stick-built MH trade? (long) - Posted by brad

Posted by brad on September 21, 2003 at 23:10:19:

Thanks for the advice, Doc. The deed supposedly is in her name, she is supposed to get it tomorrow. My contract shows we cannot close with a clear deed, so I am covered there. If I can just get her signed, I can jab a stick in her neighbors eye,to boot!Dang pesky car salesmen. Talk about having your cake and eating it, too…
Anyway, assuming I get her signed, how should I setup the trade? I have a line on a couple of dandy little villes that I can pick up for 15k or less, so I would rather do that than pay her, is there anything specific that should be in the contract? Thanks for all the help, and I will be sure and have her brush before any further negotiations, thanks, Brad

stick-built MH trade? (long) - Posted by brad

Posted by brad on September 21, 2003 at 21:28:57:

Here is a strange deal. A lady called, has a 3/2 stick-built in poor condition, wants to trade for a MH on private land. She has 11 dogs and the city is busting her chops.
I go see the house. Tax appraisal is 60k, neighborhood average is 80k, per tax appraisal, no comps. She wants out! She took and hour showing me everything wrong with her house. bad sheetrock, fence, etc. About 10k in remodel, I figure. I offer her 19k, looking to flip the house to a rehabber for 30-35k, and find her a land/MH package with the cash.
Her neighbor has the deed, which was given to him to hold by her father, he owns almost the whole block and rents them out. He wants her house, but will not pay for it. I think he is waiting till she is even more down on her luck, to pick it up for a song.
She told me today that if I could get her a 3/2, good quality, on private land with fence, she would trade me straight across for her house.
I have several different options, but I am unwilling to spend anything until she signs my contract for 19K. her neighbor came over while I was looking at the house, and proceeded to lambaste her in the middle of the street for having so many people look at the house, said he was not even going to give her an offer. Needless to say, this ex-car salesman is starting to annoy me.
Anyway, she is going to try to get the deed tomorrow from him, her cousin and the person who has the power of attorney over her affairs both told her to take my offer, since the other guy has not even made an offer yet. BTW, he also had an appraiser come out and appraise her house, at his expense. He will not let her see the appraisal!
Obviously this guy is trying to snake her, is there anything else I can do to get her to sign? I know this post is disjointed, but this deal has so many different facets DeBeers would turn over in his grave.
Any help is sincerely appreciated (a diamond in the rough, with a spinning head)

Always look a gift horse in the mouth. - Posted by Dr. Craig Whisler CA NV

Posted by Dr. Craig Whisler CA NV on September 21, 2003 at 21:57:57:

Better have the lady keep your offer confidential.

I would be surprised if the neighbor doesn’t claim to have misplaced her deed, to stall for time until he can figure out a way to get rid of you.

Maybe you should encourage her to see an atty. right away if she can’t get the deed immediately.

Have her record the deed in her name before conveying to you so that if there are any scams involved you can move against her legally. Be SURE to get a title insurance policy with this one.

Don’t give the neighbor time to get a leg up on either of you. Move quickly if you can get the deed.

If you are relatively inexperienced it may be good to have a REAL ESTATE atty. supervise this deal. Be sure he is a specialist in real estate matters, not just a divorce atty. looking to make a little extra money this month to cover his car payment.

This one sounds like a great deal.

Irrespective of what they say, ALWAYS look a gift horse in the mouth, he may have dentures.

Regards, doc

but,Never Sniff a Gift Fish nt - Posted by Philip

Posted by Philip on September 22, 2003 at 08:05:11: