Ethical/ Moral Question - Posted by Marty

Posted by inwoodbee on September 14, 2004 at 18:51:09:

There are all kinds of elderly women. He simply means the women in the same age group as Cher, Goldie Hawn, Tina Turner, Natalie Cole, Susan Lucci and Suzanne Somers. Bless their little hearts.

Oops, scratch Tina Turner, she’s older.

Ethical/ Moral Question - Posted by Marty

Posted by Marty on September 14, 2004 at 12:04:35:

Hello All,

I was the winning bidder, on a SFH that is occupied, at our local Tax Foreclosure Sale. I spoke with the elderly lady(55-60 years old) that lives in the house before the auction. She has lived there for 19 years and she doesn’t know what she will do. I am not going to keep this house–I will either clean it up and retail or wholesale to a landlord/rehabber. I imagine the deal will net me an easy 10K minimum.

I thought I would find a place for her to rent, help her move and provide her with a couple of months rent money. Any thoughts on how you would handle this situation or what you would do for this elderly lady.


Re: Ethical/ Moral Question - Posted by Joe

Posted by Joe on September 14, 2004 at 16:46:46:

55 is “elderly?” I don’t think most people between 55 and 60 are using canes or walkers these days.

Been there… - Posted by Ben (NJ)

Posted by Ben (NJ) on September 14, 2004 at 13:01:09:

I have agonized over this scenario a number of times in tax foreclosure usually with elderly widows. What I have done is work with them (or more likely their adult children) to get them to repurchase the house back at a reasonable profit to me. If you are only looking to make ten grand then why not just ask for ten grand above what you paid. If she has been there 19 years she should have plenty of equity. It also sounds like there was no mortgage since it went all the way to tax sale so there should be enough equity for her to get a home equity loan, reverse mortgage whatever. Looking yourself in the mirror is part of it but it’s not all altruism either. You don’t want to be in your local paper as the villain investor who throws old ladies in the street. A few years ago I was foreclosing on an elderly widows house right in my hometown. I bent over backwards to work with her adult children to get her a mortgage, get the tax lien paid and stop the foreclosure. It worked out well and was a feel good deal all the way around. However, this week I noticed in the local papers she finally sold the house…
FOR $960,000!! OUCH! Suffice it to say I was into this house for far, far, far less than that. Even in retrospect, I can’t say I’d do anything different though. Try to make it a win-win situation or else grow a beard because it will be hard to shave in the mornings!LOL

Re: Ethical/ Moral Question - Posted by Alex

Posted by Alex on September 15, 2004 at 24:29:05:

Why did she lose the house? If due to circumstances beyond her control, I think your suggestions on how to help her are good ones. If she is just pulling on your heart strings, then all bets are off. Personally, I’d be leaning towards finding a way to help her out too.