Should I Call The Sons ?
Hi All,
3 days ago, i sent 2 letters as restricted certified mail to a woman who died 6 years ago. That's part of the foreclosure on a tax lien in OKC. The only other parties that showed up in the title search, and to whom i mailed similar "letters" (nothing personalized, just forms provided by the treasurer) are her 2 sons, one living in OKC and the other in Texas. There are no liens on the property other than county tax liens, which I bought.
I am wondering which strategy is best now:
1) Sit idle and wait 2 months hoping the sons won't redeem.
2) Call the sons now and ask them to sell to me the property (duplex + house).
I had already sent, last month, a courtesy letter to the (dead) owner, c/o her OKC son, telling her I would be willing to pay some money for the property, and haven't heard anything.
I never actually saw the property. I hope the cause of her death was not a house fire.
I am leaning towards the first solution, since I can always call them if they actually redeem the property and try to buy it cheap at that time.
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1. Make sure you follow the legal process at a minimum.
2. If you want to go further you can try to track down the son's. Just make sure that anything you do there does not compromise the legal process.
3. As to not knowing what the place looks like. It would be better if you speak with one of the sons if you can at least describe the place. See if you can get someone local to the place to take some pictures of the outside, etc. A local realtor or someone like that who you can pay a small fee to for the photos. Or travel to the property.
John
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Abdenour--(MD)---------------
You say: "I am leaning towards the first solution, since I can always call them if they actually redeem the property and try to buy it cheap at that time."
I think you have got it figured out right. That is what I would do. But, I am lazy.
Good Investing********Ron Starr************
Quote:
On 2004-07-02 12:45, RonaldStarr wrote:
Abdenour--(MD)---------------
You say: "I am leaning towards the first solution, since I can always call them if they actually redeem the property and try to buy it cheap at that time."
I think you have got it figured out right. That is what I would do. But, I am lazy.
Good Investing********Ron Starr************
Hi Ron and John,
Actually, I am lazy too. And don't like negotiating. That's the real reason why I prefer solution one. My earlier explanation is more of a rationalization. There is a risk though: that they call one of those "I buy houses" ads in the paper and sell it cheap to an investor, who will then redeem.
John, could you give me an example of something that might jeopradise the legal procedure ?
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