Posted by Stacy (AZ) on November 06, 1999 at 01:06:52:
Yeah, Eric, I hear you. But if I’ve penned a good deal, and I only have $100 riding on the outcome, I’ll take the gamble. Of course this is provided I think there’s a real sense of “motivation” on the seller’s part. I’ll sit back and let him deal with the title issues if he wants out so bad. Actually, even if nothing happens, I’d still get my $100 back. I can’t see a huge reason to avoid these if done right.
I know a person who has a house with about four names on it the house is empty. probabley owe back taxes. What i wanted to know is if i approach this person and suggest it be sold how do you go about getting the other names off they have not contributed anything towards the house or anything. One person is deceased I think one is incarncirated. The other i really don’t know. Could there be a deal somewhere here. The house is just sitting there deterating.
Liz
Liz: You said you know a person “who has a house”. Yet this house is vacant. How does he “have” the house? Is he one of the names in title?
What you want to do, can be done, but it is no walk in the park. You need an experienced real estate lawyer and MONEY. You have to search title for all owners, liens, tax buyers (if any) etc… Then begin tracking everyone down and buying their interest, or settling their lien. If somebody is dead, you have to find their heirs and buy their interests. As I said, not a walk in the park.
The thing to keep in mind is that unless you can buy EVERY interest, you don’t want to buy ANY interest, so make your offers subject to acquiring all outstanding intersts and close with everyone at the same time.
Re: A house with four or more names - Posted by Ernest Homes
Posted by Ernest Homes on November 02, 1999 at 21:38:23:
John Beck is, according to John T. Reed (JTR), theee gugu on title problems. I don’t know how to contact him, but you probably can find out by talking with JTR at www.johntreed.com. JTR’s book, “How to buy Real Estate for at least 20% below Market Value” (I’ve no financial interest in this) talks about clearing title problems. Incidently, these are suppose to be real bargains since hardly anyone will buy these properties. You shoud be able to get a real bargan. Good Luck.
Been through the desert on a house with four names… - Posted by Stacy (AZ)
Posted by Stacy (AZ) on November 02, 1999 at 16:00:43:
Liz-
I’ve just spent nearly four months trying to close on a deal where the owner didn’t get his ex-wife’s name off the deed when they divorced, and she refused to sign a quit claim to allow him to sell to me. It ended up costing him a few hundred dollars to get an attorney involved, and she finally signed a quit claim.
I’m closing on it this Friday. It was worth the wait. I had $100 earnest money into the deal, and nothing more, while the owner did his thing to get the title cleared-up. SO, a little patience paid-off. Maybe the same is true for this deal. You can sign a contract and take it to your title company to get things started. Sometimes they can help a lot with directing buyer and seller through problems such as this.
Make sure you have a way out if it takes too long, though. If it takes, say, six months, things may change and you may not want the property anymore.
Re: A house with four or more names - Posted by Rob FL
Posted by Rob FL on November 02, 1999 at 13:44:19:
To determine who needs to sign off, you really need to get a preliminary title report from a title company. As Redline said, the deceased person could have really messed up the title.
These people may have originally required title because a parent died and these are all the children. There may be other probate situations if this did occur.
One strategy I have heard of but do not necessarily advocate is to get a deed from one or two of the heirs and then sue for partition. The property will have to be sold and the proceeds divided among the owners.
Re: A house with four or more names - Posted by Redline
Posted by Redline on November 02, 1999 at 12:41:12:
Liz - it wouldn’t be your job to be “getting the other names off” … how do you know exactly what the situation here is? You may have only heard one side of the story.
It’s likely to buy this house you will have to have everyone sign off - who knows … they just might. The alternative is to have them fight it out to decide the true ownership. Costly in both time and money. A death certificate should take care of the dead owner.
Re: Been through the desert on a house with four names… - Posted by Eric C
Posted by Eric C on November 04, 1999 at 23:59:12:
Hi Stacy -
I have to say that I like the song better than the house deal. I’ve had a few of these myself – and sometimes more people (names) show up after you thought it had settled down!
If push comes to shove, I’d much rather have a single mortgage (be paying on it) split into four or more parts (names) and secured by a single property than to try to clear the actual title with multiple names.
I want to thank everyone for all the good imformation. It really helps. I am going to use everyone input. everyone says just about the same things.You all are the best.
Liz
Posted by Redline on November 02, 1999 at 12:46:19:
One more thought about the deceased owner …
Depending on how the deed was drawn up, this may get sticky. His/her ownership may just pass to the other people on the deed or it may pass down to his/her heirs in which case you could have even MORE people now with ownership rights.