All Forum Posts by: Rich Baer

@Thomas Anderson

Let it go. There is nothing you can do until an estate is opened for the owner. Until then no one has the legal power to contract with you regarding the property.

I was recently asked if I or any of my colleagues would be interested in purchasing a note from a local Bank that is in default. The note is from 2010 in the amount of $220,000 covering 7 investment properties. The properties are in D areas. They are: 616 N. Robinson St (21205), 2813 Ashland Ave (21205), 2043 Annapolis Road (21230), 1330 Aisquith St (21202), 522 N. Ellwood Ave (21205), 2516 W. Baltimore St (21223), 2032 E. North Ave (21213).

The current debt I was told is over $300,000. The Bank had no idea if they are vacant or rented.

They will have to be foreclosed on at the Courthouse steps. The Bank believes it can get $20,000 to $30,000 at auction for them. I have no interest due to the areas.

If anyone is interested in making an offer I will attempt to broker the deal.

That is really all the info I have. The actual current value doesn't matter. What does matter is the Bank doesn't want to foreclose on them due to time, risk and expense. I have no idea what the Bank would accept but they did sound desperate.

I would be happy to chat with anyone who has a serious interest.

@Josh Adamo

At least in Maryland, the contract is valid. An estate would be opened up for the deceased and a Personal Representative would be appointed to carry out the sale. In that this process takes time the contract would have to be extended by the PR. Check with your local Attorney. You have recourse.

@Ned Carey

Gracias

@Shyla Hyde

As long as the property has not been lost by legal action to the tax sale purchaser you can still move forward with the purchase. Hire an Attorney or Title Company to determine if you still have time to complete the purchase. If so, the payoff of the tax sale purchaser, any mortgage and judgments would have to totaled up to see if there was any equity left for you. Bottom line is that you can contract with the Seller now. Simply put in the contract that the title has to be merchantable and the purchase is subject to the Buyer reviewing the payoff of all liens.

@John Fisher

My friend, I am strictly a real estate Attorney. Let me know if I can be of assistance.

@Andrew Senesac

She absolutely could.

@Bradford Myatt

Experience leads me to believe that the gas station had buried hazardous or leaking materials on the site. The buyer of the building did not do an environmental test before he bought. One way or another the State learned of the hazard and contacted the current owner and demanded he clean it up. He most likely informed the State he would not or could not afford to do so. The State came in and cleaned it up and added up the costs. They placed a recorded lien on the owner and the property. The owner can still stay in business but when he sells the lien must be paid. Unless you get a waiver of liability from the State I would think twice about the purchase. If you are still serious after all that, please hire yourself a good business attorney.

@Kim Myers

The resale market is like musical chairs these days. If you have cash and guts you keep playing until the music stops. When the music stops from this lofty level it will be ugly. Most likely it will be a political or foreign entanglement, rather than an economic issue that starts the lack of new buyer confidence cascade. If you have a backup plan you should be OK.

@Sebastian Taylor

I believe they don't use your scenario.