WHAT ARE MY OPTIONS? I HAVE A LAND CONTRACT WITH SOMEONE WHO JUST FILED FOR BANKRUPTCY?
I hit a realty lessen with someone who meet filed for bankruptcy. There is ease a morgage on the concept we hit the realty lessen on. He filed against me as well as everyone else.
Can I meet kibosh stipendiary on the realty lessen since he filed for bankruptcy?
Is there anyway I module be healthy to ready the property?
What are my options?
Seek advise from a real estate attorney. This is the only option you have that will get you anywhere.
Hopefully the land contract is recorded and not just notorized. I just ran across this same situation here in Ohio. Evidently because the land contract in this particular case was not recorded the lender holding the current mortgage would not work with the buyer, and he lost all the money he had paid as well as had to move out upon the forclosure. That being said, not every case is the same and not every leinholder will be as difficult to work with.
To find out your legal position, you would need to consult a Real Estate Attorney as here in Ohio Realtors are not allowed to give legal advise, and most will not know the answer to that question anyway.
Once you know your legal position, then you can decide your course of action from there. That is the point that you may want to consult with a Realtor to assist you in all the paperwork and negotiations.
Good Luck!
You could buy him out for cheap. If he’s filing bankruptcy…he’s going to want to sell the property. If he sells the property you still keep the Land Contact you’ll just be paying to someone else….or you could buy the property yourself. I would speak to a Real Estate Broker and see if he/she will Rep. you. Sign a Buyers Rep Agreement and have them go in and negotiate. You can most likely get this property for dirt cheap…then turn around and sell yourself in a year or two.