We had a seller call us wanting to sell an A class home with tenants who wouldn't leave. He was elderly and claimed he just didn't know how to evict them. We dug into it a little bit more and it turns out that the "tenants" are his brother's kids.
His brother who he holds POA for. Okay so that's a little weird. What's the situation with title? Brother quit claimed it to him "before" he got sick because he was going through bankruptcy. Weird but okay. He had notarized copies of the quit claim and deed. As well as a shoddy rent role for the kids.
We agreed to buy the home only once the kids were evicted. Gave him 3 months to do so and we even agreed to offer cash for keys/help with eviction if need be.
He starts calling me once a day asking when he is going to get his money. Almost as if he forgot what our contract was and the conditions upon it. I told him each day again what we had agreed to and that he would have to be patient.
He calls me yesterday to tell me that the court took away his POA and the house. He apparently took over POA and gave himself his brothers house. His kids took the "evil uncle" to court and got everything back as well as a lawsuit for 200k+
Wow. Good job on being patient and performing due diligence! That could've been ugly!
Definitely. Would have been rough to give the guy the 100k we agreed upon and had nothing to stand on.
Nice work! Uncle sounds like a real winner.
Honestly I try to give everyone the benefit of the doubt. But I felt a little "off" on this one anyway so I made sure to give myself time and outs.
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
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing