Posted by Don-NY on February 22, 2007 at 04:34:26:
Keep your eye on the prize. Is the deal worth the hassle? If yes then do your due diligence and go for it.
Feuding Family and R.E. Deal - Posted by scbuck
Posted by scbuck on February 21, 2007 at 16:12:04:
We are looking seriously at a mountain tract for sale. The property will come with one established older MH in good condition. The issue is that the current owner has let a nephew put another MH on the land. We made it clear that we do not want to buy the second MH and that the nephew should remove it. The owner is saying he can’t control his nephew - its our problem. Our initial thought was to give the guy 30 days to get his trailer out of there, but our RE lawyer sez that if the nephew’s MH doesn’t leave, we would have to undergo extensive court proceedings, attempt to make service, ect.
The background is that the nephew has been moooching off of his relative and is mad that the land is being sold - he thought he would inherit it.
Thoughts? Its nice land, a good deal, but I don’t think its reasonable for us to have to get in the middle of a family feud.
Re: Feuding Family and R.E. Deal - Posted by Dr. B. (OH)
Posted by Dr. B. (OH) on February 23, 2007 at 11:22:14:
Real estate guru Joe Kaiser loves this kind of stuff. If this property is that hard to sell because of a feuding family, you need to GET PAID for your troubles.
In other words, for the trouble in getting rid of the nephew either by paying him off or evicting him, once you own it, you need to get that property REALLY CHEAP. Talk to the nephew directly and see what he wants.
Steve
Re: Feuding Family and R.E. Deal - Posted by Brenda (OH)
Posted by Brenda (OH) on February 22, 2007 at 08:06:01:
You nay want to value the deal as if you have two MH to demolish, because my bet is, if the nephew gets too angry, he will vandalize the Uncle’s MH. And his if he abandons it… Stressed people do often take crazy actions…
the phrase “I can’t control my nephew” implies to me that the nephew is a handful. Why else is the Uncle trying to pass the problem along to the buyer? Surely the seller could get more $$$$ for the land and MH if he took care of the situation prior to the sale?
Other thing is, as always, there is another side to this. The nephew may have paid to have all the utilities etc added for him to bring in his MH, he may have been doing maintenance to the land for years, etc for free, and who knows what his Uncle promised him in return?
maybe if you walk away for a couple of months, then recontact the Uncle, he will realize he needs to solve his own mess, or no one will buy the property.
FOr my learning, why do you not want to buy the second MH? Too new?
I keep hearing over and over again in real estate investing, “don’t fall in love with any specific deal or property, there are other properties out there”.
Brenda