All Forum Posts by: Thomas J. Clifford

Also, whats wrong with the G/D? wont turn on?

Before you scrap it, double check that the breaker switch that's on it gets toggled. I replaced my own as a new homeowner, and didn't learn until the end of installation that a breaker was included on this piece of hardware - replaced the dang thing for no reason!!!

As far as my previous post for the labor stuff - have you considered DIY'ing these? I've found that the instruction manuals included with each fan is fairly straightforward - Just a thought.

It DOES seem high, but I wonder if the reason for the cost is a labor mark up. Or are you also talking about one of each for all three properties?

Fan at Wal-Mart or Home Depot is $115-150 range....you can get a G/D for $75-$100....

So after some discovery today based on some direction provided here and getting more information from the executor....

The probate process was obscenely long, and no one can really say why. He passed in April 2017, paperwork for probate filed within weeks of his passing, and probate only closed November 2018. The executor of the estate attended the court date on 11/30 and communicated the desire to turn the property over to the mortgage company. The mortgage co's representative said that they would be in touch at the end of the court proceedings - from that point we have not heard from them other than these fines.

I am receiving some help from a local Real Estate investor who has checked with his RE attorney about everything to make sure we aren't on the hook for anything, but based on this info believes that my family and I should be in the clear, due largely in part to the extensive time frame of the probate process AND the failure of the mortgage co to follow up with our intent to turn the property over to them despite our attempts to reach out since that Nov 30 court proceeding.

The property appraiser site still shows the foreclosure as an open case, so I am going to contact them about it for more confirmation.

@John Corey:

Not to leave you hanging: Frankly, I've been operating under the assumption that we haven't owned it for the last year and a half, so I haven't had to consider selling to pay off the debt. If my situation is contrary to this, I'm going to have to jump on getting the site sold ASAP, but I don't think I own it.

I *think* this disclaimed interest was done. The executor of the estate attended the court date for this and advised the court and the mortgage company of this, which is why I've been led to believe that the three of us are clear of the property.  That was at least a year ago, so to receive a bill for administrative fees totaling over $4000 is rather jarring.

I'll let you all know more when I know more!

T.

@John Corey:
Will definitely provide updates. Thanks for the insight!

@Jeremy V. Mayer:
To my knowledge, this is not a tax lien - although, I can tell you that since my brothers and I haven't paid the bank anything, we certainly haven't paid the county anything either. I know there are back taxes - I don't know for how much. I appreciate the offer, but I don't know what I'm working with right now since I don't think I'm listed as the executor on the mortgage. That would be Brother #2.

@William Hochstedler:
Thanks for that breakdown - You've given me some actionable steps to take on Tuesday...My concerns are the fact that Brother #2 was the executor of the estate at the time of his death, so most banks will only talk to him. Brother #1 is not local, and I (Brother #3) have not had my hands in any of the discussions as up until now it has been #2's responsibility.

The three of us were not on the loan, but I guess I'm confusing why the county tax appraiser has us listed as responsible for the property when we thought we'd have nothing to do with it. You've clarified that a bit for me - thank you.

@Jay Hinrichs:
Thanks for the note re private investors - This seems a little more complicated that the basic stuff I've gotten through the BP site, so I don't know what I don't know - appreciate the help.

My father passed away in April of 2017. My 2 brothers and I were not interested in taking ownership of the home because even though he owned it outright in 2015 he ended up with another mortgage on the home when he passed.

Two years later, we are still getting notices from the mortgage company saying they are owed "finder's fees" and other administrative charges, totaling $6k. This doesn't make sense to us since we thought we were free and clear of the home. The tax appraiser website shows my brothers and I as somehow being responsible for the property - but I cant figure out to what extent, since the bank has barred us from the property.

If this property gets foreclosed on, what kind of impact could it have on my ability to purchase investment properties? I haven't made my first purchase yet, but I don't want my lack of knowledge two years ago and possibly bad advice from the mortgage company and a terrible probate lawyer stop me before I get started.

Any advise or insight would be GREATLY appreciated.

T.

Have there been any other meetups in the Gainesville area since this thread? I am new to the site and am interested in getting to know some agents and investors in the area. I don't want to waste anyone's time right now since I don't have capital or deals on my plate...I'm trying to learn about the concepts involved - I figure if meetups are happening already I'd love to glean information from them and somehow help out with whoever is putting it together...Happy to spring for coffee one day even!

That's cool. My understanding of the wholesale concept is you - as the wholesaler - are the one who is finding a good deal on a property that an investor would be looking for. Kind of like a facilitator of a deal between the seller and the investor. If that's the case, this foreclosed property on the MLS is already "visible" to most viable investors...which kind of makes the role of a wholesaler extraneous....do I have that right, @Lydia R. ?

Have you considered either a hard money lender and flipping it for capital?