Lost Another Chance At A Property
I made a good offer on a property that the "seller???" said looked good. I could have closed in 3 weeks with a loan that I have been approved for. This "seller" is a flipper. His name is not on the deed. So I asked that he verify that he could legally sell this property, thinking that he could produce an assignment or something of that nature.
The deal fell through the next day. He used some excuse about the "owners" deciding to keep the property and do the rehab themselves. I had checked the tax record and deduced that the owner was elderly, seeing as he bought it back in 1952, so I suspect the reason given was not the truth.
I don't think I was wrong to ask for some proof that this "seller" was able to sell this property, but I may have triggered something. Did I? Was I wrong?
I have no problem buying from someone who has gotten a property subject to, but how do I verify that they have the right to sell?
They can sell when they have the Deed or a contract they can assign to you, as far as I know. Or, a Power of Attorney from the owners.
Ladybug
P.S. The title of your post reminded me of the funny guy that says: "Lost another loan to Ditech!"[ Edited by Ladybug on Date 11/05/2003 ]
Yes, you're right, of course. I don't think this so-called seller had the deed or anything. I think that's why he backed out when I asked for verification.
It is always good to ask questions like that. The only reason that someone would not answer is if they had something to hide!
Go get another one!
BAMZ
[addsig]
100 things could have happened. They may have gotten another offer and chose that one. You never know, but the main thing is to move on.