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3 years ago
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Are there any financial advantages to purchasing a home that has declared bankruptcy? What is the difference between foreclosure and bankruptcy?

What is the difference between foreclosure and bankruptcy?
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Harold Flanery
Real Estate Professional
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3 years ago
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If you are wanting to purchase a discounted house for sale, you first should contact a Realtor. A qualified agent will be able to assist you in the purchase. Most folks don't know the difference between bankrupt and foreclosures. Honestly there are a lot of agents that wouldn't know the difference either. An agent can save you $$Thousands of dollars in potential mistakes you can make in purchasing or selling a home. I have been doing this since 1981. I buy houses in any condition. We sale homes to 1st time buyers and investors. We sell fixer uppers or complete remodeled homes. We build new homes on your lot or ours. We can provide professional home inspections when buying or selling a home. I also own a remodeling company and build new homes which allows us to help in repairs of any home you want to buy or sell. I help buyers and sellers with all real estate needs. You can contact me at hlflanery@tx.rr.com for assistance.

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Greg S
Real Estate Professional
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A house cannot be declared bankrupt. A house can be placed into bankruptcy protection. If you want to purchase that house the bankruptcy trustee must approve the sale.

Generally it can be assumed a foreclosed house will be sold for less than market value. However, they will be sold "as is" so be sure to have a full house inspection so you are aware of any repairs that will be needed. Sometimes repairs have to be completed and paid for before by you before you can obtain mortgage financing. Therefore you may also have to pay for a Title report to make sure there are no outstanding liens on the house (and indeed that the bank had the legal right to take back the house).

Finances are very personal and it is best to ask your CPA as to how a specific purchase will benefit you financially.

Greg S

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