All Forum Posts by: Derek W.

@Wayne Brooks  your assumptions are correct. However, I don't believe the one carrying the note is SOL. He doesn't have a secured lien, but I thought he still has a lien position he could make noise after close. Plus, is it moral to buy it knowing the guy has a position and screw him out of his position? 

And is it only the current owner (seller) he has recourse against?  Not me as the buyer even if I have knowledge of his lien existing through conversation with seller? Because that's the play the Att wants is for me to buy it cash at a steep discount and take on the risk of the guy carrying the note coming back with litigation. 

I was leaning more toward trying to get seller carry guy steeply discounted to go along with it and clear his supposed position. 

I have a lead from an attorney who wants to sell clients property to pay for Att fees. Property has an unrecorded deed of trust  (seller carry) according to seller. Title shows free and clear. Nothing was recorded to secure seller carry. What are some possible plays in this situation. Seller wants to sell for pennies on the dollar and I assume responsibility of negotiating seller carry unrecorded deed. @Rick H. ? Other creative thinkers?

I'm worried about what is in everyone's best interest. The reason I've never done a probate short sale on an upside down house is because it doesn't benefit the estate in any way and could possibly create extra exposure or tax liability. Often the probate attorney advises the executor to just let it foreclose in the name of the decedent. That way the estate doesn't take on the tax or deficiency liability. I've never wanted to cross that advice and put a target on my back.  But I'd love to be corrected if that's wrong! 

There is a specific brand of kills primer that is specially made for fire damaged houses encapsulating and covering smoke smell. It works really well on the walls instead of tearing out drywall for cat smell too. Wish I could remember the name, but I haven't slept in a few nights with the big move, so my brain is fried. You may have to abandon the hardwood floors and spray over them as well, then put flooring on top of painted hardwood.  But some people like painted hardwood floors. I tell the tenants it shabby chic design. Lol

Basically, yes. There are some other rules to follow, but that is it in a nut shell. 

Like @Rick H. is saying, yes you can just "take over a property."  It's called adverse possession. Every state in the nation has adverse possession laws that allow for hostile take over by squatter if you follow the right steps. But Rick, once again, has brilliant advice which is to work harder than the squatter to find a distant heir and get a higher level of claim over the property so you can evict them. You may have to hire a private detective to search them out, but if the property has lots of equity it may be well worth it. 

@J Scott is correct. This is no big deal and happens all the time. Just go get a new inspections card. 

That's the point I guess I'm trying to make. If the opinions and brainstorming can be misconstrued as legal advice (and I'm still waiting to hear of a case where someone was successfully sued for advice on an Internet forum) then the main page should have a blanket disclaimer that protects all members. For everyone to put "no legal advice" at the end of every post seems over kill and annoying. 

Then follow up. Follow up.  Follow up.

Hi, my name is Sheri Ulm and I'm really interested in your house on 123 Main Street. I drive by it all the time and wish I could fix it up to its former glory. Please call me so I can brainstorm ideas with you on what the houses best future is.

Thanks,

(Signature and phone number)