Properties in bankruptcy, with a trustee and special oversight, are more complex than traditional sales for the realtor handling them. There are many rules, regulations,and laws covering the sale, and the realtor needs to be aware of them. The complexity of these properties sometimes makes it very difficult for the realtor to benefit the seller. In special cases, an attorney is needed to ensure every aspect is legal, in contrast with simpler, traditional sales. Thorough study of individual cases, local and state laws is ideal before beginning a property liquidation.
- There are many significant laws, procedures, and regulations for the realtor to follow as they sell a property in bankruptcy.
- Selling homes for trustee, or in a court-ordered sale is much more complex than a traditional sale.
- Several issues may arise in a liquidation sale, that may require the realtor to have an attorney.
“Some 775,578 business and non-business bankruptcies were filed and recorded in June 2018”