Posted by ccreed on May 17, 1999 at 11:20:35:
Without having somebody come along and unwind our deal, that is…
Owner and his mom inherited the property and ran it into the ground. They’re both on the title. Roof, structural, electric–all bad but fixable at the right price. It’s boarded, condemned and has a date with the City-supplied bulldozer in the not-too-distant future. Small power, water, medical and tax liens out there too. Owner is in denial and may be inaccessible to reason, but if he stands pat he’ll get nothing but a bill from the city for the demolition.
The problem is, if he deals now…well, he SAYS he’s his mother’s guardian but it’s not so, not legally, anyway. So, a sale would have to have her signature on it. Seller assures me that she will go along with whatever he decides. Did I mention that one of the outstanding liens is from a psych hospital? Seller says she’s “okay now that she’s taking her meds”. Sheesh.
My partners are getting leery of the deal but I think there’s a good nickel to be made in there…but how can we avoid potential repercussions? Anybody dealt with semi-competent sellers?