Skip to content
×
PRO Members Get
Full Access
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime.
Level up your investing with Pro
Explore exclusive tools and resources to start, grow, or optimize your portfolio.
~$5,000+ potential annual savings on vetted partner products
10+ deal analysis calculators with ready-to-share reports
Lawyer-reviewed leases for every state ($99/package value)
Pro badge for priority visibility in the Forums

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
BlogsJ The NewbieAre you a problem fixer?

Posted over 9 years ago

Are you a problem fixer?

               Wouldn't be right if something's not wrong - J The Newbie

The Beginning:

Currently working on a deal. Received title commitment today detailing issues that need to be cleared before we can close. Before I get into the details this was a monster of a negotiation so I am def ready to move on from this one.

-Husband & wife #1 (both deceased) sold property to Husband & wife #2 in 1964

-Husband & Wife #2 now deceased died with no will

-Husband & wife #2 have 6 kids (I had to negotiate with all of them)

-Title company says record title to the land is with husband & wife #1

-Kids know nothing and all live out of state. They have an attorney they worked with when the estate settlement was created after wife #2 death.

My question: Have you gone through this before? Is this normal? Why can't these records be found? This is the second time I've ran into this issue, but seller backed away so we didn't move forward. Maybe it's just the county I'm working in.

The Middle:

Made several attempts to seek out attorneys to fix this problem. Quotes ranged from $2500- $4000 with a time frame of 4-6 months. Sellers are not interested in paying out any money. Contract states title must be clear. This home is be sold at a tax auction soon. Not enough spread in this deal for me to cover the attorney cost. End buyer is not interested either. So there is disappointment on both ends

The End:

After the clouded title issue the family was ready to walk away from the home, and let it go to tax sale. After weeks of negotiating w/ 6 different personalities, we have a deal and are set to close. End buyer will pay attorney fees, back taxes, and closing cost. Family will walk away with some funds for their trouble. I won't make nearly as much on this deal as previously expected ($5K less), BUT gained a new working relationship with my End Buyer and the family is happy to have this resolved.

This has been my most difficult deal yet, but I'm only on # 3.

Comments (2)

  1. In Texas, one can file an affidavit of heirship and list every heir and have them assign it to you for an agreed amount and have it recorded at the county courthouse or better yet have the titke company record it for you and open title in the buyer's name. They will know what to do and if everyone is located and signs, it will only cost recording fees and that can be paid at closing

    Cynthia Hairston, over 8 years ago


  2. Hello Jessica, I'm a newbie as will in wholesaling and BP. I'm in need of advice and maybe u can shed some lite. I'm also in Texas. Thanks

    Quinn Richardson, over 9 years ago