What Does “On Sale Soon” Mean?
On Sale Soon means BKAssets is waiting for trustee/Court final approval to begin the auction. Once the start date is known, that ad will be changed to reflect the start date to the auction.
When does the Auction Begin?
If you have done research on an asset and intend to bid during the auction on a specific asset, we will be glad to notify you of the start date to the auction when it is known. Simply send an email to email@example.com and be sure to include the Case # (14 12345, for example) and name of the asset. BKAssets will notify you via email prior to the auction’s commencement.
Do You Go Through Escrow?
Because this is an as is, where is sale ordered by the United States Bankruptcy Court, we cannot use an escrow service.
What Does ‘Estate’s Interest’ Mean?
This legal term refers to the debtor(s) in bankruptcy (current owner) degree, quantity, nature, and extent of interest they have in the real or Personal Property being offered for sale during a bankruptcy auction.
Do You Perform a Title Search?
While there was not a title search performed on the timeshare, the resort verified that the original contract was paid in full. The debtor’s (original owners that filed bankruptcy) also testified that the membership was paid in full and no liens were against the property. Any liens on the property run with the property.
What Does “As is, Where is” Mean?
This is a United States Bankruptcy Court ordered “As is, Where is” sale with no warranties implied or stated. We verify the past due taxes with the county and the debtor testified that there was not an outstanding balance on their schedules, but we do not perform a title search.
What is FROR or First Right of Refusal?
Right of first refusal (FROR) is a contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into that transaction with a third party. In brief, a property management firm, has the right to ‘buy’ the timeshare for the same price as a winning bidder before the sale to that bidder is final. Upon close of auction, BKAssets submits the sale to the property management firm (normally Diamond International, Disney, Hilton, Marriott, Starwood, and others) for their approval. If the firm declines FROR, the auction sale proceeds to the winning bidder.
Do You Use PayPal?
No. We do not use PayPal due to the court ordered nature of our auctions. The courts have ordered verified funds and PayPal does not fall into this category. We are happy to provide you the court documents at request.
Do You Accept Credit Cards?
No. We do not accept credit cards due to the court ordered nature of our auctions. The courts have ordered verified funds and credit cards do not fall into this category.
What is Bill Pay?
Bill Pay is a paper check issued by your bank, or credit union, and mailed by the bank directly to BKAssets. It is safe and secure. With most financial institutions at which you bank, you may request this process online, or over the phone directly with the bank, saving you a trip to a nearby branch.
What am I Responsible for at The Close of Auction?
At the close of auction, the buyer is responsible for the final bid price, the $200-$225 document prep fee as ordered by the Courts and stated in the ad, and shipping and handling ($8 for US Certified mail). The buyer is responsible for all fees associated with the property unless stated otherwise in the auction listing. Taxes are payable to the County Treasurer, and transfer fees are payable to the property management company after the completion of the sale.
If I Win An Auction, How Long Does it take to receive the Ownership Transfer Documents?
Once bkassets.com has received payment, the documents are prepared and sent to the trustee assigned to the bankruptcy case. Once reviewed and signed by the trustee it is returned to us and we then, in turn forward to the winning buyer with final transfer instructions to be completed. Please be advised that because this is a US Bankruptcy Court Ordered sale, and subject to approval, this can take an average of 3-8 weeks.