Posted by Dee-Texas on March 24, 2001 at 22:56:16:
Question on Title - Posted by Dee-Texas
Posted by Dee-Texas on March 24, 2001 at 19:52:19:
Hello All,
I’m getting so excited about the convention, can’t wait to see all of my old friends and new ones that I will meet.
Ok question:
Had a call from a lady today that is very motivated.
After we talk a bit, I ask her who’s name the title is in.
She tells me that her husband just up and left didn’t even take his clothes and that it was his mobile before they married. He didn’t have a title, the title is still in the name of the person that HE bought it from…now what?
He skipped the title but what do you do?
I’m in Texas…David? Any ideas?
Dee-Texas
Title and ownership - Posted by Dave Swett
Posted by Dave Swett on March 24, 2001 at 20:38:58:
Dee, The boy friend could have had any number of deals or arrangements with the previous owner. You have to chase them down and present yourself as a problem solver to that person. I bet he was doing owner financing and now he is not receiving any payments because the boy friend has skipped. Look at the title to see if there is a lien holder listed, if not, then it was free and clear and he did do owner financing. If there is a lien holder, they have not been receiving payments and will start foreclosure. Also, check the park to see if lot space payments are current.
My course of action would be to contact the previous owner investigate the deal he had with the boy friend. Immediately tie up the property with an option so that you will be first in line after the title question is answered. Then with a moment to reflect, decide whether a foreclosure/equity lawsuit is required or if the previous deal is now null and void.
I think that I would also try to act as a property manager for the previous property owner–make this part of your lease option. State that you will collect rent from the girl friend, pay the lot rent, make payments to him and use the option time period to investigate the title problem. You might be able to buy this deal just for curing or assuming the previous owner’s loan.
I smell money on this deal.
The lady/girl friend is just a tenant in possession and I think she can be ignored for now. If you get written authorization from the previous owner, you can treat her as a potential tenant and sign her up on a month to month rental agreement. The curve ball that you have to find out is if she has some kind of equity contract or right of possession–otherwise, she is just a tenant living there.
Good luck, David
Title and ownership - Posted by Dave Swett
Posted by Dave Swett on March 24, 2001 at 20:35:27:
Dee, I believe a course of action would be to go back to the person’s name on the original title document. The boy friend could have had any number of deals or arrangements with the previous owner. You have to present yourself as a problem solver to that person. I bet he was doing owner financing and now he is not receiving any payments because the boy friend has skipped.
My course of action would be to contact the previous owner investigate the deal he had with the boy friend. Immediately tie up the property with an option so that you will be first in line after the title question is answered. Then with a moment to reflect, decide whether a foreclosure/equity lawsuit is required or if the previous deal is now null and void.
I think that I would also try to act as a property manager for the previous property owner–make this part of your lease option. State that you will collect rent from the girl friend, pay the lot rent, make payments to him and use the option time period to investigate the title problem. You might be able to buy this deal just for curing or assuming the previous owner’s loan.
I smell money on this deal.
The lady/girl friend is just a tenant in possession and I think she can be ignored for now. If you get written authorization from the previous owner, you can treat her as a potential tenant and sign her up on a month to month rental agreement. The curve ball that you have to find out is if she has some kind of equity contract or right of possession–otherwise, she is just a tenant living there.
Good luck, David
I disagree - Posted by David S (not Swett)
Posted by David S (not Swett) on March 26, 2001 at 15:22:48:
Some of your post makes sense, right up until the point of being “property manager” for a previous owner and ignoring the current resident as “tenant in possession”. Can you spell “lawsuit”?
I would first check with DMV to see who’s name is on title. If the seller is still on title (I would assume so from the above post) I would see if they would deliver title along with a bill of sale to the present seller. If not, pass and move on. This will let you know if you need to look further.
As for the “property manager” thingy… All I can see is trouble down the road. There are too many homes for sale to allow yourself to get into this trap; and for what? There may not be a deal here at all, yet your idea puts you in the middle of the crapola. Not a good place to be.
David S