QUESTION
What are our options if we want to enforce the sale contract?
Asked on Mar 27th, 2013 on Bankruptcy - Florida
More details to this question:
The sellers entered chapter 13 in early 2012. We entered a contract to buy the house this month. Now they claim to have a higher offer and want to back out.
6 ANSWERS
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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It depends on their chapter 13.
Answered on Mar 28th, 2013 at 2:56 PM
This is more of a real estate question rather than a bankruptcy question. They were already in bankruptcy when you entered into the contract for sale. Assuming they had permission from the trustee to sell, the sale is essentially outside the bankruptcy. The proceeds from the sale are not though. Maybe contact the bankruptcy trustee to ask his position on this. Otherwise, I recommend contacting a real estate attorney.
Answered on Mar 28th, 2013 at 2:56 PM
2 Awards
You really can't. You can submit a claim for damages, however.
Answered on Mar 28th, 2013 at 2:55 PM
Bankruptcy Attorney serving Plantation, FL
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Moffa & Breuer, PLLC
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You need a good bankruptcy lawyer to review the contract, the plan and the bankruptcy papers filed. They need court approval to sell property of the estate. I can't tell if this is property of the estate.
Answered on Mar 28th, 2013 at 2:54 PM
Bankruptcy Attorney serving Grand Rapids, MI
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David Andersen & Associates, PC
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Sellers debts/obligations up to filing their Chapter 13 would be included in their Chapter 13. The bankruptcy doesn't protect the sellers for actions after their filing. If they choose to breach their contract then you can enforce your legal options. It would be worth finding out if the sellers have received permission from the bankruptcy court to sell the property because that is often needed before they can.
Answered on Mar 28th, 2013 at 2:54 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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The fact that the sellers of the house are currently under a 13 does not give them the right to ignore their contractual duties. See an attorney.
Answered on Mar 28th, 2013 at 2:54 PM