Buying a property from a chapter 7 trustee

[Tony Wu]

Hello BP,   

I have just received a counter offer - which to my surprise, is from a Chapter 7 Trustee.   Apparently the seller of the property has claimed bankruptcy.  The property will be sold as is but allows me 21 days to perform inspection.  

I have never purchased a bankruptcy sale property and my broker is not experienced either. 

I believe I am getting a 8-10% discount ($50-60K off) from the FMV on this property and now not sure if it worth the pain to go through the process.

Anyone has purchased a home from bankruptcy chapter 7 sale?  

If so, what was the process like and, how long it took to close?

I also read that the chapter 7 trustee sale is not final until the court hearing and that the judge can "auction" the property at a higher price at the court date.  This gives me biggest pause because the offer is not binding and the trustee can accept offers up to the court date (which could be a few weeks later).  If you were me, would you go through these trouble for a property like this one?