All Forum Posts by: Jim Viens

Oh...and thanks for the input @Charlie Fitzgerald and @Account Closed

It's becoming apparent that I'll need to provide the "long story." Person "A" took title to the property vested as a single person. During the time he held title he executed and recorded a Transfer on Death deed naming his two sons as the beneficiaries As Joint Tenants and his grand-daughter (child of one of the brothers) as the secondary beneficiary. When person "A" died, for some unknown reason his two sons signed and recorded a document divesting themselves from any interest in the property leaving title in the now 14-year-old daughter. I know...huge mess. I will likely have to talk to an attorney about this before I'm able to actually get it under contract.

Couple of questions. I have a property I'm about to get under contract. BUT...an initial title search shows that the property is actually in the name of the 14-year-old daughter of the guy I've been talking to (long story). My questions are: 

1) Could the dad sell the property on her behalf under a POA or do they have to file for a conservatorship?

2) How should the contract be executed (who can/should sign?)

Thanks in advance!

I'm not aware of any major title underwriters that would be willing to underwrite over a federal tax lien. That will end up being a policy exception. I'd wait it out.

Typically you get the property under contract with an inspection period. If anything derogatory comes up in the inspection you call either renegotiate the price or cancel the contract. 

I'm coming to find in evaluating properties that the 50% "rule" is decent for a back-of-the-napkin initial evaluation but it doesn't exactly ring true in real life. In my area taxes alone can push it upwards of 55%. As far as accounting for capital expenditures (CapEx) if he doesn't have records I would pay a home inspector to come in and check everything out. He'd be able to tell you what may need to be replaced and when. For the HVAC you could also check the furnace for a label placed by a technician and see if they'll tell you when they last serviced the unit at that location. Same for plumbing and electrical (check the water tank and breaker box). Your best bet, though, would be the inspector. Good luck!

Yeah. One of the things I find really funny about those people is they completely bypass the trash can and actually take the time to call and complain. Do they call Capital One to complain about the credit card offers? Or ValPak for sending envelopes full of coupons they don't need? There must be something about that particular mail piece that got them to not only open it but to also follow the call to action of calling you. One thing I've done if I actually answer one of these is to first talk them off the ledge then, if I feel they may be receptive to it, I make my offer of paying $500 for leads they may send me that result in a closed deal. Lastly, if I feel like I've developed some sort of rapport through the call I may even put them on my follow-up list (unless they specifically stated they wanted off my list.)

What was he saying? What did your mail piece say? If you feel like you have the people-skills for it I suppose you could call back and try to talk him down a bit so he at least understands why he got the letter. Another school of thought would say forget him. Take him off your list and move on.

@Jeff Basler does it matter if it's on the Kansas or Missouri side as long as it meets the stated criteria?

I'd verify with an attorney but I believe that lien may have been voided by the tax sale.