I have been cold calling absentee owners, and have come across an older couple who need to sell desperately. They can no longer keep up with the repairs, and the roof has a huge leak, they are falling behind on taxes and have asked me for help in selling. When I spoke to the wife she mentioned she had been trying to sell for a while however, her husband suffers from dementia and one day he wants to sell however, the day after he refuses to do anything about their situation. She mentioned perhaps, getting a power of attorney would help. I messaged a local escrow officer and he said we would need her to become his legal guardian, and get court authorization to sell.
Has anyone encountered a similar situation? Any advice is appreciated!
Sure, but you need title to tell you what they need for it to be a valid sale and recording. In any case, the seller needs to fix it. I really wouldn't rely on advice you get here.
Please don't tell me you want to wholesale this.
@Steve Morris I was actually looking to wholesale the deal if we can close, I don't count on much capital to purchase and repair the property myself. It is a property they have rented out and the tenant has been very destructive.
Thanks for your input!
That's a tough and unfortunate situation, but if there's a will there's a way. Would the gentleman be more inclined to sell the property on terms? Lease option or seller financing? I understand that he's back and forth with it, but maybe the idea of continuing to get some monthly income would be more interesting to them and they wouldn't have to worry about the property anymore or a tax burden from a straight sell.