Seller Files Bankruptcy - Can I Still Buy?

[Ibrahim Hughes]

Hi All. I'm accustomed to purchasing properties post-bankruptcy. But I don't think I ever made an offer on one where the owner recently filed BK (a couple of days ago) and it's still active.

I do understand that the Trustee now controls this property and it's out of the 'seller's' hands. We were talking with the owner and trying to get in touch with him for the last few weeks to buy the house. But we did not have a contract on this property. Property is free and clear.

Will the Trustee still allow a purchase by investors or will he/she request an appraisal, mls listing etc.? What typically happens at this point?

Btw, I'm not sure if a chapter 7 or 13 was filed but from the sound of things (I didn't speak with him but my Assistant did), he likely filed a chapter 7. I'm supposed to speak with the owner tonight and will get more info. Thanks in advance.