A deal with a "few" questions - Posted by MO

Posted by jasonrei on August 08, 2003 at 23:06:11:

They each have an ownership interest. I believe she can sell her interest, but not his, and you don’t want half a house. I wouldn’t be interested in a deal with those numbers anyway, but if there was more room I would talk to the ex-husband and tell him there is a chance he will get nothing. might even throw in there that she may have grounds to sue him for not paying some of the house payments. I’d ask him “what will you take, right now, if I can get your name off this deal? what if I can have your ex-wife agree to not sue you, what would you take then?”. Of course, I’d want to get a little more info from each of them so I could bargain better.

A deal with a “few” questions - Posted by MO

Posted by MO on August 08, 2003 at 20:05:23:

I spoke with a VERY motivated seller today but am not quite sure how to proceed. It would be my first deal so any suggestions/advice/solutions would be appreciated.

Situation: ARV is approx $102K. Seller owes $78K. Needs approx 8K in repairs. Certainly a skinny deal, but it still seems that there is a buck or two to be made.
Seller and her husband moved into the house 3 1/2 years ago. 6 months later he left (legally divorced but nothing was done about the property) and has not paid a penny towards mortgage, taxes, or maintenance. But both of their names are on the deed. Now he is back and insisting that she sell the house. Although she is hoping the judge (they go to court next month) will grant her full ownership due to property abandonment, right now he still has legal ownership, right? Therefore she can’t sell the house without his signature? And although she would take what she owes just to get rid of the situation and move to a new state, he thinks he is entitled to $$ from the sale.

I’m not quite sure of the best way to help this seller solve her problem, especially given the low equity and the presence of the ex-husband.

Thanks in advance for your thoughts.