I have never heard of something like this. I wonder what the circumstances were that warranted that kind of drop in price to something that isn't even close to market value.
Tile search yet?
Why would someone sell a house for $80k that is valued out the door for $240k....? If it looks like it's too good of a deal it usually is....
did you close on it do you own it ?
@Joshua D. Are you sure that it's been properly probated?
Was it a quitclaim deed? Warranty deed?
Did you have a professional (title company or attorney) run a full title search?
Did you purchase buyer's title insurance?
Those numbers are so good that it seems like there has to be a catch. Nobody in their right mind will sell a property at 1/3 of it's actual value.
I hate to rain on the parade but I would really worry that he had the legal right to sell that property. I hope the other trust beneficiaries dont start raising a ruckas. Have no idea how that could play out.
@Joshua D. You may still be able to get buyer's title insurance. If it were me, I'd pull the trigger on that right now - and I'd be very nervous until I got that policy!
This whole thing just doesn't seem right. I don't know what the scam would be, but I'd be awfully worried about a title defect, a competing probate claim or some major defect in the home that the seller successfully hid.
The fact that you closed in 4 days is especially concerning. The "hurry up and close now before this deal of a lifetime is gone" scenario is one of the hallmarks of a skilled scammer.
I really hope I'm wrong.
@Joshua D. I'd talk with your attorney. Around here, that's how it's done.
If he is truly alcoholic, I'd be concerned that he was mentally competent when he signed the contracts.
All sounds good...my best purchases were from people with “ past substance issues”. You can get title insurance at any time, doesn’t need to be simultaneous with the sale. I’ve gotten it after a foreclosure auction, on a property I planned on keeping long term.
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