Legal Question in Real Estate Law in Utah
builder filed bankruptcy hpw does it affect our future home
We started building a home 18 months ago. We found the builder was going under just weeks before our home was finished and we have been waiting for foreclosure. The builder filed for bankruptcy 2 weeks before posting of the sale on the home. The lawyer for the bank that is holding the loan says he needs to get permission from the trustee to sell the home. How long does this take and does it still have to go to auction like foreclosure or can the bank just sell it to us.(we have been working with them). Any information on what has to be done for the home to be sold would be appreciated.
1 Answer from Attorneys
Re: builder filed bankruptcy hpw does it affect our future home
There is no set time for this. The trustee will need to get an acceptable bid, then present the offer to the court for approval. The time will depend on the priority given by the trustee.