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I have one primary home, one rental property and I file

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bankcrupcy chapter 7 , the...
I have one primary home, one rental property and I file bankcrupcy chapter 7 , the rental property will be sell for action to pay for creditor, the house has appraise for $640,000.00
Here is trustee calculator: sale price :$640,000.00
Less costs of sale (6%)                        28,400.00
Less first and second deeds of trust      454,000.00
Balance net equity                             $66,000.00
How much can I made a deal to purchase this house, to
Submitted: 8 years ago.Category: Bankruptcy Law
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Answered in 9 hours by:
5/29/2010
Bankruptcy Lawyer: Ellen, Attorney replied 8 years ago
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
Experience: Bankruptcy Lawyer. Experienced.
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Hello,

I am the JustAnswer expert that will be helping you today. I am a lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information.

I cannot tell you what the trustee will agree to nor speak for the trustee. That said, $66,000 would be a typical buyout accompanied by reaffirmations of the existing deeds of trust
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Customer reply replied 8 years ago
I have more question , Frist question trustee base on a appraisal for $640,000.00, that is high, I want to request second appraisal pay by me, Second question, Trustee calculator 6% cost to agent, plus all expensive to sociate with put the house in market, typical would be about 7% to 10%. Third question; can I submit the offer with trustee following: Selling price $620,000.00 10% cost to sell $62,000.00 Pay off loan $544,600 (please note I made mistake on my loan balance ) Net equity $13,400.00
Bankruptcy Lawyer: Ellen, Attorney replied 8 years ago
Hello,

You can order a 2nd appraisal of the property and use that is your basis for negotiation. You can also consider that if you are purchasing the trustee's equity, the costs associated with the sale would be greatly reduced
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
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