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How risky would it be to offer to buy a house in the following situation?
Husband and wife are in the process of getting a divorce, the wife has control of the house, the husband’s mother lives next door and he wants to buy out the wife but she won’t sell to him. I don’t believe the divorce is final yet.
Is it worth it to offer to buy and then assign, or double close with the husband? I’m not sure she would accept the assignment to her ex-husband.
I was thinking land trust for ease of transfer.
— Thanks for your input.
(Previously posted in Options Forum)Sorry, forgot to mention it’s already a listed property. My parents were actually looking at the property to buy for themselves. The women said she would sell it under value before she sold it back to him.
The House was listed at $299,000, my parents offered her $250k before they took back their offer for other reasons… they do not understand RE wholesaling/investing. The seller asked if they would reconsider withdrawing their offer. My father actually talked with the ex husband next door while they were looking at the place.
I was thinking about making her an offer of $215k knowing the husband really want it back especially with his mom living next door.
The guy told my dad he should buy his mom’s place on 17 acres since she doesn’t need/use the place since her husband passed away.I would also not get involved if it is a listed property
You really cannot make an offer on anything unless and until you TALK to the owner You can’t make an intelligent offer until you know more – like what is the mortgage balance, are the payments current, what are the payments, does that include taxes and insurance, is the husband’s name on the mortgage and the warranty deed, does the seller (wife) know where she will move to, are there kids involved in this mess, etc etc… You need more info than what is is listed for and there is a divorce involved.
I would not buy then sell to the husband. Way to sticky of a situation to do that. The wife might sue you to get he house back if you do that or she (or her attorney) may even include in the contract that the house cannot be resold to anyone in the hubby family or the hubby.
Sounds like the seller is a motivated seller but with it being listed that makes it much harder to get creative or to even talk to the owner. When does the listing expire?
Jackie,
Thanks for the input. You’re right, it’s probably to risky to try to make a deal with the husband. I’m not sure when the listing expires.For clarification, the husband is on the deed on the county website but I’m not sure about the mortgage at this point. I know the judge over their case is also going to make a ruling next month since the husband said he would reject any offers so he could stall in order to try to come up with a way to buy the property. Pretty sticky situation….
Thanks again for the input! I’ll keep trying until something sticks!
Smart move Taylor. Walk away from that one.
Instead of trying to find an opportunity with listed properties, it’s time to hit the streets. Get out there to drive neighborhoods. In the less expensive parts of town, look for vacant looking houses, grass is overgrown. Don’t be concerned if the windows have been busted out. Get out to knock on the door (if there is one) but there will probably not be anyone there so talk to the neighbors to see if they know how to get in touch with the owner. This could be a wholesale opportunity. If the neighbors don’t know how to get in touch with the owner, look up the owner and their address on the county tax records then send a postcard.
Also get the Code Violation list for your area. Not all these properties will be candidates. You’ll looking for the properties with RED TAGS ( condemned) send a postcard.
On the FSBO sites like (fsbo.com) if the house is vacant, send a message to the owners asking if they would consider renting their house. Some will!
On craigslist, post that you solve real estate problems, your name and number. You will get calls and emails
Always have a stack of business cards or pens with the message ” I solve real estate problems” your name and number so you can hand them out to everyone you come in to contact with. Almost everyone knows someone who needs to sell a house.
Jackie,
Thanks for the game plan, I haven’t really tried any code violations at this point but probably should start.The strategy I’ve been trying to implement is asking fsbo seller’s if they’d contract with me to buy their house on wrap around owner financing and allow me to sell to the end buyer on a wrap with seller financing to an end buyer who will bring money to the table and do a double close. I’m telling them I can give them cash flow on a 0% interest loan to pay them off in about 10-15 years. That payment should cover their underlying principle & interest plus maybe a little cash flow and give me cash flow on the new sales amount note to me. Any thoughts?
I had one seller who almost did the deal with me because their house had been listed and did not sell and he was moving a few hours away the next weekend. I had given him a contract but he declined at the last minute because he wanted cash and listed the property again.
Taylor
When you talk to sellers like this, they usually don’t have a clue what you are talking about. A confused mind says NO. Any discussions with sellers need to emphasize “what’s in it for them” but it has to be in layman terms (not investor lingo).
At the Panama Retreat (May 4,5,6th) we will spend a lot of time teaching investors how to have a productive conversation with sellers so they see the benefits in your proposals. Also learning how to recognize opportunities and how best to approach the seller.
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