SteveG_Pa 0 Report post Posted October 25, 2010 Ive been in contact with a guy whos selling a property he got at a tax sale. I saw pics online and he said it needed a rehab job and was selling for 8k. Without going to look at it I just said Ill give ya 3k and he said hed accept that offer after the weekend, and I know just enough about tax sales to get me in trouble. Id asked him if it went through both upset and judicial sale, he said as far as he knows yes. He said there would have to be a quiet title to be marketable. I guess my first question is, does he have to do that since he bought it? Or can it be quit claimed or something to another buyer? He called a little while ago so Im hoping its to say lets go on this deal. Ive talked to a few friends and offered it at $4500 2 are interested. Not the best neighborhood, but not the worst. Thanks Steve Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 25, 2010 Steve, this is probably a state specific procedure. Can you call someone local? An attorney or maybe a title company? Share this post Link to post Share on other sites
SteveG_Pa 0 Report post Posted October 25, 2010 Yes Michael, I actually called the tax office after I wrote that, dont know why I didnt think of it first. Got it straitened out though. Can be quit claimed. After walking through the hoarders paradise I got him to agree to an as/is sale for $1500 on a QC. A buyer is going through at 5 for with a price at $4500 so Ill just be assigning it. I think theyll think its a steal, pretty solid place just full of junk. Well see later! Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 25, 2010 Good luck, Steve. Hope it goes as planned. Keep us posted. Share this post Link to post Share on other sites
SteveG_Pa 0 Report post Posted October 27, 2010 Well, that buyer during the walk through noticed all the wiring in the basement had been cut, so I lowered it to 3500 and he said 3k and its a deal. As long as they agree to pay all the closing costs I said its a deal. Waiting to hear back from both the seller, and the buyer. Seller didnt like the option having the property tied up til april though so asked it be rivised to be 30 days lol, but I tried. So I told him id send over a new one with the revision. Michael, or anyone, would you use the same assignment of agreement in your manual to do this? I just put on it that the assignment fee is 1500, get a check from the the buyer for that, give him copies of the assignment and option agreement with the seller and thats it? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 27, 2010 . . .Michael, or anyone, would you use the same assignment of agreement in your manual to do this? I just put on it that the assignment fee is 1500, get a check from the the buyer for that, give him copies of the assignment and option agreement with the seller and thats it?I assume you're referring to the more general Assignment Agreement, and not the Cooperative Assignment specific agreement? If so, then yes, it would suffice just fine. But you'll need to tweak it a bit to fit the specifics of the deal. For example, delete references to tenant/buyer since there is no lease involved. Share this post Link to post Share on other sites
SteveG_Pa 0 Report post Posted October 27, 2010 Thanks Michael, and yes I meant the general agreement. I left it alone simply because it did at least have "buyer" on it, but I can make up another one without tenant on it. Thanks Steve Share this post Link to post Share on other sites
