vacant house what to do next? - Posted by shane

Posted by Luke Hoppel on March 23, 2006 at 14:10:50:

What I was talking about before was a property profile. I realize that title reports as a whole cost some cash. The property profile I’m using still shows the chain of ownership though.

I agree with you completely on the second post.

I definitely see your point on the third. Like I told Joe, I’m sure that one situations one technique would work and ina seperate situation, the other would be best.

vacant house what to do next? - Posted by shane

Posted by shane on March 20, 2006 at 21:12:40:

there is a vacant house in our neighborhood, we know the previous owners, they divorced and vacated the house, it has been siting for about a yr. the ex wife we know dosent know anything about the house now the ex husband has all to do with it. WHAT IS MY NEXT STEP TO FINDING OUT IF THIS IS A DEAL OR WHAT?

Deterine Precise Titling - Posted by Jimmy

Posted by Jimmy on March 21, 2006 at 07:22:36:

title to the property may have changes as a result of a marital separation agreement or order of the divorce court. Until you know the precise owner, you are p-i-s-s-i-n-g- inthe wind.

follow these steps - Posted by Luke Hoppel

Posted by Luke Hoppel on March 21, 2006 at 09:55:53:

  1. Call the local title company with the address and name of the owners and have them run it in their system and see who exactly is on the title. If it’s just one person (either the wife or husband) your life will be easier. If they both are on title, you have to get both to sign which can be fun if they hate each other.
  2. Find out where they live. The tax assesor should have the owners current address for the owner to send the tax bill to. Once you get the address you can either write a letter or using 411, just call him and see if he wants to sell.
  3. Ask what they will sell the property for. #1 rule in negotiation is “make them give out the first price”.
  4. Proceed as normal and buy the thing way below market value and make an awesome profit.
    Good luck!!
    Luke

Can’t agree - Posted by Joe Kaiser

Posted by Joe Kaiser on March 21, 2006 at 16:07:20:

Really?

The local title company will “run” title? Never heard of such a thing.

And what makes you think they both have to sign? Not true.

Joe

P.S. The “he who mentions a number first loses” concept is for rookies
who just don’t know better. In my business, it’s important that I
mention a number first, and you can bet I do.

Re: Can’t agree - Posted by Luke Hoppel

Posted by Luke Hoppel on March 21, 2006 at 18:52:13:

The local title company will have the chain of title so they will be able to see who is on title.

If they both are on title, then they both have to sign to agree to sell. I suppose one could have a POA.

I’m going to agree to disagree on you negotiation concept. I am, however, going to agree with other people that have taught me that concept, for exampe. Mr. Trump, Sam Walton, Bill Gates, etc… and I personally would hardly consider these gentlemen rookies…

Sorry . . . - Posted by Joe Kaiser

Posted by Joe Kaiser on March 21, 2006 at 19:48:17:

. . . but by my count you’re oh for 3 here.

Title companies won’t do what you suggest without a whole bunch
more (including $).

Ever wonder what happens when you get a deed from one spouse and
not the other? Might be a good idea to find out, since it happens all the
time when you understand what this business is all about.

Question authority. “He who mentions a number first loses” is just
about the worst advise (and worst strategy) you can get. Don’t be afraid
to come out swinging with a number that knocks their socks off!

Joe

RE: Sorry… - Posted by Luke Hoppel

Posted by Luke Hoppel on March 21, 2006 at 22:00:22:

Joe,
I apologize. It seems as if I may have insulted you.
The title companies I work with her in California are very helpful in looking up such simple tasks. Perhaps it may vary my state, but I personally have done it multiple times and never paid for it.

I’m still not clear on your point regarding spouses selling a house. They both need to sign for that house to sell if they are both on the title. It’s quite simple. Perhaps I’m not quite understanding your point.
On the negotiation point, let’s just agree to disagree. I’m convinced that my theory is right and you’re convinced your’s is. I’m sure there are certain situations where you should use mine, and there are situations wherein yours would work better.
Luke

Re: Sorry . . . - Posted by Rob

Posted by Rob on March 21, 2006 at 21:49:19:

Joe,

I’m sorry to be such a novice here, but you mentioned above, “Ever wonder what happens when you get a deed from one spouse and
not the other? Might be a good idea to find out, since it happens all the
time when you understand what this business is all about.”

Would you tell those of us who are new and don’t know?

I was told (in real estate class) here in TN, that if two people are married, both have to sign to sell, even if the property is in only one of their names.

Thanks for your help!

Rob

Re: RE: Sorry… - Posted by The Frisco Kid

Posted by The Frisco Kid on March 23, 2006 at 13:23:50:

Luke

It sounds like your really refering to a property profile, which most title companies in california will provide as a courtesy, not a title report.

Second, as a community property state, assuming one person on the title equates to that person having sole title is one that will eventually cost you a lot of money.

And lastly, it depends on whom I’m dealing with as to whether I use giving the price first or waiting for them to do it. Experience has taught me in many cases it is better to work up from a price I give rather then to work down from a price they give. I can’t tell you when, it is a feeling that experience provides, no cold hard set rules. It sounds like Joe’s found out the same thing I did, a set policy of getting the price first can cost you money in the long run.

Re: RE: Sorry… - Posted by Joe Kaiser

Posted by Joe Kaiser on March 22, 2006 at 01:37:41:

No insult, Luke, just a healthy argument. All good!

Title companies in CA are notorious for not doing anything unless you
open escrow, much less pay them. And, you mentioned abstracts as I
recall. Who does abstracts in CA (or on the west coast for that matter)?

Spouses don’t both need to sign. You may want to check on that.

Here’s the thing with negotiating . . .

Let’s say you know the common understanding is, “he who mentions a
number first, loses.” If you know that, you might also think about how
to tweak it to your advantage.

Another big negotiations tactic is to only negotiate on your home turf.
It gives you the upperhand and more control. You certainly read that,
too, if you studied negotiating.

Where do I prefer to negotiate? Right there in their home, on THEIR
turf. I NEED THEM TO FEEL LIKE THEY’VE GOT THE UPPER HAND. I give
that to them in order to facilitate deal making.

Understand, if you know how the game is played, you can master the
counter measures to turn advantages into disadvantages, and your
"number first" thing falls squarely in this realm.

Who cares who mentions a number first? It’s so beyond that.

Joe

Sorry . . . - Posted by Nike

Posted by Nike on March 22, 2006 at 15:42:40:

Assuming your in a state that recognizes tenancy by the entirety (I don’t know what restrictions apply to community property states) then a spouse may transfer their interest but the buyer takes subject to restrictions/benefits of TE. If a divorce is a finalized then the the estate converts to tenancy in common which allows you to partition and sell. Just hope in the meantime the grantor spouse does not die otherwise your interest bounces back to the surviving spouse.

Re: Sorry . . . - Posted by Joe Kaiser

Posted by Joe Kaiser on March 22, 2006 at 01:30:02:

Rob,

Check with your attorney and let me know what you find. It’ll be
interesting, I promise.

Joe