Issues with Multifamily Deal

[Courtney Yates]

Hello All!

My name is Courtney and, after searching for some time, I finally found and am under contract with my first multifamily property. Unfortunately, this property came with issues. There are too many issues to list (and more to this story) but the biggest issue (that perhaps explains the other issues) is that I've been under contract for several months and I just learned that the seller is in bankruptcy. The seller never disclosed this vital piece of info - I found out from another, but reliable, source. Too bad this source didn't have more details.

I finally received the name and contact mumber of the seller's bankruptcy attorney which I immediately forwarded to my attorney. Unfortunately (again) the bankruptcy attorney has yet to get back to my attorney. It's been about a month.

I would go ahead and terminate the contract (which the seller has already breached) however it's a good property in a great area/location at an awesome price (for the area). 

Any advice?