Hello,
We are interested in buying a single family home as an investment property in a suburb of Dallas. Our real estate agent has told us that the seller is currently in chapter 13 bankruptcy. What we have read so far is that this deal will need to be approved by a bankruptcy judge and the closing might take a few extra weeks, but we're not sure what the other risks involved will be. For example, will we still have an inspection and option period? Will we get a final walk-through on closing day and if so, what are the risks if there significant damage to the home? We're not sure if the seller is being forced to sell the home due to the bankruptcy or if they're doing it by choice to pay down their debts. We have read that both cases are possible with ch13 and we're worried about an angry seller if they are being forced to sell, similar to a foreclosure. Does anyone have any experience with this and can help us with what to expect and any important details that we haven't mentioned?
Thanks.
