How would U handle this? (by Roy [AL]) Jul 19, 2019 8:03 AM
How would U handle this? (by Richard [MI]) Jul 19, 2019 8:20 AM
How would U handle this? (by mike [MO]) Jul 19, 2019 8:21 AM
How would U handle this? (by Roy [AL]) Jul 19, 2019 8:30 AM
How would U handle this? (by NE [PA]) Jul 19, 2019 8:34 AM
How would U handle this? (by David [NC]) Jul 19, 2019 8:51 AM
How would U handle this? (by Deanna [TX]) Jul 19, 2019 9:07 AM
How would U handle this? (by Roy [AL]) Jul 19, 2019 9:23 AM
How would U handle this? (by plenty [MO]) Jul 19, 2019 9:23 AM
How would U handle this? (by Ken [NY]) Jul 19, 2019 9:54 AM
How would U handle this? (by myob [GA]) Jul 19, 2019 9:55 AM
How would U handle this? (by myob [GA]) Jul 19, 2019 10:00 AM
How would U handle this? (by AllyM [NJ]) Jul 19, 2019 10:11 AM
How would U handle this? (by Richard [MI]) Jul 19, 2019 10:13 AM
How would U handle this? (by Deanna [TX]) Jul 19, 2019 10:34 AM
How would U handle this? (by Roy [AL]) Jul 19, 2019 10:38 AM
How would U handle this? (by DJ [VA]) Jul 19, 2019 11:22 AM
How would U handle this? (by DJ [VA]) Jul 19, 2019 11:24 AM
How would U handle this? (by Roy [AL]) Jul 19, 2019 12:47 PM
How would U handle this? (by Landlord ofthe Flies [TX]) Jul 19, 2019 4:15 PM
How would U handle this? (by JKJ [MA]) Jul 19, 2019 4:31 PM
How would U handle this? (by Roy [AL]) Jul 19, 2019 5:12 PM
How would U handle this? (by Deanna [TX]) Jul 19, 2019 6:02 PM
How would U handle this? (by Deanna [TX]) Jul 19, 2019 6:02 PM
How would U handle this? (by Roy [AL]) Jul 19, 2019 6:11 PM
How would U handle this? (by Deanna [TX]) Jul 19, 2019 7:04 PM
How would U handle this? (by Hoosier [IN]) Jul 20, 2019 9:36 AM
How would U handle this? (by Roy [AL]) Jul 20, 2019 10:25 AM
How would U handle this? (by Ken [NY]) Jul 20, 2019 12:21 PM
How would U handle this? (by Don [PA]) Jul 20, 2019 12:50 PM
How would U handle this? (by Roy [AL]) Jul 20, 2019 1:45 PM
How would U handle this? (by pg [SC]) Jul 20, 2019 3:27 PM
How would U handle this? (by Ken [NY]) Jul 20, 2019 4:30 PM
How would U handle this? (by Roy [AL]) Jul 20, 2019 6:01 PM
How would U handle this? (by Roy [AL]) Posted on: Jul 19, 2019 8:03 AM Message:
Yesterday I was at a vacant house of mine (ie. tenant who skipped-out last Sunday) and I was approached by a family of immigrants who did not speak a word of English. They had a 12 year old son who was fluent in both English and Spanish and he made it clear to me his parents wanted to buy my house even though I had no real intentions of selling it. (I will sell anything if the price is right and for a quick no-hassle closing). So, back and forth negotiations soon began with the 12 year old as the interpreter.
Long story short, after 45 min, we finally came to an agreement on an ALL CASH price,..$35,000.. The immigrant family (from Guatemala) showed me a legitimate bank statement from a local credit union that showed the cash money was in their account. Yesterday, they were willing to go and get $35K in CASH and hand it over to me in exchange for the keys to front door!
What would you have done at this point ? I will explain what I did later on but for now, I would like to hear from you all,...assuming something similar has happened to you. --68.63.xxx.xxx |
How would U handle this? (by Richard [MI]) Posted on: Jul 19, 2019 8:20 AM Message:
I would:
1. Check they are here legally. Despite my interest in cash, imho, participating in the problem does not help solve the problem.
