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We are looking at a resale home in morrisville. The listing as such is not listed as foreclosed and we have seen the home/like it.
When I pulled it up on the wake country real estate page, under "Tax Bills", the most recent property tax bill lists account status as "Bankruptcy". The bill lists a due date of Sept 1.
Looks like the people selling the house have filed for bankruptcy. Means nothing to you at the moment. The tax office marks those because they don't expect on-time tax payment.
If the house is a good house for a fair price that you are willing to pay, you should treat it like any other house. Do you not have a real estate agent? He/she could give you more info.
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Yes I do have a my agent. He was going to check with the seller agent. Does this complicate the buying process or de-value the property? we are first time buyers.
Yes I do have a my agent. He was going to check with the seller agent. Does this complicate the buying process or de-value the property? we are first time buyers.
It doesn't devalue the property. The property value is determined by comps and what you are willing to pay.
It could complicate things some if there are liens on the home that cannot be paid off by the proceeds from the sale, but that sort of thing should be part of the disclosures if you make an offer that gets accepted on the house.
I'm sure your realtor can advise you of the particulars, but I would not initially be concerned about the seller's bankruptcy status. You need more info.
Did you make an offer yet?
ETA: also, you didn't mention it, but is this a short sale? That IS more complicated, but your initial post made me think it was just a regular sale.
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Might that not be a red flag that there are unpaid property taxes? I would hope that any unpaid amount or lien would be cleared up as part of the closing process.
Might that not be a red flag that there are unpaid property taxes? I would hope that any unpaid amount or lien would be cleared up as part of the closing process.
Quote:
Originally Posted by saturnfan
Please retain an attorney to represent you in this deal.
You want to be sure no judgments or liens will survive bankruptcy and whether there will be issues if the owner discharges the mortgage, etc.
Be very cautious here.
All good cautions, but also fundamental services any buyer would expect of their closing attorney.
All good cautions, but also fundamental services any buyer would expect of their closing attorney.
Which is what I said up there somewhere.
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