I also have relationships with other commercial brokers and sellers and get "first looks" at property before full exposure to the market occurs.

Just too add additional information, this occurs at the "trustee's sale".

It is from a leak that occurred from a pipe from the upper floor.

Please see below: "Construction/improvement exchanges occur when you wish to make improvements to the replacement property utilizing the sale proceeds of the relinquished property.

A quick way to add some solid buyers to get started is to: Drive to an area that has a good amount of remodels and flips are occurring.

I would also consult you accountant and council to ensure the contract is worded such that the Tax man cannot deem the transaction to have occurred in 2013.

The BK eliminated the house debt, so a default and/or foreclosure on those mortgages can no longer harm you.

Thats the exact scenario occuring with the owners.

The second could probably pursue some unsecured judicial avenue but that's a real pain.It just occurred to me, if the lender and borrower of the first collaborate by putting a incurable clause in the first, the borrower and first lender could scam a unwary second position lender by having them make a second with the first then foreclosing and wiping out the second.

(she no longer does this and made attempts to bring value to the ordeal, it didn't work and she no longer does it, not a swing at her)If you don't want to share that information, no harm no foul, just thought I would inquire.