All Forum Posts by: Hannah Price

Hey Brent, there's no need for that. I'm picking up that the information and numbers I post here should be more accurate. How could anyone consider and evaluate another's situation when you've been fed garble? For the record, I didn't ask at all about the numbers, it's almost beside the point. I'll be sure to have my work in front of me when seeking feedback and answering replies from other members, from now on.

I think it's nice that you're following and taking your part in the conversation.  So, while I'm going to curb my hyper sensitivity and passive aggressive nature for the sake of a public forum that I do respect, will you please try not to come across as snarky? 

The word "ignorance" has been drug through the mud, but I still like it for some reason. To clarify, I'm speaking of myself. I feel people shouldn't be made to feel ashamed when they're actually making steps to acquire the knowledge they're lacking.

Unfortunately, in some circumstances, this is how I learn. I have listened to the kind words I was offered and I'm not stepping up on the subject property. None of it is perfection, and it doesn't have to be.

@Wayne Brooks I hope it turns out that simple.

:)  That's funny.  Actually, the connections I was talking about was the investor I reached today, who knows of someone looking for a similar type of property.  If anything, he may reach someone who would want to take over the payments, and probably does look to make money off of the sale, but could do it better.  He told me that he has been doing deals in Texas and if I am finding off-market properties here, he wants to hear about them.  I made sure that when he contacted the sellers of this property he knew about the legal situation--the lawyer, the agent, the estate, the heirs, the title, and the properties connected to the deed.  This feels like a valuable relationship to have.

You're right, REI cannot be treated as a charity case. But again, how can they be set like this? With everyone else turning their backs and counting their own pay checks? I asked if he was concerned, and he is not. Do you still think he should be?

@Mike Cumbie As the property has not been listed on the MLS, I think foreclosure and a short sale is still a possibility and they have an approaching deadline. This is a learning experience for me, and a good one at that. I don't ask all the right questions, but they've spoken with a lawyer about equal ownership of the title and whether the contract with the agent holds any ground.

@Wayne Brooks   There is equity in the other properties and I do think they would be willing to let one go to get out of their mortgage.  The property is worth around 350K and they owe 305-310.  There is no equity.   I think avoiding short sale is the best thing.

@Brent Coombs & @JD Martin  I am interested in wholesaling, and other aspects of real estate investments, but not in this case.  I'm basically marketing to other investors and buyers who are more established.  While you look at it as a waste of my time, I find that I have a reason to reach out to real estate professionals and build a network based on something.  And I'm right.  People talk to each other here, they're involved with their neighbors, local businesses, and communities.  And they're supportive of one another.  I'm bothered by their situation and want to help because I'm the same way.  People do wind up in these situations out of ignorance or maybe even being fed short information (same thing, really).  I am working in real estate to make money, but who's going to  make money without connections?  I have license to do business in Montana, so that is what I'm going to do.  Every opportunity will be different, and each will involve a different approach.  I AM walking away from this one, but not empty-handed.

@Bill Gulley  Yes, there are two "other" properties securing the note, four people own title (Parents and their 2 offspring).  At this point, I think the latter has signed note and deed of trust, as they were told to do.  Other than contacting me, so up to this point, I don't think anyone in the family has contested or asked questions regarding anything they've been told by their attorney.   I could tell them to contact the probate court--as has been suggested as an option--but wouldn't that actually be trespassing into those dangerous waters?  

I will not be signing or taking part in anything here.  I sent an email to a local, who responded that he may have someone interested in taking over the property payments or acquiring their own mortgage. How can so many call themselves professionals (as lawyers and agents) while they're all looking at making as much money off of people whose lives are being systematically picked apart?  I understand that if the estate isn't settled, it's not something to get involved in.  Again, they're waiting to hear back from their attorney.  But if a real estate agent has leeway to sell the estate, doesn't that mean if a potential buyer is found, they can and should be allowed to make an offer?  

Thanks for your generous contributions.  There are several legal factors that I wondered about, but now I am researching and finding answers.

I'll steer clear, and thanks everyone for being here.

