tanyikaj

Is there a trust expert out there that can help me with this. I own title to a house that I have put in a land trust. My LLC is the trustee of the land trust. I flipped the house to an investor by doing what I thought was changing the trustee from my LLC to him. By some mix up the transfer never took place. Now the house still shows my LLC as the trustee. Now the investor - who basically owns the house in my mind as I've had nothing to do with it for the past three years - is selling the house. Since SDAT documentation still shows my LLC as the trustee the title company is requesting that I come to settlement to sign for the seller (the seller being the land trust but my LLC is the trustee). I don't want to sign as seller because the investor is the one selling and he's been the owner for the last three years in my mind. The bank he's using won't allow us to change the trustee to his name (the investors) at this late date. The problem with signing the settlement docs is that the investor is taking back a second from the buyer. I don't want to be tied into that. I've spoken with a lawyer who says I don't need to go to settlement and that I can change the trustee after the closing. However, the title company is saying I do need to be at settlement. How can I wash my hands of this property and this trustee/land trust confusion that has come with it?! Argh! Thanks for any help you can provide. - Nikki

Hello. I have a house for sale that is currently listed retail for $67,900. However, I need to sell it very quickly and am open to hearing your offer. Need cash - no seller financing. The house is a 3/1 rowhome. The address is 4232 Seidel Ave., Baltimore, MD 21206. It has new windows, partially finished basement, appliances included, rear covered porch and is in move in condition (freshly painted, clean carpet, etc.). This would make a great rental. I had it rented for a few years at $750/month. Please drive by, give me a suggested offer and let me know if you'd like to see the inside by leaving a message at 877.500.7050. Thanks, Nikki

I have a tenant buyer who is concerned that there is standing water in the backyard. She says it is uncommonly high and I have no idea what it could be from. She found out because a neighbor knocked on her door saying water was pouring down the alley from her house. Some water is also coming up through the basement floor. I told her to be sure the sump pump is working and to call a plumber but in the meanwhile I wanted to check here to see if any of you have experienced this, what it could be, how to resolve it and how much it might cost her. Thanks.

I have a few questions on doing lease options that I'm a little unclear on: 1.) What happens to my t/b if my owner goes into bankruptcy? 2.) Am I legally covered (in MD) if I only take say, $100 for security deposit vs. a full months rent for security? Might a judge still see that I'm dealing with a tenant vs. a buyer with such a small security deposit? Thanks!

Quick question...all replies welcome. I have a Pure Option on a property that expires this coming Tuesday. Property is a 2BR/1.5BA brick townhome in Bmore. It's been slow moving and is priced really low to sell quick--46K on a 60-67K block. Doesn't need rehab just minor kitchen and bath updates if wanted. Here's my question...I have a guy(an investor) who really likes the house and claims to be able to do an all cash deal however he just put money on a couple of other properties and couldn't put a $500 earnest deposit on this contract until next Wednesday(he's also pre-approved for a bank loan...showed me paperwork regarding this). My normal response is no way but if we were to sign up the deal with him and then collect deposit next week(says he can put $$ on then) would we have a legitimate deal?? If so, we could have a contract by the end of our option expiration, get the property on it's way out of our hands and then hopefully settle (which as a cash dead would be quick) and be done with it. What would you do or whaddya think???

Your detailed responses keep me coming back to your site. I really appreciate it. In ref to the deal, I think I skipped some info b/c as it stands, there is no cashflow at all. Initially I spoke of two houses she's trying to sell. However, after driving by both I realized one is in a neighborhood I'd rather not deal with. The other home was spoken about in my second email. She has a first mortgage payment of 926 and a second mortgage payment of 601. Her four tenants pay a total of 1600/mo. Therefore, it's only a $73 monthly cashflow. The only way I can see doing the deal is moving all the tenants out (I don't feel comfortable dealing with renters, especially transient ones), get a tenant buyer and paying the seller $1000 for the mortgage. This would mean she'd be paying $527 herself/month which I can't imagine her doing since her mortgage is currently covered by the tenants. But this is the only way I can see making any kind of monthly cashflow on a house valued at maybe 145K. If she agreed to this I could do some research to find out what the appreciation rate is in the area. By the looks of things the neighborhood seems very nice. That would be the upside to doing the deal - taking advantage of the appreciation. Again, I can't see her doing this but from lease option info I've read, many people are willing to work with the investor and pay some of their mortgage if it means it will free them from dealing with the headache of the house. Anything I may be missing?