2. If they are legal, go with them to bank, get cert funds, then to escrow company.
3. Have escrow company do all paperwork, title.
4. Have escrow company close deal.
5. Get money from escrow at closing.
6. Ask buyers if they know anyone else who wants a home. You never know. --172.222.xx.x |
How would U handle this? (by mike [MO]) Posted on: Jul 19, 2019 8:21 AM Message:
write a contract. 5k earnest money. closing at title company in 5 days to ensure title is transferred and ensure no liens ect --99.82.xxx.xxx |
How would U handle this? (by Roy [AL]) Posted on: Jul 19, 2019 8:30 AM Message:
Richard,
They have relatives that own (not rent) the house two doors down,...they have been living with their relatives for some time now and have saved money for their own house. These people have jobs here and they are hard working people. Why does their legal immigration status matter? --68.63.xxx.xxx |
How would U handle this? (by NE [PA]) Posted on: Jul 19, 2019 8:34 AM Message:
Roy, take this through the proper channels. --50.107.xxx.xx |
How would U handle this? (by David [NC]) Posted on: Jul 19, 2019 8:51 AM Message:
If the price is agreeable then I would turn it over to my RE attorney and tell him to do all the paperwork and in a week or so I'd have sold a house. I would feel obligated and honor bound to do everything legally so the buyer is protected - clean title, etc. I would run the proceeds through the business, pay taxes, etc. no shady stuff here.
--65.188.xxx.xxx |
How would U handle this? (by Deanna [TX]) Posted on: Jul 19, 2019 9:07 AM Message:
I do all our closings through a title company. (That was when I also discovered that they weren't allowed to handle more than [$500? $900?] in cash. I had to go across the street to the bank, convert it into a cashier's check, bring the cashier's check back, and then have them go back across the street to cash it out.
There's too many unscrupulous people around who will take advantage of stuff. Doing it properly through the title company lets everyone know it's a square deal, done aboveboard.
I had that house I'd bought at tax sale. We put off securing it, because we were busy elsewhere, and the former owner was a single mom. She wasn't living there, but she was storing some nice stuff there, and I wanted to give her some extra chance to get it out (rather than having to dispose of it). About two months after the tax sale, they were emptying the house (unbeknownst to me) and some people I knew walked past. "Hey, is the house for sale?" "How much do you have?" And they gave her a quitclaim deed for $4k cash down, plus $x/month for y months.
A week or two later, we're driving by, and we see a bike parked outside. "Huh!" So we knock on the door. "Excuse me, who are you?" "I'm cousin to the people who own this house." "You're not my cousin." :P
We helped them get their $$$ back. If they had tried getting their $$$ back without us, the former people would have just laughed... but they knew we could cause biiiiig trouble for them for what they did.
But that's one example of how people are anxious to cheat honest people who work hard and save up and aren't sophisticated enough to know what they're buying isn't worth the paper it's printed on. --96.46.xxx.xx |
How would U handle this? (by Roy [AL]) Posted on: Jul 19, 2019 9:23 AM Message:
Deanna,
Yesterday, I thought about all of the unscrupulous LLs that I have met over the years that would have taken the money, handed over the keys and not even written a Bill of Sale.
Yes, I will be taking this through the proper channels. I called my attorney yesterday (who closed this house for me when I bought it in 2006). We have a 'quickie-closing' set up for 3:00p.m. this afternoon. At 2:30p.m., I will meet the buyers again, with their son, at their bank to get a Cashier's Check made payable to my attorney's Escrow Account.
This deal could fall apart if the buyers change get cold feet and change their minds. No big deal here, I will just get the house cleaned up and rent it out again,..which is what I have done for 13 years.
--68.63.xxx.xxx |
How would U handle this? (by plenty [MO]) Posted on: Jul 19, 2019 9:23 AM Message:
I'd find an of age person to negotiate and communicate with them. But yes I'd be selling. Make thrm proud home owners. Fix anything you know is terribly wrong so they wont have a huge expense right away. I'd sell. Get an of age interpreter ....Close at tile company. --99.203.xx.x |
How would U handle this? (by Ken [NY]) Posted on: Jul 19, 2019 9:54 AM Message:
Roy,Assuming the house was paid off and title was clean I would have gotten there info and gone home and prepared a deed,met them an hour later and helped them get the cashiers check made out to my company,signed the deed and got it notarized,signed the docs that go with the deed and I would have gone and filed the deed at the county and brought them a copy back and they would have owned the house within hours.If this waits too long someone else will be selling them a house,unsophisticated people don't understand or honor contracts,they simply don't get it,i learned this buying from these type people,fastest one there gets the purchase or sale.
