What happens to the family home at bankruptc?

[Four Cofffee]

I have seen a house on the market and a quick Google suggests the owner was declared bankrupt at the end of last month.

Does anyone know who now handles the decisions on sale? I assume the house was on the market before he was declared bankrput (the brochure pics look like early summer) so there might be a deal to be had.

The agents are pretty tight lipped about it, possibly waiting to see if they get somewhere close to the asking price before it is revealed that the owner might need a quick sale. Is whoever is now in charge likely to act like a conventional buyer and wait for me to sell, or look for a quick cash deal? It is probably about 5% over priced even for a private sale with a buyer willing to wait so the cash buyer price must be south of that.

[anonymous-user]

I'd assume the bank who have the mortgage are handling it!

Edited by anonymous-user on Tuesday 15th December 21:42

[SJobson]

The trustee in bankruptcy will now be dealing with it. There probably won't be a quick deal to be done, because the trustee is under a duty to maximise the price realised.

[Deva Link]

Is there anyone living in the house?

A month is a bit quick for a trustee to be appointed, and if it was the lender then wouldn't the agent have to say it's for sale by the "Mortgagee In Possession"?

[FourWheelDrift]

They end up at one of these I'd guess - http://propertyauctionaction.co.uk/

[Four Cofffee]

Seems all the larger houses I have looked at have been repossessed of late . Obviously the rambling, tatty old country house market has been tough.