Teresa Jo's journal

My cash buyer got an email from the title co. saying that there is another name on the title besides my seller's. So I called my seller and she said that her deceased husband's name is on there. But she has some paperwork where it was changed (I think). Anyway, I asked her to call the title co. tomorrow morning to try & get it straightened out. Crossing my fingers that this will work out. Has anyone else had this happen?

Is it in both names? Or his only? How long ago did he die?

If she has paperwork, then hopefully it has already gone through probate, if necessary in this case. I am sure it will work out. The title company should be really good about helping her. Believe me, they have probably dealt with just about anything that is possible to come up!

Good luck!

Karen

Her husband died in 2007 so that should have been plenty of time to have everything straightened out. I think it's in both of their names, but I'm not sure. On the appraisal it has her name as owner but his name down at the bottom where it gives the deed dates. Yes, I think this can all be worked out.
Thanks!

Hi Teresa,

I'm just getting started and read your entire thread and it has been so inspiring! I will be putting out my first bandit signs tomorrow.

Good for you! If you will fill out your bio...at least what state you live in...you will get more help from your fellow DG'ers. Glad I was able to motivate you to take action. You will learn quicker by taking action.

Waiting for the seller and the title co. to work things out so that this deal can get closed. My buyer said this kind of thing happens a lot in wholesaling. (the title to the subject property is in the deceased husband's name). We did an addendum extending the close date to Sept. 7th. Hopefully, it will close before that. I pray every day that this deal will work out.

I have this Wed. thru Friday off, so I'm going to work on getting a new real estate agent. Also need to work on getting more cash buyers on my list.

Got a call from a 2nd grade teacher that wants to do wholesaling. He saw my bandit signs and called me. He sounds very excited about rei and has been studying it. He had never heard of Dean Graziosi so I told him the name of this website.

Got a call from a contractor today that wants to have lunch and discuss what he does. Turns out I went to school with his uncle. Small world.

on getting my first deal closed. The title co. contacted my buyer and said the house is still showing a lien as active against it that the seller was not aware of. They contacted the seller and she thought the previous lien was wiped out when she filed for bankruptcy a while back. So now, I'm waiting for the seller to sign an authorization form so they can see what the loan amount is.

When I texted the seller today and asked if she had contacted her attorney, she said, "Yes. And he said that the mortgage co. still holds the lien that is still owed. I just can't imagine why in January that was the last I heard from them, the amount of loan but also confirmed that the property was in a bankruptcy case. No mention that it was still hanging over my head."

My buyer gets regular email updates from the title co. and forwards them to me. He told me he will check w/the title co. tomorrow or the next day to see where we are.

Hoping & praying that this all works itself out. If not...on to the next! I have to keep thinking about the progress I have made and at least I have a really good cash buyer (easy to work with!) and keeps me in the loop. He did tell me however that I need to find more cash buyers because he may only buy once a month or once every 2 months.

Wow! Teresa You have come so far from last reading your journal! I hope it all works out for you and IF this one doesn't then KNOW that you are that FAR More Wiser than you were before and therefore Richer yet!

YOU Go Girl

TJ,
"...I have to keep thinking about the progress I have made..." 3 things come to mind regarding this post. 1)Onto the next one. You have to keep your "pipe-line" filled. The more inventory you have the more you can ignore situations like this one. 2)keep your buyers happy. As you continue to shop around and uncover deals it will move much more quickly and easier. While this buyer waits another (buyer) could be anxious for tht next deal. And 3)nice to see you back. I can cancel that e-mail. It will work kido, patince. Good luck.

Thanks for your encouragement and advice! I'm trying to make things happen!
Just made an offer tonight on another property for another buyer. I think the seller, who is an older woman, is emotionally attached to her house and not quite ready to move out to a smaller house, which is what she claims she wants to do. She's living all by herself in a 6 bedroom house. She only stays in 2 rooms--the kitchen and the den right next to the kitchen. I'll call her in a few months and try and renegotiate. When she was showing me around her house she opened up her closet and her deceased husband's suits were still hanging there and she put her arms around all of them...kind of sad.

Still learning what to say and what not to say while going thru houses with sellers. I think I'm pretty good about just letting people talk.

TJ,
good evening. The next time your talk to this lady you may want to consider this. A L/O on a unit you find in the meantime. Simply put, the owner downsizes with money from the sale that she can put towards the new place, you get a fee for the L/O (sandwich lease) and a monthly kick-back (if writen correctly), the owner of the new place gets a tennet that pays monthly. A win-win for everyone. I'm just sayin.

Thank you for coming over to my journal. you asked a question about super wholesaling. Matt and Dean have been talking about it, but basically it is selling turn key properties to out of state investors that are just looking for an ROI and dont want to manage real estate.

I have been loving reading your journal and seeing the deals you are working on and seeing your progress.

I hope to meet you some day. Maybe at the edge event next year.

Thanks
Mikessler

Thanks for your comments. Glad you enjoy reading my journal.

Still waiting on hearing from the title co. about the deal I thought I was going to be making $4,000 on. When I asked the seller last week what she owed on the mortgage, this was her response (via text):
"&66,000 but its not what we borrowed. Mr. ________ (attorney) seems to think they may have tacked on legal fees. I was just thinking what if you offered them $10,000 to see if they will accept that. And then you can pay me the difference of 498,000 for the house. They don't have to know and you won't have to pay $66,000."

Needless to say, I'm of the opinion that my seller's elevator doesn't quiiittte go up to the roof! So this deal is going south real fast.

Went and picked up my bandit signs and was only able to retrieve 2 or 3 of them, so someone is either taking them down or stealing them, or both.

I'm getting to realize more & more how important it is to find MOTIVATED sellers. I told one of my buyers about a deal and he said (in a real low voice) -- "That ain't no good deal to me". It didn't bother me though because he and I have developed quite the friendship and he is mentoring me. You name it, we've talked about it...Obama included! LOL!

I already feel better after typing this.

TJ,
..."Declare that you will prosper despite every difficulty that may come your way. Don't just survive; thrive!" See my previous post. Keep at it, you'll make it.

wow, you are wheelin' and deelin', aren't you? glad to see you're staying motivated and putting in your offers!
Regarding your post about deceased's husband name on title, yes, it has happened to me. When I bought a property in Texas, it was a woman I bought it from, and at closing I was told that title was under both husband and wife's name; but it was all taken care of rather easily; I believe all the seller had to provide to the title co. was the death certificate, and they took care of it.

Keep going girl, you are inspiring many investors here!

Rick,

I'll keep my chin up and keep going!

Valerie,

Yes, the title co. worked out the deceased husband part and sent the seller some kind of heirship form. She signed it and they got it back. Now just waiting on the title co. to check into the lien. My cash buyer was supposed to contact the title co. today and I'm waiting to hear back from him. If this deal doesn't work out I'm not gonna let it get me down. I'm constantly getting calls on my bandit signs so I know that eventually I will persevere! So thankful for the Success Academy, you, Rick and others on DG.com for the valuable advice.

Gotta go make more signs now. Take care!

You have the right attitude! You will win!

Hugs!

Karen

Keep telling me that! LOL! Gotta get out of my JOB! Just got my salary letter for the upcoming year...I'll be making a whole .66 cents more per hour...wow.

Do not despair, keep doing whatever you are doing, it will sure happen and as time goes by you will have more ideas.

Everybody has setbacks, but what matters is how you tackle and take that as a boon and move forward. This is all about application of knowledge.

Bimal
--------------------------------------
Only those who work unconcerned with fruits can work with complete dedication and do justice to their roles. So cultivate this attitude. Do not look at the returns. Just love your work and do it lovingly, just for the pleasure of doing. Even when working for wages, don't equate yourself with the wages. Stand above wages. Let not the thought of wages weigh you down.

Think plenty before plunging. Once you plunge, swim come what may. Let not the thought of gain or loss or success or failure distract you. It is important that you play the game well. Give no care to win or defeat. Keep your spirits high. Don't trade it off for the fruits of work.

The same thing In Sanskrit below:
कर्मणयेवाधिकारस्ते मा फलेषु कदाचन।
मा कर्मफलहेतुर्भूर्मा ते सङ्गोऽस्त्वकर्मणि।
Pronunciation in English below:

Karmanye Vadhikaraste, Ma phaleshou kada chana,
Ma Karma Phala Hetur Bhurmatey Sangostva Akarmani

------- From Hindu Holy Book Bhagawad GITA, this is what Lord Krishna tells Arjuna the warrior.

Thanks for your encouraging words.

I'm working on finding a real estate agent. Does anyone have any good tips for finding a great rea? I had one but she didn't work out so now I'm on the hunt.

Got a call from a man that has 2 houses to sell...one that needs TLC and the other doesn't. He told me the one that needs TLC has a family living there that won't pay their rent. I think the owner is actually afraid to go collect the rent. He told me the man that lives there is "psycho" and actually tried to burn his feet by putting some kind of chemical on the floor. Not sure how I should approach this...I need for someone to tell me what the rehab would cost but I don't want to put anyone in jeopardy...LOL. I feel like the owner is motivated enough because 1) he is not getting his rent and 2) he doesn't want to fool with these people anymore! I asked him if he would lower his price if I paid cash and he said he would--just not sure how much he would lower it though.

TJ,
Good afternoon. IMHO,You can check eviction laws there (as a back-up) and renegotiate with the owner (after your contractor friend looks at it). Find out what foreclosures are going for and go JUST below that (minus repair cotss) for a big enough spread this way you got wiggle room to work with your buyers. IMHO, for what it's worth.

Sheriff TJ on the case, over and out.

your just a youngster at 53yrs ah not even broke in yet, good job, Jim

Jim,
Hate to break it to ya, but I'm now 54 yrs. old! Time's a wastin!

Rick,
LOL! First of all, what does IMHO stand for? (In my humble opinion?) And yes, I need to find out what the eviction laws are here in Texas. The seller called me back tonight and wants me to pose as an inspector when we go look at the house this Friday. He's really got me worried about the tenants. I'm thinking I need to carry me some mace when I go! I'm serious! I really need to get a concealed weapon license so I can start carrying a small pistol with me wherever I go.

I think I may actually be able to wholesale this house because the seller told me tonight he & his wife do not want to deal with this anymore. I think he would take just about anything so as not to have to deal with these tenants.

TJ,
Seriously..... Againn in my humble opinion (IMHO), I would be more causious. REI is fun, NOT DODGING BULLETS. And no you don't need a weapons permit. Let me make my earlier post clear. Have the homeowner engage the athorities and the leagal system to leagally get this tenet out. SERIOUSLLY! This tenet can snap and is looking for assisted suicide and you may become a victom. I'd feel much better if the Sheriff's department deal with it. Besides, they have a SWAT team....IMHO. This deal can wait if you REALLY want it. Keep communicating with the homeowner and buy it AFTER the tenet has vacated it.

If you buy a property, it is the seller's responsibility to deliver it vacant if there is a non-paying tenant in there.

Karen

I misunderstood the seller. The tenant was not the dangerous one...it was someone else! So, no worries! We went by the house today and my cash buyer & I are going to make an offer on it and another house (one price-2 houses). My cash buyer actually asked me what I need to make on these deals. I want him to keep buying from me, so I told him $1,000 for the older house and $2,000 for the newer house. I told him I wanted this deal to work out for us so I wasn't greedy. So he's going to put together an offer and email it to the seller and see if he and his wife will accept it. I'll be praying tonight about this!

In the midst of all this, I fell and sprained my ankle yesterday and went to urgent care today to make sure I didn't have any broken bones. It's just a sprain...whew! This hasn't kept me down though--I still went and looked at a mobile home yesterday after that happened. LOL!

Teresa,

Joel is a wonderful minister. I follow his ministry as well.

As you can see, you have a lot of caring people here to support you on DG.

Stay Focused
RER

Thanks for your kind words. Yes, there are a lot of caring people on DG.com.

Today I got a bird dog fee of $1,000 for the house that I mentioned above (the seller had 2 houses to sell). Very excited because this is my first check! My buyer negotiated with the seller and got him down to $22k. My buyer asked me how much I wanted and I told him $1,000...so that's what I got! When my buyer dropped off the check today, he told me I really need to make more and that perhaps we could do a deal together and I would receive a percentage and that I would make more money that way. Yes!!! I have a buyer that wants me to make a lot more money!! Love it!!

I'm still trying to learn the market around my town and I trust my buyer. He's helping me learn how much to offer on a property.

I've made a copy of this check and will be framing it! Tomorrow I'm going to the bank to deposit it. Also tomorrow I'll be putting out more flyers. Gotta get more deals!!