Legal Question in Real Estate Law in Maryland
buying bankrupt property
I am interested in buying a piece of property that is currently in bankruptcy court. Is it possible ? How do I go about trying to obtain the property ? The property is in Pennsylvania and the owner filed in Maryland.
1 Answer from Attorneys
Re: buying bankrupt property
Your question left out some details, so I'm going to assume that the PA property is not the bankrupt's principal residence, and also that he filed a "straight" or Ch. 7 bankruptcy. I'm also assuming the property is debt-free; otherwise, the mortgage holders will foreclose against it and you can buy it at the foreclosure sale, or thereafter from the mortgage holder if they buy it back through the foreclosure.
If the property is an asset of the bankruptcy estate, it is subject to sale by the trustee who was appointed by the court to oversee things. Contact him/her and see what procedure they intend to follow to liquidate the property. There may be an auction held under the supervision of the bankruptcy court, for example.