Does the Trustee need court approval of the price for sale of an asset before agreeing to a sales contract? Will there be a notification of such on Pacer before the contract is signed? The asset in question is land which the Trustee has had appraised and listed with a Real Estate broker. If an offer is entertained at significantly less than appraised value does the Trustee need to notify the court?
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If and when the Trustee obtains a contract for the sale of the land he will file a Motion to Approve the Sale. There will be a hearing on the Motion. Objections (if any) to the Motion will be filed by a date certain (sometime before the hearing date) At the hearing the judge will address any objections and either overrule them or continue the hearing for more information. If objections are no issue, he will ask if there are any higher and better offers. Typically there are none and the sale is approved.
Unfortunately, you as the debtor, have no standing to object to the sales price, unless 1) you are putting forth a higher and better offer - if so you would simply out-bid the contract buyer or 2) the sales price is so low that is shocks the conscience AND a bonafide sale will produce enough $$ to pay, after the cost of closing, all creditors, the Trustee, the Trustee's attny and, most importantly, return $$ to you. If you do not have a solvent estate, you have no standing.
If 2 applies you better have your expert lined up to testify in support of your objection to the sale.
Des. -
desp is right on.
The first question...(which Desp alludes to in his answer), why do you care?Comment
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