Fast sale - Need Fast Advice - Posted by Mich_Mike

Real Estate Investing
#1

Posted by Tom (WA) on February 27, 2002 at 21:08:12:

Mike,

Whatever you do, do not give them any money without the necessary paperwork. If you do, there is a very high likelihood you will get burned.

If one brother is going back to Italy, he can give the other brother a power of attorney so the one staying in the US can sign for him.

Get a proper agreement drawn up, signed and open escrow with a title company or attorney (whichever you do in your state). Everyone can acknowledge that all parties want to close as fast as possible, but it must be closed by the escrow agent or you could be very sorry. I have done closings in as little as 3 or 4 days. It may turn out that they don’t even own the property or it may take a long, long time to finish the probate process. Talk to an attorney, it will be money well spent.

#2

Fast sale - Need Fast Advice - Posted by Mich_Mike

Posted by Mich_Mike on February 27, 2002 at 19:53:14:

I have two brothers who’s mother has just passed away. One is in from Italy, the other is in from Texas. They both want to leave this weekend to get back home, for they have been here for 3 weeks.
The house is owned free and clear. The brothers are the deed holders. Comps in the area are for ~60K. They already said that they would carry back owner financing.
I offered them 15K for the property. It needs ~8K in repairs.
My question is: How do I do this deal legally and quickly. I was going to have them sign a warranty deed over to me. I was going to give them a promissary note for the 15K (maybe a little cash up front with an understanding that no extra money would be sent until a title search could be done.)
Any ideas are greatly appreciated. Thanks.
Mike