All Forum Posts by: Derek W.

 Seller: Uh, um, I just got your letter in the mail

Me: Oh, you're the one. Awesome. How can I help

Seller: (sniffle) I just want this nightmare to be over.

Me: Oh, wow, what's going on?

Seller: My dad died a few years ago. Me and my brother inherited the property. I have my own house I live in with my family, so my brother stayed in the house. He lived there for two years with his loser druggie friends. They trashed the house.

Me: Oh, man. Isn't that crazy? Why do people do that, you know? Unfortunately, I see that a lot. It sucks. I'm so sorry to hear that. Are he and his friends still living there and trashing the property?

Seller: No, he died of a drug overdose two months ago.

Me: Oh, geez. I'll bet this hasn't been your favorite season of life?

Seller: No, it's not. And I just want it to all be over. (Starts crying) I just can't handle it!!!

Me: Hey, let me ask you a question...(I pause. It changes her state, she stops crying) Ideally, what would you like to see happen?

Seller: I don't even want to go back to the house. I grew up there. It used to be so nice! It had a beautiful green grass lawn and we had had a huge dough boy pool in the back yard and all my friends would come over and swim. I loved that house. I'm so mad it's gone.

Me: What's the address?

Seller: (gives address)

Me: So you're looking for someone to buy it in its current condition so you don't have to make any repairs or have to deal with it? Someone to help you get this all behind you?

Seller: Yes. And I know it's not worth what it used to be. Grrr.

Me: Did your dad leave a will? Have you opened probate?

Seller: It's in a trust and me and my brother were named in the trust, so I was told I don't have to go through probate.

Me: Bless your dad for thinking of that. It's so rare that people do, you know?

Seller: He was very detailed oriented

Me: that's awesome of him. I'm looking at the title right now. It looks like it's free and clear. No loan on it?

Seller: No

Me: It looks like there are about $3,600 back taxes. I guess your brother didn't bother paying them?

Seller: I didn't know that (cussing, whimper..)

Me: So, I could pay those for you. How much money down would you need after I pay the taxes current to pay off some bills and help you out?

Seller: I'm not sure, like maybe three thousand? You don think I can just get all cash for it?

Me: I'll bring you two offers, and we can figure out together which one fits your needs best.

Seller: (sounding excited and relieved) That sounds great

Me: I'll go check out the house, it's vacant, right? And then can I meet you Thursday sometime between 11-12? We will finalize our terms and open escrow. Sound good?

Seller: Uh, ok. But can we do 1:00. My son will be down for his nap then,so I won't be distracted.

Me: Perfect. See you at 1:00 on Thursday to open escrow. Thank you so much. We're going to get this wrapped up and behind you.

Seller: (deep sigh). Thank you. 

I'm in. 

One of my best sources has been the gals at the water company, and city code enforcement officer.  They seem to know everything about everyone. 

I always have to ask "WWRD"

What would @Rick H. do?

Or could you buy their interest in the estate and then open probate yourself and probate the estate yourself?

Why couldn't the incarcerated son open probate and petition to be the administrator? Is that not allowed? 

I'm still buying houses at the trustee sale auctions. Certainly not what is was.  I went from 3-4 per week to 2-3 per month. But that's the nature of cycles. 

Me: hi this is Derek

Seller: uh, um, I just got your letter in the mail

Me: oh, you're the one. Awesome. How can I help

Seller: (sniffle) I just want this nightmare to be over. 

When a call starts like that, (and they do) I'm buying the house!

To add to the brainstorming...some buyers have specific niches, comfort zones, specialties.  

Some guys specialize in fire damaged houses, some won't touch it. Some don't mind occupied homes with messy evictions, some won't touch it.  Some like cheaper, older homes and are ok with smaller profits, some like larger newer homes with big profits. Some may add sq ft to add value, some may pay more because they buy and hold and don't need flip margins.  Some don't mind title problems. 

You get the idea.  It's important to have a good group of reliable proven buyers to spin a deal to in case it doesn't fit ones specific preferences.

it sounds like the property is upside down in its current condition with a $17,00 lien. That makes it a perfect candidate to discount the lien. If you could pay them $4-5k to clear the lien, it sounds like you've created an opportunity for the house.  It could be fixed and sold, or fixed and rented by you (or someone you wholesale it to). Do you know if the $17k lien is in first position?