Bankruptcy Listing Services is the best, and only, place where you can easily find properties for sale that have been through the bankruptcy process. Search for discounted deals near you by state, zip code or city right from our homepage. You can further refine property criteria by using the drop down menus that will appear after you key in a search (city, state or zip code). Click on any property that appears in your area to see a full description, available photos, valuations, rent ranges and more. Properties that display "Make Offer" are available for immediate purchase!
When a homeowner decides to file for bankruptcy, he or she is assigned to a Federal Bankruptcy Trustee who helps them identify how to best satisfy their debts and financial obligations. This often results in their desire to sell real estate and/or personal property. We work with the Trustee to market these properties to a wide audience and provide unique purchase opportunities for the general public.
No, we only market bankruptcy listings on our website. The good news is that you can find other unique distressed real estate opportunities on one of our affiliated partner sites, www.foreclosure.com. You can also contact our real estate team direct at [number]. We will help you identify properties and/or real estate agents to meet your every need.
We gather the property information and photos from our team of certified listing brokers and agents. We also provide you with information on estimated market value and rental range to help you make the smartest, and most cost-effective, buying decision possible.
Yes. A qualified real estate agent in the local market lists every property available for sale on BLS. Feel free to contact us to arrange an appointment to view any of these listings.
First, you need to find a great deal in your area. That's a piece of cake. Second, you will need to have a qualified real estate agent help you submit an offer to purchase. He or she will also be able to schedule a showing on properties listed on our website (if and when available). Each agent in our nationwide network has been through several comprehensive educational and training programs to ensure they provide a high level of customer satisfaction.
If you have an agent with whom you wish to work, but he or she has not been trained through BLS's program, don't worry. Simply have them contact us and we'll get them set up as quickly as possible.
No, because BLS markets and sells properties on behalf of Federal Bankruptcy Trustees. These Trustees are the sellers of these properties and require all offers to be submitted through qualified real estate agents. This benefits, and protects, all parties to the transaction, including the buyer (that's you!).
That's a great question. And the answer is an emphatic, "NO!" All properties on our website have been through the bankruptcy process and the homeowners have determined that it is in their best interests to liquidate certain assets, including their real estate holdings. The sale of these properties helps to satisfy the financial needs of the bankruptcy estate.
A Consented Sale™ is an "enhanced" short sale. It's an agreement between all requisite stakeholders, the most important being the lender/servicer, of a residential or commercial property for less than what the owner still owes on the mortgage. A Consented Sale™ is a beneficial alternative to foreclosure when a homeowner needs to sell and can no longer afford to make his or her mortgage payments. The lender agrees to accept less than the amount owed to pay off a loan now rather than taking the property back by foreclosure and trying to sell it later. Lenders agree to a Consented Sale™ because they believe it will net them more money than going forward with a lengthy and costly foreclosure process. BK Global is able to obtain pre-consent by utilizing its proprietary BK Score™ system, which analyzes and provides lenders an immediate evaluation of the value of the property and its probability for sale. In addition, BK Global is able to agree with lenders/servicers on a strike price for each property and utilize its national marketplace for listings, www.bankruptcylistings.com, as well as sell them online through its offer management platform.
Yes, but not effectively. A Consented Sale™ is a very complicated real estate transaction that has very important implications for a bankruptcy estate. More than any other type of residential real estate transaction, only trained experts who have substantial experience with the process, including a strong track record of successful negotiations with lenders/servicers, should handle a Consented Sale™.
A normal real estate transaction can close at will once the contract is "four cornered," which means that all signatures are affixed and there has been a meeting of the minds. In a Consented Sale™, all agreements are "subject to lien holder approval." Since the seller is requesting a discounted payoff from the lien holder, all parties must allow the lien holder to complete an evaluation to determine the value of the home and if the loss is justifiable. The lender wants to mitigate its losses; therefore, the process of evaluation must be complete before approval is granted. This process can delay closing for several months.
BK Global shortens the average time of a Consented Sale™ by obtaining lender pre-approvals, which streamlines the process. Its expert negotiators have existing relationships with all servicers, with clear requirements to reduce the standard average time it takes to complete a Consented Sale™. The average Consented Sale™ takes approximately three-to-four months from the acceptance of an offer to a completed purchase.