All Forum Posts by: Gregory Hill

Recently represented a buyer in a FIG project in Meridian.  Project completed in May this year, and is now fully rented (I am told 98.5%).  Many rents contained a signing bonus, but now re-rents are at market.  I was impressed with the onsite management.

Meghan, I look forward to it!

Hi Pita, I am a real estate broker in the Magic Valley.  I live in Buhl, between Twin Falls and Hagerman.  Would love to talk about the area.

There is no reason to believe that the lien just vanished.  The bank filed a lis pendens and started non-judicial foreclosure proceedings, a case which they then closed.  That does not cause the mortgage to vanish.  The collection agency seems to have purchased the note, and as @Wayne Brooks points out, the mortgage follows.

An offer is simply that, and offer to enter into a contract.  If you put an expiration date on it, then the offer expires at a certain time, thus limiting the time the offeree has to accept the offer, in other words it is automatically withdrawn at that date and time.  An offer may be withdrawn at any time before it is accepted.  In order to have a valid contract, there must be both an offer and acceptance.  An offer cannot me accepted once it is withdrawn.  Further, an offer cannot be accepted after it has been rejected.

A counter-offer is a rejection of the original offer, and is a new offer to enter into a contract.  If it has an expiration date, it will automatically expire at that time.  If the offeree wants to accept the counter-offer, he must do so before the expiration.  A counter-offer, just like an offer, may be withdrawn at any time prior to its acceptance.

When the seller signed the offer, it is subject to the attached counter offer, and NO CONTRACT IS FORMED.  So the terms do not revert back to the original offer's terms, because no contract was formed, and you cannot sue as Jason Hirko suggested.  Further, just because there is an expiration date does not make it 'yours to sign' until the expiration, it is only 'yours to sign' until either the expiration or its withdrawal, whichever occurs first.

As Jay Hinrichs pointed out, sign as soon as you decide the terms are acceptable.

Finally Chris, what you were describing, that you had until a certain time to sign the contract, would be more of an option contract, i.e., the offer would be held open for a certain period of time, and you could enter into the contract at your option.  An option must be supported by consideration, in other words you have to put something into the deal, just to get the option.

What or who do you use for skip tracing?

Chris,

I think that has it right.  At this point you do not know who owns the property.  It seems too, that you do not have a clear understanding of how deeds and the recording system work in Kansas City.  I don't either, living in Idaho and practicing law in California.  You need to find out who owns the property.  If it were me, I would go to a title company (or lawyer who does title work, depending on how it works in Kansas City), and find out who owns the property.  It does not sound very complicated.  Once I knew who the owner(s) were, I would then decide if it was worth consulting an attorney.  If so, I would meet with the attorney with my GF, and would spend a couple of hundred dollars on the meeting.  Only then could I make a decision.

@Heather Duncan, Welcome to BP

I moved to Twin Falls, Idaho about 1 year ago, and really like it here.  There is certainly a lot of information here to help you increase your knowledge.  Welcome!

I would contact Barker Realtors. They pretty much dominate the Buhl market place.

Thank you Jonna for hosting the meeting.  I am fairly new to Bigger Pockets and even newer to Idaho, so it was great meeting a lot of interesting people.  I look forward to the next meet-up in three months.