Posted by dealmaker on June 21, 2007 at 04:06:02:
I’d talk to an attorney before I did anything else!
I looked at a similar deal once, one owner (wife in my case) in prison. There may be some restrictions on the prisoner’s ability to transfer ppty.
Also in my case there was an (unrecorded at the time I looked) HUGE lawyer’s bill getting ready to attach to the property. I had the feeling the attorney was waiting for an investor (sucker) to get interested, then record her lien.
dealmaker
Option Consideration and length of option? - Posted by Mike (Ca)
Posted by Mike (Ca) on June 20, 2007 at 22:29:26:
I’m sure the length of the option will have alot to do with the consideration
offered but was trying to get the thoughts of the smart veterans here.
She has agreed to an option to purchase but I told her I need to evaluate the
property to come up with a option price.
Here are a few details:
Unfinished home on 7 acres owned by divorced couple…husband in
prison…ex-wife needs money wants to sell…he wants to sell…no agent
involved…are not actively marketing the property…she doesn’t know what
to do…They are wanting $1.4 million but she indicated they would take
much less…could easily be worth $2 million plus…
I’d like to take a shot at tying it up and marketing it to developers…etc