Creepy Owner, 911, No keys, Next step?? - Posted by Kylee (WA)

Posted by Kylee (WA) on January 07, 2003 at 22:27:14:

thanks Joe!! Hadn’t thought of an option, or a P&S with $10.00 earnest money. BUT…HOURS LATER…and my best ideas never come to me as quickly as they should…I should have thought of this waaaay low offer, contingency thang AT THE HOUSE. I was SOOOOOO ready to go, me big talker, contract ready, notary around the corner, etc. Why didn’t I , or couldn’t I think of such a great plan then, and REALLY close it today. Sheeesh. Returning to kicking myself. Thanks everyone for dealing with my dumb-ness.

Though all is not lost, I definetaly missed an opportunity.

Creepy Owner, 911, No keys, Next step?? - Posted by Kylee (WA)

Posted by Kylee (WA) on January 07, 2003 at 18:37:17:

This gets more fun everyday, I did my own skip tracing , and found an owner’s family in NY, traced him all the way back to WA. Just got back from ?seeing? the subject house. A fire damaged, but not ruined home. Fire damage thought to be electric in origin (per owner). Started in basement (per owner), affected approx. 50% of first floor flooring (per owner). Some siding outside of house also affected. Nice kitchen inside (per owner), where not damaged. So I know off the bat I?ll have fire damage and electrical issues.

All of this ?per owner? because he showed up without, and couldn?t find, his keys (supposedly something about a lock box on property–not there)!!! Says the insurance company paid off the loan after fire, and he owns free and clear. I showed up ready with contracts, inspection addendum, Best Darn Document, ready to go–one mile to the notary. Via the phone owner asking 100K. Kylee price 75-85K Comps 195K (hey Tim, you?re right, 210 a little too high), repairs??? I allowed 40K in my figures for rehab, but want to use the inspection contingency to cover myself if repairs are more, and want to re-negotiate.

When owner arrived, in a cab (!), I was really worried, I’m a girl alone, he, a freaky looking guy, 4 teeth, sunken in face, frail?.immediately punched in 911 on the cell phone, and kept my finger on the green button, and kept my distance. But as I spoke with him, he seemed like a really nice guy, who is really sick. Very old looking guy, but young in his eyes and spirit, just fallen on hard times, and bad health, so I grew less scared. Although I suppose that?s what Ted Bundy?s victims said as well.

Oh yea, and he pointed out another empty house (deceased owner)?he?s a source of leads!!

So, point being today?s big question: Rather than drag this out, re-meet with him at house, maybe never find these keys, weeks could go by, I think I can make this REALLY easy for him. Phone call, offer 55K sight unseen, keep the inspection contingency in to protect myself, meet him at notary if he’s down to do it. Then, I?ve got it under contract, and then I can use my ?key? to get in, and proceed. To wild??? Your expert thoughts please.

Re: Creepy Owner, 911, No keys, Next step?? - Posted by JustaJoe

Posted by JustaJoe on January 07, 2003 at 21:05:58:

Call a friend in the title business and have a preliminary title report down. Also if that is not possible run the records at the county recorders office yourself. Have him sign a release of info form and contact the insurance company about the fire. Meet him at the notary and offer him a $10.00 option to purchase. Then get your research done. Don’t go back to the property if it makes you feel uneven or atleast take a partner and let someone know where you are going to be. Chances are he is ok and really down on his luck but be safe!

If you lose the experience will have only cost you ten bucks and thats a cheap seminar. But if you win then its a good thing!

Good Luck