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A friend wants to purchase our 2nd property we have surrendered in BK-7

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  • #1

    A friend wants to purchase our 2nd property we have surrendered in BK-7

    Hello, we recently filed chapter 7 in FL and our 341 was held last week. We are surrendering a 2nd home located in another state and a friend of our's who has recently separated from his wife wants to purchase the property. He is willing to pay fmv for the home. Is it still possible for us to sell it to him? what would be the proper steps in doing so?? we don't want to cause any hiccups in our BK case but would like for him to have the property. He used to own the house beside of it but he sold it when he got married, now that he is separated he wants to live in the area again and we would really like for him to have the option to buy it before it goes to foreclosure. Thanks ahead for any insight/advice.
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  • #2
    1. The property is property of your chapter 7 estate and, since it is in another state, I will assume is not exempt.
    2. As non-exempt property of the estate (and even if it were exempt) you cannot sell it until the property has been abandoned.
    3. If there is no equity in the property and your friend is attempting to either purchase it through a short sale or just enough to pay off the liens, you need to get the Trustee to abandon the property from the estate before you can even think of selling it.
    4. If the Trustee is not going to abandon the property then your friend would be buying it from the Trustee (not you).

    Alternatively, and assuming there is no value in the property for the bk estate, do nothing at this time and wait for the case to be closed (not just discharged.) Once closed the property is abandoned by operation of law.

    However it is done, once the property is abandoned all rights to it vest back to you. Once vested, you can sell the property to whomever and for whatever price you want, assuming the mortgage holders are either paid in full or agree to something less than that before the foreclosure happens.

    Des.

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