Properties in bankruptcy frequently have flaws both physically due to lack of maintenance, and liens of creditors. There are special issues to be considered when dealing with properties that are the subject of bankruptcy. When financing has been secured, and acceptable inspections of the physical condition of the property and the condition of the title have been made, have the title agent and trustee schedule your closing.Once you are satisfied with the inspections, and all other contingencies are assured, have your lender give you a commitment for financing.This is why using a title agent who understands the fine points of bankruptcy and can insure your title is so important. Also, when bankruptcies occur, liens frequently follow. Bankruptcies can present unique problems with respect to title since you will be receiving the deed from the court.
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Since the property owner often has no hope for cash after the sale, he or she may have already stopped spending money on the property for even basic necessities such as maintenance of the roof or pool or landscaping.
(Please keep in mind that the owner may still be living in the property and their privacy should be respected) Frequently properties that are tied up in bankruptcy are in need of maintenance. It is a very good idea to at least drive by the property and visually inspect the property itself and the neighborhood.
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