All Forum Posts by: Carmen L.

Hi Sina, I was going to leave out the weasel clauses on the advice of @Account Closed. Since I'm navigating unchartered waters relative to my own experience, I'm open to all sound advice. I believe the rationale here on leaving out the weasel clauses is the same in any other deal that you really want. It says in not so many words, I'm serious and let's get this deal done quick and easy. In this case, it may or may not build trust with the PR. They know little of the RE business and just want funds, which is ok by me. I do plan on presenting a fair offer with room to negotiate. Thanks for your question.

John and Chris, I appreciate your replies! I was getting a bit discouraged after speaking to the RE attorney about having to wait it out.  The intermediary and I just spoke. I now know which sibling with whom to speak and have a direct phone number. I definitely will call tomorrow morning. Once I get more info, hopefully, I'll be hunting down a D.C. RE lawyer to draft an agreement without a "weasel clause" *crossing fingers*. 

Thanks, Arael, for your reply. I'm a buy and hold investor, who generally gets things off the MLS. I've never had anything fall in my lap like this. DC is such a hot market. I did tell the intermediary that they did not have to clean up the estate as I'd be willing to take the property "As is".

I'm not sure what to say when the sibling of the descendant calls to keep her interest until the paperwork is filed.  I am concerned about other investors and nosey neighbors, as this place is pretty awesome but out of date. I can wait, but what would one say on the call at this point? Thanks again.

A family friend contacted me recently about a lady, who died intestate in NW Washington DC. The family is cash strapped. They are really interested in selling the decedent's very large unrenovated house. The single descendant has three living siblings and no children. One of the siblings is planning to act as personal representative, but has not filed as of yet. Is there anyway for me to tie the house up now in any sort of agreement? I contacted a RE attorney, who I have used before. He wrote:  "Until a personal representative of the estate is appointment, there is no one with authority to enter into a contract concerning the sale of the property."

One of the siblings will be calling me this week. I'm not sure what to do or say. I have scoured the forums for an answer. Any suggestions on how to proceed in the conversation as I'd like to lock this down? I'm at a lost right now, but do not want to lose what may be a really good deal. Thanks!

Here are the sold comps: 135K, 119K, 97K, and 88K.

The one for 88K was purchased by me at an absolute bank auction. The one for 97K is a slightly smaller lot with fewer upgrades and only a one car garage.

Thanks for the reply!

Hello,

Short sale List Price 110K

Final Asking 115K

Potentential Final Offer 115K

Immaculate, custom, SFH, short sale, no repairs needed.

Taxes 1400 per/yr
HOA 150 per/yr
Prop Insurance 700 per/yr

financing 86,365 @ 3.75% with 25% down on a 15 yr loan

Grand total cost incl Taxes, HOA, Prop Insurance: 816.00

Potential Rent: 1400.00

Net: 584.00

No PM fees, self manage. Tenant to pay pest control and lawn maintenance.

The bank has played hard ball. I offered all cash 85K, all cash 95K, and financing 105K. All rejected. The bank finally said they want full appraisal value. I know the house well, and it's excellent condition. I am not sure how I feel about netting 584.00 and having no equity. This will be my 4th SFH. I went a little high on my numbers to be safe, like Prop Insurance and possibly interest rate, as I was quoted 3.125% and 3.75% last wk on 15 yr loans. I appreciate your input:-)