3 ms·
> Likely there wasn't access to do a proper inspection. Likely tenant leases are not visible. In some cases outstanding bills (especially taxes) come with the b
by michaelt 2y ago
> Likely there wasn't access to do a proper inspection. Likely tenant leases are not visible. In some cases outstanding bills (especially taxes) come with the building (and are unknown, and likely significant since the seller defaulted on this loan.)
I'm confused. Is there not a seller? Does the seller not benefit from maximising the sale price?
Even if the building owners are bankrupt, don't the administrators have to maximise the sale price in order to pay back creditors?
- bruce511 2y agoIt depends. I can't say for this case. In general though there's the situation of "unwilling seller". They aren't necessarily bankrupt. Usually they have had ample opportunity to sell themselves but for whatever (usually irrational) reasons have not. They often are not cooperative in the sale process. Administrators are much more likely to be cooperative, but even then there is added risk because the seller won't be around to address latent defects. And you can assume other debts against the building (like taxes) may exist. Obviously the specifics will be jurisdiction dependent.