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Updated 3 months ago on . Most recent reply

User Stats

260
Posts
86
Votes
Jamie Parker
  • Real Estate Investor
  • Memphis, TN
86
Votes |
260
Posts

Property in a Conservatorship

Jamie Parker
  • Real Estate Investor
  • Memphis, TN
Posted

This past weekend I was driving with my mom and daughter looking at properties in the Memphis Area. Cutting to the meat of the situation, I came across a property that looked like a fixer upper, typical investment grade property. Could use some work, good bones. Fast forward, I called the agent this morning. I informed the agent that I was a wholesaler. I was informed that the property is held in a conservatorship. While the Agent mention that the seller would prefer no assignment, to which I acknowledged. 

If the seller accepts the offer, (contingent on appraisal[as per court approval requirement]), How should i proceed in the situation. Can I just birddog the situation, step out the way, bring the buy and asking for a referral? or partner with a buyer for a flip? 

Just curious has anyone been a situation like this before. 

Most Popular Reply

User Stats

368
Posts
180
Votes
Jordan Ray
  • Real Estate Agent
  • Memphis, TN
180
Votes |
368
Posts
Jordan Ray
  • Real Estate Agent
  • Memphis, TN
Replied
Quote from @Jamie Parker:

This past weekend I was driving with my mom and daughter looking at properties in the Memphis Area. Cutting to the meat of the situation, I came across a property that looked like a fixer upper, typical investment grade property. Could use some work, good bones. Fast forward, I called the agent this morning. I informed the agent that I was a wholesaler. I was informed that the property is held in a conservatorship. While the Agent mention that the seller would prefer no assignment, to which I acknowledged. 

If the seller accepts the offer, (contingent on appraisal[as per court approval requirement]), How should i proceed in the situation. Can I just birddog the situation, step out the way, bring the buy and asking for a referral? or partner with a buyer for a flip? 

Just curious has anyone been a situation like this before. 


I would just treat it like a normal deal if the numbers make sense. The problem you will have is the fact you would be assigning the contract. Not sure if the court would approve it unless you had a buyer lined up before getting to court. Goodluck!

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Jordan Ray - eXp Realty
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