Yes.
A property may be sold while the owner is in bankruptcy.
I have first hand experience with similar scenarios and have successfully closed real estate short sale transactions while the owners were in the bankruptcy process.
The property will have to be removed from the bankruptcy process either by permission from the attorney representing the individual/s or by permission from the bankruptcy courts by the court appointed trustee.
Typically, depending on your state, utilize the services of an experienced Real Estate Short Sale Specialist who has successfully completed a minimum of 12 Short Sale transactions. I use the number 12 as the short sale process can be a lengthy process and requires commitment and experience to successfully complete. An agent that has completed this many transactions has the experience and where with all to successfully walk their seller through the short sale process.
Kris Darney
Platinum Real Estate/CDRE01156267
