Posted by Brady on May 13, 2008 at 22:09:50:
I have a pre-foreclosure property that is "Under Contract" and learned that the Seller is also in a Chapter 13 repayment plan. The Seller made a Motion to Sell (and we were able to get an foreclosure extension) but the Seller missed the hearing (e.g., his boss wouldn't let him go). I don't want to lose the deal. What are the ramifications if I close without the bankruptcy courts approval? It is a cash purchase. Right now the Seller is making about $8,000 after Realtor fees. Is there a way to close now without trying to purchase it at the county steps? Right now I am buying it about $20,000 below actual market value. Any ideas? Can I buy the underlying note at full value and have the Seller quit-claim the property to me?