Deanna,if your people gave a quit claim deed after the fact little legal trouble could have happened to them,that is exactly the use for a quit claim deed,you would have been the one with a problem since your house would have a stain on the title,was the deed filed? if yes you need those people on the deed to sign a new deed to you to straighten out your title,if it was not filed I hope you got the original and destroyed it so it doesn't get filed. --72.231.xxx.xxx |
How would U handle this? (by myob [GA]) Posted on: Jul 19, 2019 9:55 AM Message:
Get a sales contract made up with all pertinent info including DV - with picture, SSI #, earnest money. Get it signed and notarized.
Call your accountant and RE atty. They may not be able to buy property in US if there not. -- they would be considered foreigners and this could come under foreign sales transaction and be covered by IRS laws. If you can sell-- do Quit Claim deed to them and not sure but a transfer tax will be due so the city knows who the new owner is and tax bill will be sent to.
Since they have a bank account they have SSI's? Lets hope. Green card or US citizen?
--99.103.xxx.xxx |
How would U handle this? (by myob [GA]) Posted on: Jul 19, 2019 10:00 AM Message:
Roy it is up to purchaser to get title insurance-- not seller. That would be one of my stipulations on the sales contract-- they were advised of that-- and up to them. --99.103.xxx.xxx |
How would U handle this? (by AllyM [NJ]) Posted on: Jul 19, 2019 10:11 AM Message:
I think it's nice for you and for people who come here to make our country better by being good homeowners. However, I really hate the fact that all these unknown people are storming the borders and we have no idea of their purpose or intentions. Where did they get all that money? A drug cartel maybe? I am not going to help any of them. No way. NO how. When I try to deposit $1200 cash rent I get a lot of questions at the bank and they want to know who I am even though I have been going there for years. But you are just taking this money which could be drug proceeds and no one cares??? --173.61.xxx.xx |
How would U handle this? (by Richard [MI]) Posted on: Jul 19, 2019 10:13 AM Message:
Roy,
Regarding weather they are legal or illegal.
If they are legal, fine. Plus what MYOB said regarding foreign buyers.
If they are illegal, well, we have a big problem with illegals at this time. We can work to stop it or not.
I have no problem with those who come here legally. --172.222.xx.x |
How would U handle this? (by Deanna [TX]) Posted on: Jul 19, 2019 10:34 AM Message:
Ken, the key thing was that I had a copy of their letter that showed they knew the house was being sold for unpaid taxes, which stated back in February that it was going to be sold in August if they didn't get their act together. It had been left lying around on a coffee table, and I snapped a picture when we did our walk-through on the day of purchase. So I could thereby prove they knowingly sold a house in October that they had been told back in February was slated for sale in August. That would presumably escalate it into fraud territory. Depending on how you argued the value of the house (1000 sf on a triple lot)--- it's not something I'd care to take my chances on, if I was on that end of things. :)
I could be totally wrong, of course. :)
Anyhow, in Texas, when a house is sold for taxes, the former owners have six months from the date of the sheriff's deed to buy it back from me for my bid + 25%, through the attorneys who conducted the sale. (If it's agricultural land or a homestead, you have a 2-year right of redemption, but I could document it was uninhabited.) When a house is sold for taxes, all of the contents on the property also immediately convey to me as well.
But the point being, they no longer had any ownership in the property to convey in October, because it had gone to me in August. Everything gets wiped clean at tax sale.
So, if we were going to get all grumpy about things, we could not only have held the prospect of a felony over their heads, but we could also have made noises about the value of the antiques and stuff they had carted out of the house. We had photos of that as well, and I'm sure we could have found some good appraisals regarding the value of the missing property. :) There were a few things I wouldn't have minded keeping!
The courthouse stuff wouldn't have cost us anything apart from filing fees, but we could have run them up a very nice attorney bill in the process on top of it all.
So it was easier for them to do a refund and go hide. Because the guy who initiated the sale and wrote the deed was her father, and he had already left town on child pron charges. She was only sticking around to get her kid through high school.
