Dealing with a seller. What is my next step?

Question

So I sent a few dozen emails saying something like I'm looking for the owner of 123 main st is this you? I'm interested in buying your house ...or something similar.

Actually got a reply today this is copied pasted

Yes, and my sister. If you are interested in buying without title insurance we can make a quick deal. I currently have an offer of $75,000.

Now I asked to see the inside of the house and if there was an issue with the title. The house would be worth the 75k if that offer is legit because it is not on the market . Found it driving for dollars.

Question would be could I do a title search to make sure their are no liens. How do I proceed if I see the house and want to make an offer. I plan on closing it myself ..not wholeselling

Kathy Henley · Answer

@Dustin Mathenia Yes, ask those questions. Some fathers don't leave wills, some do. Probate is a method for the courts to make sure bills are paid. Sometimes assets (properties, diamonds, oil wells) must be sold to pay said debts. There are no short cuts.

Tim Winter · Answer

I would get the title report regardless. If you have a good relationship with a title rep they can run this fairly easily for you for no cost. if you don't have a good rep, get one. They're worth their weight in gold for off-market purchases.

If they are wanting to avoid title, they're either cash poor or something is up. I'd do your due diligence. If the property is tied up in probate, it could be months until they straighten out heirs and auth rep, so be preparted to wait, but get everything in writing to tie it up now before others descend upon it once it hits public record.

I always make offers like these contingent on in-person inspection, so you can get them on the line, then renegotiate after you find out the facts of the matter. Keep in mind, you can always renegotiate at any time upon discovery of new information, so keep that option open in your contract(s).

Dustin Mathenia · Answer

@Kathy Henley

Thanks that's what I was thinking too. But I knew I might as well see the house first get face to face with the seller and go from there. From the little info I have I think the house was the Fathers and willed to the 2 sisters. So maybe they are in probate ?

Kathy Henley · Answer

You have a lead. Well done. Asking for a tour, is the first step. But something smells off @Dustin Mathenia. Is the property hers to sell? A company clears title for you and if a long lost cousin shows up after the close of sale, the title insurance kicks in and defends your claim. Why would the Seller prohibit this? In general, it takes less than 2 weeks. The inspection phase and making the lender happy phase (appraisal and verifying your lending application) might be going on at the same time.

Keep sending those emails. You will go far.

Dealing with a seller. What is my next step?

Most Popular Reply