With any luck the building is mine next week - PeachParts Mercedes-Benz Forum

strelnik · #1 06-09-2010, 09:21 AM

The title says it all.
It has been a battle.
- The executor tried to sell it to a local friend of a friend who low-balled the price asked. The executor claimed " he was a friend of the family, I couldn't say no." So when he wouldn't tell me if I was out of the running, I reminded him of the executor's legal responsibility to provide for the beneficiary. Besides, since the land was not out of probate yet, he couldn't promise it to anyone. Especially if the guy had no ready cash.

I called up the main beneficiary and told him all this. He called back the executor and the estate lawyer and told them both what was going on. They handed it over to a realtor, and I put in a formal bid that is a few thousand higher plus earnest money. So it's on the record

The closing is supposed to be next Thursday at 4:00 pm with the title work already ordered, but I'll believe it when I have the document in hand.

If they try any last minute shenanigans, I am ready.

It's amazing how sloppy these things are and how much money most realtors and lawyers get for doing nothing. Except in the case of mine, she's the only one who did any work.

Pavka007 · #2 06-09-2010, 09:28 AM

Good for you, well done.

dynalow · #3 06-09-2010, 10:00 AM

You put in a "formal bid." What exactly is that in MI?

Do you have a duly signed contract? I hope (and assume) so.

(lotsa back door dealin done in estate dispositions.

)
unless its a familymember, normaly executors take commissions for their services. In many (most?) states, the commission is based on the size of the probate estate. The higher the value, the higher the commission. For an exec to back door sell it to a friend is fishy, and as you say, contrary to a fiduciary's legal responsibilities.

Good luck with the proeprty.

SwampYankee · #4 06-09-2010, 10:08 AM

Good luck! I'll hold off on the congrats for now...

cmbdiesel · #5 06-09-2010, 11:59 AM

got my fingers crossed for ya.

Drezell · #6 06-09-2010, 11:41 PM

Good luck! I hope you get it! If they do try any funny stuff, I know you'll be on top of them for that! Best of luck to you!

suginami · #7 06-09-2010, 11:49 PM

I'm very excited for you after reading all of the other posts about your looking at different properties.

pawoSD · #8 06-10-2010, 12:01 AM

I'm working on my first house purchase currently, keys could be in hand in less than a month.

Two stall garage integrated into the lower level of the house, tons of room, 9ft ceiling, and since it is technically within the house, heated!!! Pretty awesome!

Oh yeah, and the house is pretty sweet too.

strelnik · #9 06-10-2010, 03:15 PM

Quote:

Originally Posted by dynalow

You put in a "formal bid." What exactly is that in MI?

Do you have a duly signed contract? I hope (and assume) so.

(lotsa back door dealin done in estate dispositions.

)
unless its a familymember, normaly executors take commissions for their services. In many (most?) states, the commission is based on the size of the probate estate. The higher the value, the higher the commission. For an exec to back door sell it to a friend is fishy, and as you say, contrary to a fiduciary's legal responsibilities.

Good luck with the proeprty.

The executor has accepted my formal written offer (as opposed to a verbal offer) but I did have to add a couple thou above the initial price to make that happen.

The executor was going to sell it to a local guy who wanted a land contract because he had no money. The beneficiaries said NO when they found out my offer. I called the beneficiaries because the executor had kept them in the dark about me.

Now it's in the hands of a (court-appointed?) realtor, was advertised, I put in a formal offer, showed, I had the funds, offer accepted, details signed off, title ordered, closing set for 18 June at 3:30 EST.

Only need to find out:
1. Which realtor's office?
2. What's the name on the check?

The Saturday after this, I will go to the property with a carpenter and immediately install a commercial person-sized door with deadbolts. Then I will disable the electric door from the inside and board up the windows until I build my hinged shutters which will cover all windows to prevent break-in through the 2' x 4' windows in the building.

Next week, pictures to follow,

There are two antique cars and a boat in there. The next question: Do I seize them or do I get the owners to claim them asap? I just want them out, tho the 38 Chevy might be fun.

strelnik · #10 06-10-2010, 03:17 PM

Quote:

Originally Posted by suginami

I'm very excited for you after reading all of the other posts about your looking at different properties.

I am tired of all this nonsense.