Nice people. Terrible sense of rise/run/angle, though. --96.46.xxx.xx |
How would U handle this? (by Roy [AL]) Posted on: Jul 19, 2019 10:38 AM Message:
Richard,
The #1 reason I have a RE attorney is to handle all LEGAL DETAILS associated with my RE deals,..whether I am the buyer, seller or the LL. I would like to assume that immigration status is a legal issue and that would be my attorney's problem to solve and not mine,...am I correct?
This is not a normal RE sales transaction. There will be no Title Searches, No Inspections, No Disclosure statements, No Termite Bonds, etc. ...all my attorney is going to do is create a Settlement statement, a Warranty Deed, and make sure any Property Taxes are pro-rated properly. The new Deed will get recorded at the courthouse. --68.63.xxx.xxx |
How would U handle this? (by DJ [VA]) Posted on: Jul 19, 2019 11:22 AM Message:
What would I do? Depends. I would have to consider:
How much is the house worth - not just sale price, but how profitable is it every month?
Is it a headache house, or a smooth-sailing one that gets good tenants easily?
What better thing would I do with that money?
Right now I want income-producing property. So, if it is cranking out profits, I would keep it. If I thought I could invest that money in a different neighborhood / property that would net more $ each month/long-term, I would sell it. Through the title company I normally use. --68.10.xxx.x |
How would U handle this? (by DJ [VA]) Posted on: Jul 19, 2019 11:24 AM Message:
I see in your last post you are selling.
What do you plan to do with the cash? Planning a vacation, or 5 more cheap houses? --68.10.xxx.x |
How would U handle this? (by Roy [AL]) Posted on: Jul 19, 2019 12:47 PM Message:
DJ,
The very first thing I will do is pay off the existing mortgage on this house,...I owe $16,500. I will take the reminder and pay-down my business LOC. I am trying to become debt-free so that I can join the Dave Ramsey debt-free club. --68.63.xxx.xxx |
How would U handle this? (by Landlord ofthe Flies [TX]) Posted on: Jul 19, 2019 4:15 PM Message:
I would personally insist that they get some Spanish speaking legal representation so that you don't have to discuss real estate contracts with a 12-year old and hope it gets translated exactly.
This could go horribly wrong and you'll look like you're taking advantage of a poor immigrant who only wants to make a better life for himself and his family. You'll be the face of evil on every news station. --108.69.xxx.xxx |
How would U handle this? (by JKJ [MA]) Posted on: Jul 19, 2019 4:31 PM Message:
I’d make sure they have someone older than 12 to translate for them regarding the sale of a house as others have said. I could see how that can come back and bite you. This is a question, what are the guidelines for a contract to be legally binding? I can’t imagine a person that can’t read, write, or speak English signing a contract that was interpreted by a child being on the “legally binding” list!! --71.248.xxx.xxx |
How would U handle this? (by Roy [AL]) Posted on: Jul 19, 2019 5:12 PM Message:
Folks,..it is 4:08p.m. and it is a DONE DEAL. Just left my attorney's office and the buyer had his bi-lingual brother-in-law there to translate. Everything went smooth without a hitch. I wish all RE sales could be this simple. This would meet my definition of a 'quick no-hassle' closing.
Richard- After the closing was over and the buyer had left, I asked my attorney if the buyer's immigration status had any bearing on this transaction. His reply was: in AL, not one diddly squat.
--68.63.xxx.xxx |
How would U handle this? (by Deanna [TX]) Posted on: Jul 19, 2019 6:02 PM Message:
Congrats on a straightforward transaction. They have una casa, and you have su dinero. Everyone's happy! :) Muy bien! --96.46.xxx.xx |
How would U handle this? (by Deanna [TX]) Posted on: Jul 19, 2019 6:02 PM Message:
(Haha, muy bueno.) --96.46.xxx.xx |
How would U handle this? (by Roy [AL]) Posted on: Jul 19, 2019 6:11 PM Message:
Deanna,
Lets not pop the champagne cork just yet,...the tax man has to get his share too. I have 13 years of Depreciation on this house and that will come back and bite me (recapture).
--68.63.xxx.xxx |
How would U handle this? (by Deanna [TX]) Posted on: Jul 19, 2019 7:04 PM Message:
Blah... the tax man. :(
--96.46.xxx.xx |
How would U handle this? (by Hoosier [IN]) Posted on: Jul 20, 2019 9:36 AM Message:
Sorry I got in late, good job!
