Would Anyone Touch This House?
My new Step Mother wants me to sell her house in Port Author, Texas. It's the one she grew up in and she says she can't remember when it's had a new roof (she thinks in the 20's...... 
yeah, that was my response, too) .
She tried to owner finance the house three years ago to a couple and they still haven't bought the house. They, clearly, are in control. The contract was voided two years ago when they decided not to buy the house and she hasn't been able to sell it or get them out since. They've been on month to month and they won't pick up any registered letters. No, she's not really strong in forceful behavior so I'm pretty sure she hasn't gotten nasty about it.
The house appraises at 46,200 and she's two years down in taxes (about 3,300). she says she'll take 40 for it. my question is this.....I'm not sure what to do with this thing. It's a very old house, and it's a long trip for me to go see it. Does anyone here think it's a good idea to try and sell this house, in any way? I don't mind helping her, but I'm not going to waste my time. I'm in the middle of due dilligence on the house and she's going to fax me her original contract with these people today. Would anyone else touch this house with a ten foot pole? Best course of action to get rid of the house?
First off, we need to ignore the appraisal and you need to pull comps on the home to see what it is worth right now. If the home has value fixed up then it may be worht pursuing. You may also find that your relative is expecting too much at $40k. I'd want to help, but I wouldn't put myself into a bad situation to help.
If the home is worth let's say $80k fixed up and it needs $20k in work, I would offer her around $36k maybe less.
You may find that the home is worth only $70k, in which case I would only pay about $25k for the home, maybe less.
Bottom line, if you can get it for the right price, I'd touch it with a ten foot pole, and maybe even with my hands.
[addsig]
Working with family is very touchy! Good luck
Years ago, one of my daughters, coming out of a disasterous marriage, found herself the possesier of a house in one of our beach communities that was inhabited by non paying lovely young people who spent their life in pursuit of nirvana by chemestry. Some sort of a new religious experience. I went to call on them and found them charming but when it came to money or rules of normal behavior, well I can only say, they were highly challenged. In any case I helped load them all into their VW bus with the strange symbols painted on it and away they went. In search of a Guru non related to Real Estate.
I examined the house which appeared to be lonly and forlorn with all the bright shining people gone. It took about $15,000 and a large whip plus all of my time.for about 30 days. At the end of that time half deaf from Ranchero Musico played at full volume. I had the last Beer with the troops who were off to visit their parents, wives et al in Guatemala and I offered the house for sale. As is my wont I filled it with a little classic music, flowers and an Ames Chair and Ottoman a pair of Barcelona Leather Chairs and a surfboard table from Herman Miller. I showed it twice and had an offer all cash about three times what it was worth. .
I could not find my daughter who was attending a retreat in Napenthy but after a day or so she returned. Walked into the house, an instant love affair. She moved in the following day and has been there ever since. The $15,000, the month of committment, the sketches the battle with the building department all that good stuff. Forget it, she is my daughter a write off in exchange for the pleasure of her company. Pleasure, the most sarcastic arf arf I have ever known.Her ex husbands have been known to join monastic orders just to enjoy the silence after llfe with her.
The Morale: Do not do business with your family unless all agreements are in writing and that document done by an attorney and Notarized by a priest!.
The End. Lucius
OMG! That was hilarious! Thanks I needed that.