Help! Dont know what to do. - Posted by Prosperity

Posted by Chuck-Observing on September 18, 2003 at 09:11:30:

Are you not afraid of this “cold-caller?” Why is he calling you? Why wouldn’t he try to network with others? Be careful with this one. I don’t like the sound of the initial contact. Good luck.

Help! Dont know what to do. - Posted by Prosperity

Posted by Prosperity on September 17, 2003 at 23:34:06:

I got a phone call today from some guy who is desperatly seeking someone to buy his property. Now read this may be long. First he started telling me about the property. It’s a good property 50x100, 3 bedroom-duplex/over a one bedroom apartment. House was bought in 1995. Mortgage is $134,000. The bad new: He said he bought the house for his brother and himself in 1995. His brother is a crackhead. His brother married a woman who he later divorced and had given her ownership of the house. Now neither of them live there except his fiance and another tenant. He said he’s been trying to go to court to get rid of this lady because he wants the full rights to it since he bought it, maintains it, and collects rent. Meanwhile she doesn’t do anything but is reluctant to sell. He said few people tried to convince her to sell it, she said she’s greedy. He said they have been going to court left and right and he doesn’t want to deal with the headaches anymore. Later he tells me he is an investor who has bought a few properties but doesn’t know alot of things and options on how I can help him. He mentioned that he wants me to buy him out. I thought I can try to convince the lady to sell it to me and then flip but I don’t know if I want to deal with something this bizarre. Before we hung up, I said I would find information for him, he said that in property records his fiance’s would be there on the deed with another lady he doesn’t know who it is. I didn’t get that part. I looked up the records and it says that it was deeded early this year to this lady he doesn’t know and a second party. Is he lying or something? I may pass this.

All parties must sign… - Posted by BrokerScott (Mich)

Posted by BrokerScott (Mich) on September 18, 2003 at 08:26:44:

You said: “He mentioned that he wants me to buy him out” What- his 1/2 share or whatever it is? and then deal with all his problems and not even have full title? NOT NOT NOT. Write an offer if you want to, and make sure that you have ALL the owners of record sign it and have it notorized. I would include a notation that you ask to recieve tenative possesion 1 hr. PRIOR to close, and full possesion at close - in other words, you do final inspection just before the close, and if they residents are still there, forget it. Cover your backside with something “The best darn document” available in the how-to articles. These people sound like real winners. (Cough, cough) Best, Scott

Re: Help! Dont know what to do. - Posted by michaela-ATL

Posted by michaela-ATL on September 18, 2003 at 07:56:33:

who was on title after this guy bought the house? Lets say it was him and the brother, then the brother only owned 1/2 of the property and could only give 1/2 to his ex-wife.

Who’s fiance is this and how is she in the picture? Is it the brother’s fiance? Since he no longer owns his 1/2, he could not give it to the fiance. Did the ex-wife give it to the fiance? Or did the brother think, that he could just give it over again (fraud) and gave a quitclaim deed to the fiance, even though he had already given his share over to the ex? If it was that way and the fiance then gave part of ‘her share’ to another woman, then that’s not valid, because she never owned part of the house, so, she had nothing to give.

What I would do is go to the courthouse and follow the title work back to before the purchase by this seller.
Find out how title was conveyed and who rightfully owns what.

Then I’d take it from there to decide how to proceed.