Our company was established to assist Chapter 7 Bankruptcy Trustees with selling debtor’s underwater properties and benefiting the estate with a substantial carve-out of at least $15,000 from every short sale. Are you abandoning debtor’s underwater properties, or closing cases where debtors have not made a mortgage payment to their lien holders in months or years? We want to assist you with creating asset cases where otherwise there would be none. We review the debtor’s schedules, consult with you prior to the 341(a) on which cases have a short sale opportunity, and take care of all negotiations with the lien holders of the property. Your only responsibility is to employ us with the court to sell the property, and file the Sale Motion when we have an acceptable offer. We market the property to potential buyers, assure that all offers create a minimum carve-out for the estate, negotiate with the lien holders to get the short sale approved, and handle the entire closing process. The estate benefits from the carve-out, and the debtor benefits from paying some of the unsecured creditors and not having a foreclosure. The lien holders benefits from receiving a higher pay-off versus having to foreclose, and incurring the additional holding costs and attorneys fees. The Trustee pays no closing costs or commissions, and receives a minimum carve-out of $15,000. Our team is compensated from the real estate commissions paid by the lien holders. Our goal is a win-win-win for all parties involved in the short sale..
Don’t abandon the debtor’s underwater real estate…
Let us short sell it and create a significant carve-out for the estate and unsecured creditors. We do all of the lien holder negotiations, we ensure that the sale benefits the estate, and we get paid a typical real estate commission directly from the proceeds to the lien holders – the estate does not pay us anything! You file an employment motion with the court for us to market and short sell the property, and once we receive an acceptable offer, you file a sale motion to sell the property.
- Prior to 341 – identify those cases with surrendered properties where the current market value of the property is less than the amount owed to lien holders. Notify the debtor to bring copies of current mortgage statements with them to the 341.
- At the 341 – interview the debtor as to their intent to surrender the property, and notify the debtor and debtor’s counsel as to the Trustee’s intent to Short Sale the property and obtain a carve-out that will benefit the unsecured creditors of the estate. Obtain the debtor’s counsel approval in writing to pursue the short sale, which is a requirement of some lien holders, and notify the debtor that a real estate broker will be contacting the debtor to obtain marketing photos and information for the short sale of the property.
- After the 341 – email all cases with underwater property to Bankruptcy Short Sale Solutions, and we will prepare a real estate listing agreement, declaration of the real estate broker, and any supporting documentation required by the court.
- Trustee files an Employment Motion with the court for the real estate broker to short sale the property.
- Bankruptcy Short Sale Solutions markets and obtains offers for the property.
- Trustee reviews and executes the highest-and-best offer on the property, and signs any supporting documents needed by the lien holders to approve the short sale.
- Bankruptcy Short Sale Solutions opens a real estate closing with a local title office, obtains a preliminary title report and preliminary HUD-1 settlement statement.
- Bankruptcy Short Sale Solutions files all documents with the lien holders of the property, and opens negotiations for the short sale with the lien holders.
- Trustee files a Sale Motion with the court, and the court approves a short sale of the property subject to lien holder’s approval.
- Bankruptcy Short Sale Solutions obtains lien holder approval for the short sale, and sends title and escrow a certified copy of the court order so that escrow can close the transaction and disburse the carve-out funds directly to the Trustee.
For information on how to work with us, please fill out the form below.