Tricky wholesale deal. Need some advice
I have a deal in the works. They property has been fixed up to like new condition, and the seller's mother in law has been living there rent free. There was no rental agreement, the property was given to her to live in with a warranty deed. The seller also had her mother in law sign another warranty deed which will deed the property back to the seller. Now the seller and her husband are getting divorced, and the seller filled the second warranty deed with the city to take the property back and put it in her name. She contacted me, and wants to sell the property. Most likely the mother in law will not want to move out so an eviction must be done. She wants me to close on the house, and deal with the in laws once we close. I negotiated a much better price on the house because of this. I know I can get $65k for it, and got her down to $42.5k.
My question is how should I go about wholesaling this deal? Should I offer it to my buyers with the mother in law still there, and let them handle the eviction? Should I start the eviction process myself? I wont be able to see the inside of the property, so it will have to be sight unseen.
Any advise will be greatly appreciated.
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- Real Estate Professional
- West Palm Beach, FL
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First, make sure the husband has no legal claims to the property, either by deed or by marriage/community property rights, and that he doesn't need to sign Anything. Then, knock on the door and talk to the mother in law in a "I don't want to step into the middle of anything" approach, and she'll let you know right away what dealing with her, and the rest of the family, is going to be like.