If the property is occupied by the debtor, we will work with them to fit the process to the needs of the household, if at all possible. We are very respectful and accommodating to any special requests. Typically, the debtors are able to remain in the home 4-6 months after we list it. We remain in contact with them and their attorney regarding timelines.
If the property is occupied by a tenant, we are able to work with them as well. Often it is in our best interest to keep a tenant in the property. For security reasons, as well as to keep maintenance issues to a minimum. In exchange for their cooperation, we often discount the rent by 20-30%. This discount is offered if they cooperate with real estate agents who want to showing the home and they are willing to keep the property up. All rent money is paid directly to the estate.
When we recieve an acceptable offer on a property, you will sign as the seller on all contract documents. The sales agreements can be the standard, state specific forms with a bankruptcy rider attached. The bankruptcy rider states that the sale is subject to approval of the court and will be signed by all parties. We also have a standardized offer packet that we encourage Trustees to use. This offer packet was drafted by an attorney who works specifically with Trustees. It significanlty reduces the liability a Trustee has. If you wish to review our offer packet, let us know and we'll send you a copy.