Phone Finally Rings and I Get Tongue Tied!!! - Posted by Wayne (MD)

Real Estate Investing Real Estate Law
#1

Posted by Nate on March 18, 2001 at 13:04:38:

Also, Wayne, I think the seller might have been misinformed. Even if they did include the house in Chapter 13, they would not lose it, because of their personal exemption. That doesn’t mean they did include it…they might well be right about that…but that whoever their lawyer was gave them some bad advice.

But I agree with Paul…you don’t want to mess with this one. Chalk it up as a learning experience.

BTW, what ever happened with the ad situation? What ad are you getting calls off of?

Nate

#2

Phone Finally Rings and I Get Tongue Tied!!! - Posted by Wayne (MD)

Posted by Wayne (MD) on March 17, 2001 at 14:52:09:

My phone finally is starting to ring thanks to the fine advice I?ve received from this board and I think I have a possibility. Unfortunately there is nothing worse than being a rank amateur, I found myself nearly tongue tied when I spoke with the caller of this particular house and didn?t end up doing a very good interview.

Here are the facts that I have so far: 3br, 2 ba, about 10 years old. Owes approximately $135,000; fair market value about $139,000 - $145,000 (my unseen guesstimates). She said it was on the market for a short period last year for $158,000. Eventually, the meat came out: ?We filed chapter 13, but we did not include the house because we didn?t want to lose it?. This doesn?t sound quite right and seems far more complicated for me than simply dealing with someone who is merely a few months behind in payments.

Frankly, I was so taken aback by the fact my phone actually rang that I was out in left field the entire time and I forgot a million things I think I should have asked, such as ?When did you file Chapter 13??

Should I just pass on this until I have a little more experience under my belt in this type of situation? I had no trouble at all making a $65K cash offer for a REO dump in a nice neighborhood this morning. But then I know a little about dealing with dumps.

Any guidance will be appreciated.

Wayne

#3

Thanks for the solid advice (NT) - Posted by Wayne (MD)

Posted by Wayne (MD) on March 19, 2001 at 07:10:33:

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#4

Re: Phone Finally Rings and I Get Tongue Tied!!! - Posted by B.L.Renfrow

Posted by B.L.Renfrow on March 17, 2001 at 23:55:12:

If they are still in Chapter 13, that is, the repayment has not been completed and it’s not discharged yet, I don’t believe they can sell to you without the BK court’s authorization.

From what I’ve read here, the BK courts will not allow a subject-to sale, although they will permit a lease-option.

Brian (NY)

#5

This is the one to learn on…but don’t buy - Posted by Paul_MA

Posted by Paul_MA on March 18, 2001 at 24:54:27:

There’s no deal on this one, so this is where you learn to speak to sellers. Here is where you can get real silly and ask things like: Is the Lincoln included in the sales price? Are the kids included?

This is where you learn to get in his head.