Posted by WaynePa on July 02, 2001 at 16:12:36:
Thanks for the replies. I just got back from the courthouse and there is definitely no mortgage on the home and she has no liens of any type. What do I have to work with? Any suggestions? My wife really likes this home, taxes are about $620/year and it is right next door to the home we currently rent. Does anyone have any ideas?
is this an opportunity??? - Posted by WaynePa
Posted by WaynePa on July 02, 2001 at 09:42:53:
Hey guys and gals,
I need some input here. My neighbor is an elderly woman whose family has just put her in a nursing home. I’m pretty sure the family won’t want to hold on to the house. Now I have some checking up to do but she lived in the house the better part of her life so I doubt that there are any outstanding mortgages on the house. Do you think I have a chance to acquire this property “subject to” and L/O? What do you think I should do first? Can you tell I’m a newbie?
Re: is this an opportunity??? - Posted by Ronald * Starr
Posted by Ronald * Starr on July 02, 2001 at 19:47:16:
Wayne PA--------------
Yes, this is a possibility. Just do as Lor(CA) says and approach the owner or her family. If you are on good terms with her, approaching her may be fine. She is not necessary mentally incompetent, just be cause she is in the nursing home.
You might want to start getting some information about other sales in the area and those being offered oopenly for sale so you can know what to offer. If possible, get around to about a half-dozen open houses each weekend for several weekends.
Good Investing and Good HomeBuying**Ron Starr
I bought my neighbor’s home… - Posted by Lor (CA)
Posted by Lor (CA) on July 02, 2001 at 15:42:25:
a few years ago when his wife died and he was put in a nursing home. I simply made him an offer requesting owner financing with no money down and I offered to pay him an interest rate that was 1/2% higher than the current CD rates were paying. I had an accountant write out clearly and simply how much he would recieve every month in income and made sure there was no prepayment penalty. Because of his age, he would only agree to a 15 year loan which made the payments higher but because the price was low it was worth it.
He offered to sell the house for only 225K but I offered 240K because that was the price of the lowest advertised house in my neighborhood at that time. Legally and ethically you have to be careful when dealing with elderly sellers. You should really contact the neighbor’s family as soon as possible to let them know you are interested. Also, if you are married, ask your wife to make the first contact. Trust me.
A funny side story. One of the reasons the owner was so quick to sell was that the electronic garage door opener kept opening and closing. He was convinced that it was the spirit of his wife. After I purchased the home my tenants had the same problem and the repairman couldn’t find the problem. Awhile later, I discovered the the Alaskan fishing fleet had come down the coast to my harbor in CA about the same time his wife had died and it was their electronics interfering with the garage door opener.
Re: is this an opportunity??? - Posted by Carey_PA
Posted by Carey_PA on July 02, 2001 at 09:54:41:
Wayne,
This very well could be an excellent opportunity, but since you did mention yourself that you are a newbie and you don’t quite know what to do, might I suggest that you educate yourself first.
Find out about L/O and subject 2’s, etc.
In my opinion, if there aren’t any mortgages on the house, I’m going to go out on a limb and assume that they won’t deed you the home ESPECIALLY if it’s in good shape. A l/o may certainly work though.
But Wayne, ya never know unless you ask!
good luck,
CAREY