I hate to say it, but in all cases but one, Michigan realtors are the laziest, most incompetent people I have ever met.

strelnik · #11 06-10-2010, 03:18 PM

Quote:

Originally Posted by pawoSD

I'm working on my first house purchase currently, keys could be in hand in less than a month.

Two stall garage integrated into the lower level of the house, tons of room, 9ft ceiling, and since it is technically within the house, heated!!! Pretty awesome!

Oh yeah, and the house is pretty sweet too.

Good luck to you! Hope it goes through the way you want, and that you are spared the struggle I had!

Pavka007 · #12 06-10-2010, 03:48 PM

Quote:

Originally Posted by strelnik

There are two antique cars and a boat in there. The next question: Do I seize them or do I get the owners to claim them asap? I just want them out, tho the 38 Chevy might be fun.

Few years back (2005) I've passed the Realtor State and Federal exam, so I am register Realtor

Never got involved just done the study so I can be in control for my future properties. I hate paying commission for no reason. 6% on a 250K is a lot of cash

Do you know how many W123 I can buy

Anyway the info I can give you is that in the US you don't buy the property. What you buying is the land situated between.......and between....and in one side.....and on the other side.....and the size of the land is..... + everything that is permanently attached to the land including everything left ON the land after the papers are executed (your signature is on). So...if they don't remove the items PRIOR to the closing the papers everything is legally yours.

Just for you to see the other side: in Europe when you buy a property the DEEDS actually describing the building + the land, in the US u get a deeds for the LAND and everything attached....

I hope that this info will help you to make your mind.

strelnik · #13 06-10-2010, 06:55 PM

Quote:

Originally Posted by Pavka007

Few years back (2005) I've passed the Realtor State and Federal exam, so I am register Realtor

Never got involved just done the study so I can be in control for my future properties. I hate paying commission for no reason. 6% on a 250K is a lot of cash

Do you know how many W123 I can buy

Anyway the info I can give you is that in the US you don't buy the property. What you buying is the land situated between.......and between....and in one side.....and on the other side.....and the size of the land is..... + everything that is permanently attached to the land including everything left ON the land after the papers are executed (your signature is on). So...if they don't remove the items PRIOR to the closing the papers everything is legally yours.

Just for you to see the other side: in Europe when you buy a property the DEEDS actually describing the building + the land, in the US u get a deeds for the LAND and everything attached....

I hope that this info will help you to make your mind.

That's interesting, because there is a SS396, a 38 Chevy and a Chris Craft boat in there, maybe I should claim them!

Hatterasguy · #14 06-10-2010, 07:25 PM

Quote:

Originally Posted by strelnik

There are two antique cars and a boat in there. The next question: Do I seize them or do I get the owners to claim them asap? I just want them out, tho the 38 Chevy might be fun.

Vehicals are tough because once they are in your care they are yours until you have title. So your stuck with them. If you damage them the owners can come after you for the damage.

The best way to deal with abandon vehicals is a little under handed, but its how its done. They need to get "stolen." Late one night have a friend with a flat bed pick them up, and dump them on a city street somewhere. If anyone calls you, you know nothing, someone must have broken in and removed them. The city will try to contact the owners, if thats not possible they will be auctioned off.

The expensive option is to track down the owners, this may require a private investigator, or in some cases is simply impossible.

Hatterasguy · #15 06-10-2010, 07:27 PM

Quote:

Originally Posted by Pavka007

Few years back (2005) I've passed the Realtor State and Federal exam, so I am register Realtor

Never got involved just done the study so I can be in control for my future properties. I hate paying commission for no reason. 6% on a 250K is a lot of cash

Do you know how many W123 I can buy

Anyway the info I can give you is that in the US you don't buy the property. What you buying is the land situated between.......and between....and in one side.....and on the other side.....and the size of the land is..... + everything that is permanently attached to the land including everything left ON the land after the papers are executed (your signature is on). So...if they don't remove the items PRIOR to the closing the papers everything is legally yours.

Just for you to see the other side: in Europe when you buy a property the DEEDS actually describing the building + the land, in the US u get a deeds for the LAND and everything attached....

I hope that this info will help you to make your mind.

Not true at all. Unless its attached it does not run with the land, motor vehicals have seperate title. Certain fixtures can also be exempt in some cases, like appliances or lights, but it can include trade fixtures like parts washers.