Glad you got an adult interpreter and had an attorney involved. --99.92.xxx.xxx |
How would U handle this? (by Roy [AL]) Posted on: Jul 20, 2019 10:25 AM Message:
Hoosier,
This house was a cash-cow money maker and there will be people who will want to know why I would sell a house like this. If I had been approached by another investor, my answer would have been a flat no. However, I got approached by a family of hard working people and they had saved money just for this purpose. I have a soft-spot in my heart for people like this and they wanted a house to live in. I know they will take good care of this house just as I did.
The most an astute investor would pay for this house would have been $25K. I got $35K mainly because people who want a home to live in, generally buy with their emotions more than anything else.
P.S. After the closing was over, the bi-lingual brother-in-law asked me,..."Do you have any more houses for sale?" --68.63.xxx.xxx |
How would U handle this? (by Ken [NY]) Posted on: Jul 20, 2019 12:21 PM Message:
ROY,I hope you told the brother in law yes,you could get in good with a whole community of immigrants and as long as you treat them well you can sell lots of houses just like that one.You are good at finding deals,i would like to challenge you to find another deal cheap,pay cash,clean it out and mow the lawn and sell it quick,i think you could make more money doing that with that chunk of money than buying another place and fixing it up and renting it out.What do you think? --72.231.xxx.xxx |
How would U handle this? (by Don [PA]) Posted on: Jul 20, 2019 12:50 PM Message:
Roy, what difference does it make if they are illegal? There are laws regarding foreigners buying property and also rules about using cash for large transactions. Both require reporting to the federal gov' at settlement. --69.248.xx.xx |
How would U handle this? (by Roy [AL]) Posted on: Jul 20, 2019 1:45 PM Message:
Ken,
Are you referring to the ole 'flipping game'? Back in 2007, I use to have 2 other partners (they supplied the money and I was the working partner) and that lasted until the RE market crashed in early 2008.
Yes, I could go out and buy another house cheap, fix-it and 'try to re-sell it' but what happens when I can't find a ready buyer with cash? Plus, I have always had a 'buy & hold' mentality. You seem to be just the opposite,...which is fine if it works for you. To me, selling any RE is a major PITA hassle and what happened yesterday was just me being in the right place at the right time. I was at the house changing the locks on the doors when these people showed up out of nowhere. One thing led to another. --68.63.xxx.xxx |
How would U handle this? (by pg [SC]) Posted on: Jul 20, 2019 3:27 PM Message:
Roy
I think what you did will bear good fruit for that neighborhood. How can I say that. We have a guy from Guatemala, came to America 20 years ago as a child, painting our Church. Some of the best paint work I have ever seen. His crew 4 Mexican woman. Pride in his work - neat in his work - conservative in his politics - I enjoy talking to the guy - he says you are due what you earn - in Guatemala there is no safety net/ giveaway so your work or you do with out.
Also - A friend had a crew from Guatemala doing his sheet rock - all my friend said was "amazing" workers.
Lets say you had several families like that. Wouldn't you like to own houses in a neighborhood with people like that?
The 35k - maybe they saved it - unlike most of the C class renters in America who will always be broke.
And your lawyer I agree let him take care of the details legal or illegal.
Some other thoughts - Was it a coincidence they came to you to buy shortly after the other tenants skipped?
Maybe the immigrants new exactly what they were doing. Maybe we should call Trump and say let some more of these people from Guatemala in.
--72.173.xxx.xxx |
How would U handle this? (by Ken [NY]) Posted on: Jul 20, 2019 4:30 PM Message:
Roy,gotta do what works for you.30 years ago a friend of mine bought a house and told me I don't know how you do that,i hated the entire process,fast forward to now and his son is interested in flipping,managing etc so I am teaching the son,we all got a good laugh when I reminded them what the dad had told me back then --72.231.xxx.xxx |
How would U handle this? (by Roy [AL]) Posted on: Jul 20, 2019 6:01 PM Message:
"Was it a coincidence they came to you to buy shortly after the other tenants skipped?"
They had relatives living 2 houses down and they wanted to find a house close to their relatives. It was their relatives that gave them a heads-up that a house 2 doors away on their side of the block had just been vacated by someone (my tenant). So yes, this was all by co-incidence I guess. When I arrived to change the door locks, this family was on the front porch and the kids were milling around in the yard,..'checking the house' out.
--68.63.xxx.xxx |
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