We recently entered into a contract to purchase a property. The seller was moving from PA to NC and was motivated to sell quick. The property is in PA. We got the property under contract. Him and his sister were on the deed. She was fine with the discounted sale price.
After we had the signed agreement, the seller moved to NC. His sister lives in VA and the now-vacant property is in PA as mentioned.
Well, it turns out the seller was married when he bought the home. He is now going through a divorce, but his wife is not cooperating in terms of signing off on the sale. She is in NY. At this point the deal fell out of escrow.
So here's my question: What can I as an investor do with this property? I was considering doing a lease with him with the right to sublet, making some cashflow on the spread of what amount I negotiate with the seller and what amount I charge the tenant. The problem with doing this is that the property needs some repairs, which I am not willing to spend money on being that there's much uncertainty in regards to being able to purchase the home in the future. It just seems to be a shame to see a solid house sit there with no plan in place to keep it from deteriorating and eventually getting vandalized. Any suggestions?
Wouldn't same (ex to be) wife have to agree to the terms of the lease? If she wouldn't sign to sell, why would she sign to lease unless she got half, and would probably want market rates?
The wife has a financial interest in the property, irrespective of the deed, unless there is a pre-nuptial agreement or some other legal waiving of rights. I think you're just out of luck here. This would be highly odd, but you might try talking to the wife yourself if the offer is fair and market. If it is a great, low-ball deal for you, I suspect wife's lawyer has told her so and that is why it is a no-deal.
Advice: find a new deal :)