No Word From Owner After Signed Contract
Signed a P&S with owner. Some issues came up with title. We had to do a quite title. In the mean time I had owner sign a 1 year lease option and pay her 300 per month with a 150.00 credit. I can resell or rent the house to someone. I sent one check and it was cashed. I have not heard from owner in 2 months, She did not cash my 2nd check. I cant contact her and she does not return calls. Next check is do. Do I send it registered.
The house is in a fast appreciating area. Can I record LO at county recorder just in case she is trying to resell. Can I do quite title work and force the sale. Thanks, Jim
What was the problem with the title? Is the owners name on it and has it been notarized?
To get in contact you might check the bank it was cashed through.
You can also check the recorder office to see where the tax papers are being sent for contact info.
If the LO was notarized with the owners name and signature, then you can record the LO.
I would definitely send the next payment register with return signed receipt.
Lisa
Thanks, I know where owner is and yes she is on title. She does not respond to emails and calls. P&S is notarized but not Lease option.
Quite title was done because when she prchased years ago seeler was married and said he was divorced. I will send registered and record option. Thanks
I would certainly meet the tenants and do all the appropriate checks. It sounds like you are buying a place and the person that is selling it is placing tenants? Just realize they have no incentive on getting you quality tenants. Once the property is yours, section8 would send you a check every month and the tenant would send you the remainder of the rent, if there is any.
On section8 tenants, credit checks aren't worth the money to run. You do want to check sexual predator status, criminal background check and small claims (evictions/judgements)
GL
[addsig]
thanks ray
If you have a bank account in your business name then you might have them write the checks to the business name. I keep a separate checking account just for my properties. The bank statement and my register entries are then journal entries for my RE business.
Many section 8 tenants do not have bank accounts. The most common alternative is money orders. I do not accept cash for payment of rent. My tenants mail their checks to my home, however, if that is objectionable for you, then you can get a P.O. Box number.
Who is the seller? Do you trust them? Did you do your due diligence? Your post reminds me of a lot of calls I get from newer investors. A "senior" investor gives you a great deal on the house and offers the service of placing a tenant. You wind up with a crappy over-priced house with poor tenant or vacancy and a mortgage you can't afford. Did you check what Section 8 pays for that size home in that county? No offense if you've done all that already, I just don't want to see you get fleeced.
Pay a service to screen the tenant for you, ie background/criminal checks etc. For $35 you can get all that plus employment interviews and previous landlord interviews.
In Georgia you can have DCA/Section 8 direct deposit the rent into your bank account.
You are right levine,
this will be my first property purchase. I do not know the seller at all. Never met him. All of the dealings have been worked thru his associate. The comps seem to match the area and the price is 20k below FMV. I wouldn't know for sure until i have the property appraised i supposes. $35 isn't much to have the tenants checked out , i will definitely do that.
You are right levine,
this will be my first property purchase. I do not know the seller at all. Never met him. All of the dealings have been worked thru his associate. The comps seem to match the area and the price is 20k below FMV. I wouldn't know for sure until i have the property appraised i supposes.