ok so my wife and I are buy and hold investors and we are getting ready for another acquisition, We saw a house 2 doors down from our duplex and saw long grass, no movement ect... Found out the lady was just put in prison for theft earlier this year?!? I do know she inherited the house and owns it free and clear.
How do I contact her to buy? Can she sell? Is there any special considerations or laws concerning an incarcerated homeowner?
Thanks for any info BP
Send her a letter at the prison, or a phone call, to set up a visitation. Perfect seller!
I've done this before. Go to the prison where she is and make her an offer. If she agrees to the price and terms, you can have an attorney draft the documents and bring a notary with you.
Thanks @Wane Brooks ! We will give it a shot then.
Hi @Joshua D.
I bought a house in Indiana where the owner was in jail. However, unlike your situation, the house I bought was listed on MLS and the listing agent had the power of attorney to sign the closing documents. I was able to get a pretty good deal on the house, because we were able to find out how much the seller wanted to get out of jail.
Is there any way you can get in touch with the seller or any relatives?
thanks guys for the fast responses!
@Sharad M. I did hear from the neighbors that the daughter of the woman comes by the house occasionally. I will hunt down what I can and make calls tomorrow. Should it be wise to call the other family? Or should I work with her directly. She is the only name on the deed.
Also how do I get the @name to work?
Firstly, your picture shows upside down.
Secondly, as for the deal, I would contact as many family members as you can to get in touch with the owner. As long as you can get in touch with the owner, you might be able to work out a pretty good deal on this house.
Well thanks for the pic issue. It shows fine on my screen, however yours is sideways! No joke. That is funny!
Thanks for the tips!
I took mine while lying on the floor, so the sideways in on purpose..just kidding..I didn't know it showed sideways..thanks for pointing it out..
@Joshua Dorkin The picture shows fine in my profile. How do I fix it for other users?
@Sharad M. - Looks fine to me...
Joshua Daniels picture is displaying upside down for me and all other pics are fine. I have Windows 8.
I'm on a tablet, I wonder if that's the issue... Maybe I flip mine upside down to me and be right side up to the rest of the world... That's about how I feel most of the time anyways.
Thanks again guys!
Am I right side up now?
You are right side up now :)
I wouldn't make too big a deal about a property owned by someone in prison. They may or may not be interested selling. Leave a note on the door for the daughter or anyone else who may be taking care of the property. Send a letter to the property address. Send a letter to the seller in prison. Find out the daughter's name and address if you can. Send a letter to the owner in care of the daughter.
If she is interested in selling she will contact you. A lot of incarcerated people will have given power of attorney to a friend or family member to handle their affairs. But likely the seller isn't planning to sell. So make your interest known so she thinks of you when she is ready.
K. Marie is exactly right.... all you can do at this point is contact the owner via mail at the property, at the prison, etc. and then wait until they contact you...If they are interested they will.
@Joshua D. Incarcerated Heir: handle with caution...
I know this is an old post, but was curious, were you ever able to buy that house?
I found out that a the husband for a house in a neighborhood I like went to prison and will be locked away for a long time. I know the wife will not be able to afford it and will probably move.
I'm wondering how to approach this.
We did not get the house. But we should have. We saw the lady a few days later grabing some stuff from her house. She was staining in her front yard. I was gonna stop but I thought “naaa she prolly won’t want to sell” “don’t want to bug her” “what would I say” found out a few months later that she sold her house to a stranger for 30k.
It was worth well over 75 k as is, and now would be worth over 100k. Rents would have been 750 and now over 900...
Wow! Thank you for sharing.
I wonder if it's a big enough niche.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!