@Mindy Jensen I'll let you know :)

@Mindy Jensen Unfortunately not, because when the deceased purchased the property her children's homes were used for collateral, likely because she didn't have a sufficient down payment.  It's like being a co-signer, and they accepted responsibility of the title and loan over a year ago.  So, they actually have three properties riding on this sale.  As for their 2 children, in order to fulfill her will, I believe they have to be put on the title, but I don't think they were given the option of immediately signing quit claims to the property. 

@Wayne Brooks & @Mike Cumbie Thanks for the luck :) I understand that ARV means nothing to them and that's not the way I explained it to them. I knew when I went to look at the property that this would be an issue, but I prefer to meet people and view their property in person. If I were to find a buyer of any kind, it would be nice having someone who had actually been there (their agent hasn't shown up). There's really only mild cosmetic repairs and personal touches an owner may want to make.

Question for anyone:  How many people have to sign with an agent if there are four names on the title?  I do my own research, however I'd like to know if anyone has any input. 

They have until May before the property goes into foreclosure.  They chose to sign a contract with an agent because they were told it would keep them out of foreclosure for now. 

Is a mortgage release still an option? 

@James Holland, thanks for the quick response.  I am researching county regulations on this and other subjects, and deals not covered in this post.  I've spent so much time reading and researching my eyes may bleed. Some things have kept me up until 3am on consecutive nights. Talking it out here just got me as more productive.  

The company is my mom and me. We're licensed, but not as realtors. No one else has anything else to say on the matter, and she said the same as you have, verbatim: "just a friend helping a friend get more exposure".

And to Michael: Maybe I should be?  Haha no, I'm not a believer in true altruism.  It's not an entirely unselfish ethical issue I have.

A bit of story for you both: 

The couple sounds like they have a crooked lawyer, who was working with their mother on her assets and will before she died from cancer (or while)-:. Their dad passed less than a year prior to their mom.  Now, their hildren are on the title, too and these people don't want their kids starting life with a foreclosure and massive debt. 

The lawyer has already been sued by someone else for splitting properties between heirs and messing up estates before, but that's a suit they can't afford to fight (I don't know... I don't give legal advice or opinions). 

I don't want to go under the nose of a real estate agent at all.  And there will be no deal unless it's what they want and they get an early termination signed and bring me a copy. I don't want to have my infant company in the radar of a huge expensive attorney.   :)  I always know exactly what I DON'T WANT.

Hi, BP friendly names and faces :)

Long time lurker, first time poster.

How often does one have the opportunity to help out a seller without profiting from a sale?

SO.. Here's what I did today:

I got to make a cash offer. I can't wholesale a property without full disclosure of the situation and my MAO was under 250K.

I explained why.

Regardless of which approach they take to selling this unwanted inheritance (with no equity, owing over 300K, and their own property as collateral)--either selling below ARV and refinancing their arm loan to release their property; or having an agent put it on the market--they're still going to owe a good amount (on the home to to the agent) after the sale.

There are similar properties in the area that have been on the market for over a year. Others that have just been listed or maybe even re-listed. I spoke with them, asked questions, did my due diligence, sorted contracts, reviewed that everything was in order, viewed the house and made an offer completely off the record. As it turns out, they have an agent who hasn't listed the property after 2 weeks. I know it was the holidays, but... Anyway, it's not on the MLS, but they are under contract.

I let them know that what they really need is a cash buyer who wants to own the home, now. 

Thinking that if they had a cash buyer, and cut out the middle man (me), then they'd have a shot at their property going for a decent price.  

I don't know if it's unethical to market to buyers for them, even as long as I stand to make nothing from it.  I don't know if I'd be taken seriously by investors, or home buyers when seeking offers for this deal, or ever after.  I don't know if my entity would suffer from such actions or if it would go unnoticed.  I don't even know if anyone would really care.  

Not really selling myself as a professional here, am I?

I'm seeing that these variances make some solutions better than others, but only one would pay me (which would actually get their own home out from under the bank and then this piece of property wouldn't be sitting, worsening the situation).

More often than not, I will probably find myself wanting to help sellers escape their problems but, as everyone's situation varies, I'll have to master coping. 

How do you cope?

I'm seeking advice, opinions, questions, comments and even criticisms.  I could go more in depth with the situation, but none of that changes the simplicity of the issue.

Let me know in the box below.  Thanks for being here-- Cheers!

P.S.  I moved some blocks of text around. I think I fixed all of the errors I created, apologies if I missed something.