Sketchy town home seller Charleston SC

[Brad Baker]

I just finished meeting with a seller of a townhome who needs to get cashed out quickly. The ARV is 105-110k and it really just needs a coat of paint and light drywall work. It was about an 8 out of 10 as conditions go, almost turn key condition.

Before I met with the seller he told me that he needed cash fast because he has to leave the country. There is no mortgage on the property and they own it outright. The seller tells me he needs to be cashed out by the end of next week which is really fast for SC and he says he absolutely needs it by that time. That doesn't leave a whole lot of time for inspection and title work. Not only that but his wife is the owner on title of the property and she is currently in Florida and won't be in Charleston until Monday. I spoke to her on the phone but I have no way of truly knowing I'm speaking to the true owner.

I negotiated a price of 72k cash but did not put paperwork together because I do not know if I'm actually dealing with the rightful owners. I told them if she can come into the office and sign Monday we can probably do the deal by the end of the week.

What do you guys think? Should I try to make it work or just not do the deal because it is a little sketchy?

[Marc Winter]

@Brad Baker, you are right.  I've taken dozens of properties all cash, no contingencies.  Works great!  But no title?  No.