Help - sellers memory is poor. Should I give up?

Question

Hi all!

I have a solid lead that came in...

Seller is an older landlord. She is tired of renting out to bad tenants and has two properties that she wants to offload. She was ok with my offer and is interested in seller financing - she owns both properties free and clear. I found her on Reiapro and it says that she is the only one on the deed.

Here's my problem: She can't remember anything. She keeps asking me the same questions over and over. She doesn't even have a key to the property right now and doesn't know anyone with a key because the previous tenants left without returning it (not sure why she doesn't have multiples). Should I just give up on this lead and move to the next? I don't know how to make it work with her memory.

What would you do?

Thanks!!

Theresa Harris · Answer

I wouldn't go near it unless she has someone with power of attorney who is willing to keep track of payments and sign off on the sale.

John Teachout · Answer

From my experience, most people that have memory issues are aware of that fact. I'd just come out and tell her that you want to do business but feel it's important that she gets a third party involved as you want to avoid the perception that you took advantage of her in some way due to her diminished capacity. (even if you're not, it would be easy for someone to accuse you of that)

Theresa Harris · Answer

John is right and his wording is good.

Cody Barna · Answer

@Heather Carrow it sounds like a tough situation, especially considering you plan on doing owner financing. I can see that being a challenge, maybe she has a close friend or family member that can help facilitate the process.

Todd Rasmussen · Answer

@Heather Carrow

Finding a family member with power of attorney is the only way I'd get involved in something like this.

Brandon Plombon · Answer

I agree with @Cody Barna - See if there is a family friend or other family member that could help in the process would be best but it is difficult as you don't want to be seen as going around the seller. If there is no one - I would recommend moving on to the next one.

Heather Carrow · Answer

Thank you everyone for your input. I have decided to let this lead go. I don't want to get into a situation where someone thinks I am trying to take advantage! I really appreciate the BP community for stepping in and helping me with this.

Isaac El · Answer

be careful, it sounds like they are not competent and then later you can have other issues - or somebody else in family could make claim that they were "not fit" to sell the property, and legal headache, see if there is a guardian, not an expert on this, but have heard horror stories regarding EXACT situation

Grey Stone · Answer

She is older with memory problems. My dad had dementia and owned real estate. He would get calls from wholesalers and RE agents all the time. If any of them would have been successful doing a deal with him, I would have lit them up with a lawsuit. They would have been taking advantage of a man I love very much, while also stealing assets that may be needed to cover healthcare expenses and eventually inheritance. I would stay completely away from doing a deal with someone like this, because it just isn't right. If she has a diagnosis of dementia or someone took you to court and it was clear she was not competent, all of your time would have been wasted anyway. In situations where it may make sense is if you speak with her power of attorney and inform her family. I would stay far away from this. You should advertise and network more,  this should not be your only lead.

Heather Carrow · Answer

@Todd Rasmussen @Cody Barna @Brandon Plombon @Theresa Harris

Thanks for your suggestions! I have thought about asking her if she has a family member or POA that could assist her but how do I ask her that without being offensive?

Help - sellers memory is poor. Should I give up?

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