All Forum Posts by: Michael Campbell

thank you everyone! 

Hi all

I have been recently contacted by a couple of different people here in Tennessee, regarding properties that they want to sell. both are having to do with the death of the owner. 

The first one was the niece of the owner who has not passed away yet, but is expected to very shortly. She called because I had mailed a letter to the owner and she wanted to let me know that the owner was probably going to die soon and, once she does, she is going to want to sell it. She also said that the owner's daughter is living there currently, but is in agreement to sell the house. I do not know whether there is a will in place or not, I have tried to call her back and see what is the case in regards to that. But assuming that there is nothing in place (the county records show ownership being solely with the dying aunt), what is advisable to avoid the probate process in Tennessee. 

The second scenario: I was called by the daughter of one who is recently deceased. She is wanting to sell the house that her mother was said to be the owner of. She said she wanted to sell without having to go through the probate process, if possible. I told her that she was probably going to have to, since (according to her) she has nothing that grants her automatic ownership of the property. On the phone, she stated that the house originally belonged to her grandparents who are deceased. She said that it was then passed to her mother who died as of less than two weeks ago. Upon looking up the property records, I discovered that the grandparents are recorded as being the current owners as of about 1960. 

Any thoughts or suggestions on these two scenarios? They both seem to be great opportunities if they can be worked. I don't want them to go into probate and become public!

I have wholesaled to a retail buyer.I just did one. In my situation, the lender (my buyer's financing) did not want anyone to be involved in the transaction, except the owner and the buyer. so I could not just assign my contact. Instead, I had the buyer sign an agreement to pay me x amount of dollars at the successful closing of the house. The money was held in escrow and released to me when they closed. It wasn't sold for "full retail" but it was to a traditionally financed buyer. I've also heard of people filing an affidavit of equitable interest once you have a contract on the house which kinda puts a lien on the house, which the seller would pay you to release just before closing. 

Priscilla Z. How it's everything going for you? Have you been using the iflip system still? 

I have a house under contract. I was going to wholesale it to a cash buyer. Instead I found a guy that wants it but needs to finance it. His lender does not want to have any other party involved... i.e. an assignment contract. I was thinking that the buyer can just pay me to cancel the contract with seller and then get a new contract with the seller. Has anyone ever done this and would anyone have an agreement that could be used to do this?

Thanks 

Mike

Cool! Congrats!

@Jon Holdman

Thanks for the input.

Hey all who are in Knoxville TN.

I know a good contractor that is looking for work. He has made much of his living for a good number of years, taking care of properties that were owned by a man that is having health problems now and has called off much of the work that was going on. Now, work is a little sparse for him so he is looking. He is a good contractor that can do it all and has it all to do it with. If anybody here is looking at any projects that they are going to need a good man on, PM me and I can get you in touch with him.

Thanks!

Mike

I have a property under contract right now that I am wholesaling. But in the process, a question has come up. The house is in livable condition and I wouldnt mind living in it myself if it were possible. The problem is that my credit is not good.

My question is whether a bank would lend money to buy a house for a price that is way under market value, even igf the borrower has poor credit? Just to put it in the extreme, say the house is worth 100k and you have a contract on it for 10k. Would't a lender give you 10k since it would be secured by an asset that is much greater in value?

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Hey guys

There is a private investors meeting that's once a month at a friends house here in Knoxville. if anyone is interested, PM me and I'll get you the info. They are having it this Thursday. Good chance to connect and network

Mike