What happens during Bankruptcy (selling of the house)

[dejr_8]

We have not seen our neighbors since Dec 2008. We just discovered that they filed bankruptcy and their plan was approved March 2 of this year (there is a Gov phone number to learn this). How long will it take for the bank to sell their house?

 

[elan]

As long as it takes someone to buy it. A house next street over took over 3 years. We have another in the neighborhood that has been vacant for 2 years.

 

[JR6ooo4]

they are selling around here, slowly.

the problems arise when the electricity is shut off. no more sump pump, basements flood and the mold starts.

once they are damaged inside they take much longer to sell.

MIkeeee

 

[dejr_8]

As long as it takes someone to buy it. A house next street over took over 3 years. We have another in the neighborhood that has been vacant for 2 years.

Do they list it on the MLS? Do they have a sheriff's sale (or equivalent).

 

[sunnyday123]

I didn't realize you lost your house when you file bankruptcy? I have a friend who has filed several times ( she's really bad with money) and she never lost her house.

 

[disneynikon]

Just because they have filed bankrupcy does not mean they lose the house. But It could be the bank took the house back. If you know who the bank is you could call them. Sometimes it takes awhile for the bank to put the house on the market.

Sometimes they are sold within the bank. The house next to my daughter was empty for 3 years before they gave it to a realtor

 

[AKL_Megs]

Yes, just because they filed bankrupcy doesn't mean they lost their house. What probably happened is the bank took it back... sounds like they were way in over their heads. That is too bad.

It could sell in weeks, months, years. Hopefully not years, houses turn pretty nasty when they sit for too long.

 

[J3nn78]

You don't automatically lose a house in bankruptcy. I know it is public record, but why were you snooping in their business?

 

[dejr_8]

You don't automatically lose a house in bankruptcy. I know it is public record, but why were you snooping in their business?

Because the sale of their house impacts us since (1) we are abutters to the property and (2) we only have 6 houses in our development so its odd to have one of the neighbors go missing.

 

[hentob]

You don't automatically lose a house in bankruptcy. I know it is public record, but why were you snooping in their business?

It is HER business! It affects the value of her home

 

[wilderness01]

Agree.