrupcy

What is the name of your state? Ohio

I signed a contract to purchase an eight unit apartment building a little over a week ago. Three days later I get a call from my realtor telling me the previous owner just filed for bankrupcy(After the contract was signed) A trustee has been assigned, I am trying to get some contact information. We were supposed to close Nov 11th, now I have no idea when it will happen. To make matters worse I had planned to live there, and as of Dec 1st I have no place to live. Any advise, Please!!!!!
  #2  
Old 10-16-2005, 01:18 PM
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Quote:
Originally Posted by bigd43606
What is the name of your state? Ohio

I signed a contract to purchase an eight unit apartment building a little over a week ago. Three days later I get a call from my realtor telling me the previous owner just filed for bankrupcy(After the contract was signed) A trustee has been assigned, I am trying to get some contact information. We were supposed to close Nov 11th, now I have no idea when it will happen. To make matters worse I had planned to live there, and as of Dec 1st I have no place to live. Any advise, Please!!!!!

**A: the BK Trustee may or may not honor the sale. That's who you need to be talking to.
  #3  
Old 10-16-2005, 01:27 PM
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Quote:
Originally Posted by HomeGuru
**A: the BK Trustee may or may not honor the sale. That's who you need to be talking to.
Agreed. And the more cash you have, the more likely TTEE is to honor the sale.
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  #4  
Old 10-17-2005, 04:32 PM
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Is there anything I can do to speed the process along???
  #5  
Old 10-17-2005, 04:42 PM
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Quote:
Originally Posted by bigd43606
Is there anything I can do to speed the process along???
Go to the meeting of creditors, maybe? Maybe someone with more BK experience will have a tip for you.
  #6  
Old 10-17-2005, 06:57 PM
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Quote:
Originally Posted by bigd43606
Is there anything I can do to speed the process along???
The new bankruptcy laws are basically grinding the courts to a halt.

Don't get in a hurry.
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  #7  
Old 10-17-2005, 07:04 PM
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Quote:
Originally Posted by Ciarraine
Go to the meeting of creditors, maybe? Maybe someone with more BK experience will have a tip for you.

**A: are you implying the 341?
Last edited by HomeGuru; 10-17-2005 at 11:23 PM.
  #8  
Old 10-17-2005, 10:07 PM
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Quote:
Originally Posted by HomeGuru
**A: are you impying the 341?
I think so? As I said to the OP, bankruptcy is not my forte.
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