Legal Question in Real Estate Law in Ohio
Purchasing Bancrupt Home
Our son declared bancruptcy 2 years ago,and relinquished the home next to our property.My wife and I decided to purchase it,as we are the only ones who live on the dead end street it is located.We made 2 different offers to the realator who is handling it for Fannie Mae,the last one agreeing to what the asking price was.Then the realator told us Fannie Mae would not sell to us,because we were the parents of the person who declared bancruptcy on the home.The only way they would sell the property to us,is if we paid the full price declared on the bancruptcy.Why should our sons financial matters be detrimental to our right to purchase,at the same asking price as others?Is this legal?
1 Answer from Attorneys
Re: Purchasing Bancrupt Home
As parents of the debtor, you are considered insiders, and anything involving you and the debtor will be more closely scrutinized by the Trustee. The realtor is concerned that the Trustee might void the sale, and he'll lose his commission unless the house is sold for full value.
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