June 15, 2010
Bankruptcy and a Real Estate transaction?
trs3737 asked:
I have a contract on a home and just found out 2 days before closing that the seller in is the process of filing for bankruptcy and now the closing is on hold. Her realtor claims that this will be resolved in a short period of time, but he has not proven to be the most reliable source. First, shouldn't this have been brought to our attention sooner? Also, is a seller required to disclose this information? I feel like someone dropped the ball since our lender told me he has never heard of this in the 20 years he has been in the business. Any advice on this would be helpful.
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I have a contract on a home and just found out 2 days before closing that the seller in is the process of filing for bankruptcy and now the closing is on hold. Her realtor claims that this will be resolved in a short period of time, but he has not proven to be the most reliable source. First, shouldn't this have been brought to our attention sooner? Also, is a seller required to disclose this information? I feel like someone dropped the ball since our lender told me he has never heard of this in the 20 years he has been in the business. Any advice on this would be helpful.
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Comments on Bankruptcy and a Real Estate transaction?
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This may be the reason the person is selling the house and if the Bankruptcy is able to let them keep the house, then that is not something that happens every day.