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Showing posts from February, 2016

Bankrupt it Up

This last month has been another 180. We visited a house on a whim, and actually liked it.

Of course, because it is us, it couldn't just be a normal house. No, of course the only house that we have seen that we actually like couldn't be simple. Oh no. Not us.

This house is a Chapter 7 bankruptcy.

A bankruptcy sale is complicated. You need a judge to approve you buying the house. Instead of the seller, you have a trustee who has to take the best offer on the table. Once your offer is accepted, due to some arcane as fuck laws, you have to wait 21 days with your offer listed publicly and during that 21 days, a random person could come in and be like "oho! I like this!" and outbid you. Once you make it through the 21 days, you have to get the judge's approval and it proceeds from there mostly like a normal sale.

Pros:
Long time to actually purchase the house (for us)
Complicated so it keep a lot of competition at bay
Potentially a good deal on a home because the cour…