All Forum Posts by: Mark Paes

There is probably an obvious answer to this question so I apologize, in advance, if I'm missing it.

When one buys an apartment building and the current tenants' security deposits are transfered to you as the new owner, can you use any portion of those for repairs, or emergencies, as long as you refund the other tenants deposit back to them as they move out?

I came across a lady whose mother passed away a few months ago. The house was in the name of the deceased.
The daughter, Lisa, lives at the house and handles the bills. The mortgage company deals with her. But she is not sure what is going to happen with the house. Her mother did not have a will.
She would like to sell the house, because she has a sister that wants to freeload on her and not help with the bills.
So, Lisa just wants to sell it.

My question is, what does happen if there was no will in place. The mortgage company treats her like the owner. Is is possible they were not informed that the name on the mortgage has passed away? Can Lisa legally sell the house now?

It is in Pennsylvania.

Thanks.

I had a deal come to me from an executor.
I would like to know if I should try to negotiate the price with him. His valuation after appraisal comes to 25k. Are prices with executors set in stone? Retail on this one is around 115k. Looks like 30 to 40k in repairs.
Can I use an option contract with an executor and do a flip?
Will he require earnest money?
I didn't want to ask him these questions and look like a complete noob :oops:

Thanks,
Mark

I'm trying to help a friend. Here's his situation.

Well... this is tricky to explain without visuals.

Once upon a time, my house was part of a large plot of land which included a small carriage barn directly behind. The owners, back in the 1960s I believe, built a new house next to this one, and sold this house along with a small plot of land to their daughter. This plot did not include the barn- or any outbuildings- and is in fact too small for the zoning regulations which came along later. Forty-odd years later that daughter owns the newer house next door and is planning to sell it at auction in April.

We have asked them several times over the years to buy the small plot behind ours that includes the barn. Adding that piece of land to our own would bring our property into better alignment with zoning rules, provide some outside storage that we don't have otherwise, and also correct a historical error- anyone looking at our property can plainly see that the barn is supposed to go with the house.

Since they have been unwilling to sell to some friendly neighbors, I'm trying to find a way to get the land that I want through her sale. I'm tempted to try to buy it myself, slice off the section I want, and sell the rest. But that's a big risk on my part, so I'm thinking someone with some realty experience could be of assistance. I'm also tempted to attend the auction simply to run up the bid and make an offer to the competition before gavel drops- essentially "sell me that parcel or I keep bidding".

Basically, I'm pissed about this and I'm looking at every angle to sort it out to my satisfaction. If I have time I'm going to pay a visit to the township zoning officer and see what he has to say; if he thinks adding land would be beneficial to our property compliance and overall value, I'll keep pursuing this.

What really irritates me is that they don't even use the damned barn. They keep a few odds and ends, and a lawn mower, and that's it. They can't even see it from their house due to the trees and bushes. One winter a door blew off and laid in the yard for several days until I bought some blasted hinges and fixed it. I figured that was fair enough since they let us keep my mower and bicycles in there.

Any advice on what to do would be appreciated.
This house is in Lancaster County, PA.
:D

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[edited by moderator]

Good Luck

Thank you for the input and direction.

:kewl:

I have a son of a friend who has come to me with a pre-forclosure. He's 4 months behind on a 1st and 2nd mortgage.
Looking at the numbers, it does not seem to be a good property to flip to an investor. But I would like to give him other options, if there are any.

I noticed in another post, someone warned of the taxes that might come with a seller getting money back when they sell to escape a forclosure. My next question here is... Why do I see adverstisements claiming to give a seller money to start over when they escape a foreclosure. How does that work?

Here are my subjects details...
Comps give me an ARV of $203,000. (an above average condition could bump up ARV to $230,000.)
1st mort= $165,000
2nd mort= $35,000
Its a SF home. 1800 sf 3 bdr , 2.5 bathr

What options does he have besides catching up the payments or going into foreclosure?
Any input would be helpful.

Thanks,
Mark (a noobie over his head) :beer: