3 owners.........2 want to sell, 1 hold out.....Anyway to get this deal done??

General Real Estate Investing
1

No mortgage on this property…Mother in law took out equity loan on HER residence (which she owned free and clear, don’t ask) so her Daughter and her THEN husband could buy THIS home. They used mommies EQUITY LOAN CASH to buy the home outright, NO MORTGAGE. They were making payments to the mother in law until HUBBY (who was the only one with a JOB) found a new girl friend and left wifey.
Now mother in law is in a PANIC. The equity loan was on a 3 family she lives in, so the rents she used to collect and LIVE ON now go to her EQUITY LOAN. She wants OUT of this other property…NOW!!!

Mother, Daughter, Son in Law on deed. Daughter has NO INCOME…Hasn’t even hired a divorce attorney (no money) They are behind on property taxes.

Mother and Daughter want to DUMP this property for short money…They tried to get the hubby to sign off…NO RESPONSE.

I have offered them LESS than HAVE market value ALL CASH…They want to take it…

Is there any way to force the husbands hand??? I’ve tried leaving a few messages for him…NO RESPONSE…I think he wants to see his witch mother in law go down in flames on this…Even if that means walking away from a portion of the proceeds…

Because there is NO MORTGAGE on the house…the only thing that is owed is back taxes/water/ sewer …He’s a druggy and doesn’t work now, so he has no way of coming up with the back tax money…(LOSER VILLE) The property is surprisingly, in a nice blue collar neighborhood…Probably $50,000 NET profit in this deal if I can get hubby just to SIGN…I’ve told him he’s walking away from thousands of dollars…NOTHING!! NO RESPONSE.

Or any other ideas???..I know I can bid on it at the tax lien sale if it comes to that…But was wondering if anyone had any other ideas…This SOAP OPERA STUFF is a first for me…I usually just buy straight forward broken down houses with CASH. This is my first LOVE TRIANGLE!!!

Any ideas???

2

You could force a sale if you buy out the mom and daughter’s position. It should be easy since it sounds like he doesn’t have any money to fight you.

3

How would this be accomplished??

4

I don’t know the specifics for your state, but it goes something like this. The mother and daughter deed their interest to you. Now, you are a co-owner with the son in law and can initiate a sale by partition, which is basically a court-ordered sale. Unfortunately, it is like any other lawsuit and it could be several months before you get in front of the judge. I would suggest an introductory conversation with an attorney who has done this in your state. Most don’t charge for an initial consultation and he will tell you exactly what’s involved and how long it will take. Then, you will have some information to determine if the deal still makes sense.

5

Thanks!!!

6

The HELOC is on Mom’s house… not your target property?

The fact that the Daughter/Deadbeats were “making payments” indicates some form of “loan”… buy THAT loan out and get a judgment - then perfect Judgement lien on the target property, as it is otherwise free and clear.

If the deadbeat one has any outstanding bill that you can buy, sue, and get a judgement for, you can then pursue any asset he has even partial title to.

Your problem is you cant serve process on the Deadbeat here…

7

Can you send the deadbeat a certified letter offering him $500-$1,000 for his “inconvenience” in coming to XYZ Title Company with his ID so he can sign off on the property?

Which he has to do within 7 days. There is a check waiting for him there.
Just like buying off a bad tenant.

Good luck and let us know how it goes.

Furnishedowner