Wholesaling a bankruptcy??

[Quentin Jivery]

Any advice on how to correctly proceed with a bankruptcy wholesale? 

[Mohammed Rahman]

Hey @Quentin Jivery - can you elaborate? Do you already have the property under contract? Are you the end buyer? 

[Quentin Jivery]

Quote from @Mohammed Rahman:

Hey @Quentin Jivery - can you elaborate? Do you already have the property under contract? Are you the end buyer? 

The guys in California, his house is in the process of being foreclosed. There’s a balance that’s owed to keep it from foreclosure. But I believe that instead of getting foreclosed i could come  in and coordinated a buyer he would probably sell to avoid foreclosure and make a few buck

[Account Closed]

Quote from @Quentin Jivery:

Any advice on how to correctly proceed with a bankruptcy wholesale? 

 Anytime a property is in bankruptcy, the judge has to approve the transaction. It takes a bankruptcy attorney to do this correctly and of course the trustee can object unless they get paid their portion. The lender also has to agree. 

It's complicated, but it can be done if you are a licensed realtor. I am unaware of an unlicensed individual (wholesaler) being approved by the court, but somewhere someone has probably succeeded. The court will be watching for "equity stripping", that is, selling for below fair market value which usually is established by a broker or appraiser.

[Quentin Jivery]

Quote from @Account Closed:

Quote from @Quentin Jivery:

Any advice on how to correctly proceed with a bankruptcy wholesale? 

 Anytime a property is in bankruptcy, the judge has to approve the transaction. It takes a bankruptcy attorney to do this correctly and of course the trustee can object unless they get paid their portion. The lender also has to agree. 

It's complicated, but it can be done if you are a licensed realtor. I am unaware of an unlicensed individual (wholesaler) being approved by the court, but somewhere someone has probably succeeded. The court will be watching for "equity stripping", that is, selling for below fair market value which usually is established by a broker or appraiser.

So I’m essence my chances are slim to none