Jump to content

Buying property from bankrupt owner?


Recommended Posts

I'm looking at a potential investment for a flip through my limited company, but was hoping to tap into the collective wisdom on the process for these disposals.

 

It's being sold by an "Accountant in Bankruptcy" (according to the Home Report - I'm in Scotland) but the owner is still living there. It's apparent that he's not worried about the place - wallpaper stripped off, gutters leaking, washing all hanging in the kitchen when we came to view - which I imagine is because he doesn't stand to make anything from the proceeds of sale. Or, is he making it seem unattractive so he can stay longer?  omegle  xender

 

I've previously missed out on a vacant repo that was up for auction but sold the morning of the open viewing, presumably because someone made an offer that satisfied the outstanding debt, but I'm finding it peculiar that the owner still lives in this house. I

 

t's currently marketed at OIRO 90k, home report value of 100k which is not unreasonable as nicer properties in the row have fetched more. The agent told me that the bank have declined an offer of 85 in the past, but might be more amenable to a low offer as some time has passed. Can anyone offer advice on how one might pitch a low offer to the bank/accountant, or have any insight on how the required offer amount is calculated? We'd be buying cash, and the house has been on the market for over a year so I'd be looking to offer at a significant discount, certainly less than the 85 mentioned.

 

Obviously the fact that it's been on the market for a year is a bit of a red flag. It's a terraced cottage that currently looks in a sorry state, but has great potential. It's right next to a train station with really good commuter links, and the land in front of it is about to be redeveloped for social housing along with a new access road, traffic signals and parking provision. It was built at the turn of last century and there's a bit of damp from the leaking gutters but ultimately I think it's the general rundown nature of it that's putting people off.

Link to comment
  • 1 year later...
On 2/20/2021 at 1:26 PM, willow said:

I'm looking at a potential investment for a flip through my limited company, but was hoping to tap into the collective wisdom on the process for these disposals.

 

It's being sold by an "Accountant in Bankruptcy" (according to the Home Report - I'm in Scotland) but the owner is still living there. It's apparent that he's not worried about the place - wallpaper stripped off, gutters leaking, washing all hanging in the kitchen when we came to view - which I imagine is because he doesn't stand to make anything from the proceeds of sale. Or, is he making it seem unattractive so he can stay longer? gb whatsapp

 

I've previously missed out on a vacant repo that was up for auction but sold the morning of the open viewing, presumably because someone made an offer that satisfied the outstanding debt, but I'm finding it peculiar that the owner still lives in this house. I

 

t's currently marketed at OIRO 90k, home report value of 100k which is not unreasonable as nicer properties in the row have fetched more. The agent told me that the bank have declined an offer of 85 in the past, but might be more amenable to a low offer as some time has passed. Can anyone offer advice on how one might pitch a low offer to the bank/accountant, or have any insight on how the required offer amount is calculated? We'd be buying cash, and the house has been on the market for over a year so I'd be looking to offer at a significant discount, certainly less than the 85 mentioned.

 

Obviously the fact that it's been on the market for a year is a bit of a red flag. It's a terraced cottage that currently looks in a sorry state, but has great potential. It's right next to a train station with really good commuter links, and the land in front of it is about to be redeveloped for social housing along with a new access road, traffic signals and parking provision. It was built at the turn of last century and there's a bit of damp from the leaking gutters but ultimately I think it's the general rundown nature of it that's putting people off.

I had about the same case. The owner of the house deliberately made a mockery of the house and because of what no one wanted to buy this house, outwardly the house looked neat but inside there was chaos all because of the fact that the debtor still lived in the house. So we turned to a company that helped us and the owner of the house to deal with the problem. We live in San Diego, so I can recommend the San Diego Bankruptcy Law Center . All the problems were solved quickly and we spent very few nerve cells on this case. I decided to write because our cases are similar and if mine was decided then I hope you will succeed.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...