Bellingham, WA · Member since 2016 · 2 posts · 0 votes
Hello all,
This could be my very first deal in real estate, what do you think?
I got a call today from a man that just wants to get rid of his manufactured home in Blaine, WA because of family problems... The home is work at least 130K and he just wants 50K :) taking a loss of about 7K to pay off Mortgage, which he is happy to do so. He has done real estate many times when he was younger, now he is retired and wants to give a good deal to someone else.
I looked up who owns the home and I found out that someone else does.
My question is if I buy this contract, how does it work with the other owners? How can he sell his contract without the owners knowing?
Commercial Real Estate Broker · Bellingham, WA · Member since 2016 · 36 posts · 8 votes
10y
Good morning Brennen,
That sounds like a great deal if the title gets all sorted out.
Good for you for looking up who owns it.
I am assuming this was through the assessors page, or city IQ is that correct?
First off he may not be able to convey title without the other owners consent it depends on how the ownership is structured.
That may cause issues down the line, as might be out 50K and no house, since the others still hold title.
Iv been warned of situations like this, and it brings up red flags for me with the seller.
Did he mention anything about joint ownership to you?
What you can do is ask him to get a quick claim deed from the other owners to him so he has full ownership.
Or get full consent from the other owners.
I also live in Bellingham and I went to the Bellingham Bigger Pockets meet up.
It is a great way to get answers for a lot of these questions since it is a great way to connect with other investors like yourself, new and more experienced.
Pattrick Britton sets it up and I went to my first one last month and found it VERY informative.
Commercial Real Estate Broker · Bellingham, WA · Member since 2016 · 36 posts · 8 votes
10y
Good morning Brennen,
That sounds like a great deal if the title gets all sorted out.
Good for you for looking up who owns it.
I am assuming this was through the assessors page, or city IQ is that correct?
First off he may not be able to convey title without the other owners consent it depends on how the ownership is structured.
That may cause issues down the line, as might be out 50K and no house, since the others still hold title.
Iv been warned of situations like this, and it brings up red flags for me with the seller.
Did he mention anything about joint ownership to you?
What you can do is ask him to get a quick claim deed from the other owners to him so he has full ownership.
Or get full consent from the other owners.
I also live in Bellingham and I went to the Bellingham Bigger Pockets meet up.
It is a great way to get answers for a lot of these questions since it is a great way to connect with other investors like yourself, new and more experienced.
Pattrick Britton sets it up and I went to my first one last month and found it VERY informative.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
10y
I think someone is trying to take you for a ride. Either he Owns the property, or Has A Contract, not both....which is it? You absolutely need a title co. To look this over Before you give him any kind of money (any EM needs to go to the title co.) and also to check title to see Who has the right to sell the property....the land And the manufactured home, and if it is permanently attached to the land. Very few investors are willing to take money out of their pocket "to give a newbie a good deal". Many "investors" are willing to give a newbie the shaft though.
Bellingham, WA · Member since 2016 · 2 posts · 0 votes
10y
Thank you both for answering. Its turns out, yes he had the contract for his own AB Trust. It really was an incredible deal. I made a crazy rookie move and said something I should not have to a local Investor and fellow BP member and he went behind my back and took the deal... I learned many lessons that I can say will not be happening again.
Rental Property Investor · Jacksonville, FL · Member since 2015 · 342 posts · 142 votes
10y
@Brennen James - Wow, that is some grimy stuff that your deal got stolen. I too am very leery about telling anyone my information on deals. Don't worry, you'll get more in the future!!