“a landlord-tenant relationship is formed between the new and former owners”
exactly!! which is WHY CB should not allow the sellers to manipulate her into letting the brother stay.
The sellers can be the ones to put him up someplace, with proceeds of the sale.
the brother should NOT be CB’s problem, but he WILL be if she gets suckered into letting him stay…
Cynical gut instincts…
Brother is going on a “hiking” trip.–Code for he’ll be homeless.
“You take responsibility” for getting our brother to move out–Code for our brother won’t listen to us.
Brother will be out in “15 days”–Code for it won’t be our problem if he isn’t…
Daughters have signatory power, and if mom isn’t listed as one of the trustees, she could have early dementia–maybe mom promised the brother he could live in the house until he died… And the sisters don’t want to go through the eviction process.
We need cash deal fast–Code for mom’s being continually evaluated in assisted living and needs more services than we have cash-on-hand to pay for, and we’re starting to panic.
CB, please don’t let your excitement at finding a profitable property stop you from listening to your gut; it could derail your business for months…
12 Point Loma
I have decided to purchase the property. I had two smart contractors go through this morning and that makes 3 sets of construction eyes that have been through the house. Without going into any details that might get to another party interested at this point - I am going for it.
My situation right now is that I am sitting on a counter offer and so is the other offer. If I sign it, I am in contract. If I start writing up other counter offers against it… we start counting off more days that even more people could start coming into the picture.
We are working through details of getting brother and a lot of crap out of the house. It’s leaning towards brother being out of house before escrow closes.
Maystarmom - hilarious! I love it. I do believe that the sisters are dealing with Mom who may have promised brother that he wouldn’t be ‘kicked’ out fast and/or Mom feeling sorry for brother (believe me, the sisters are not feeling sorry for the brother).
I originally wrote my offer that $$$ would be released from escrow deposit within 3 days to assist with moving expenses for brother. They missed the detail and so I think we are all in agreement now that brother will be out before close of escrow.
Without revealing too much (I’m trying to be extra careful), the sellers came down 66% of the difference between us and I will need to go up 33%. Agents are telling me that this is as far as they will go - do not try to counter back on price. I believe them on this.
This is a tough crowd! B-) I am too much of a wuss on these issues, I guess, although my antennae did go up at the idea of creating ANY situation that could be interpreted as making the brother a tenant. That way lies disaster.
I just have sympathy for all involved in this situation, including coralbrook AND the brother.
This sounds like an exciting project. I look forward to it. Keeping appendages crossed.
It’s been very interesting to follow the journey on this purchase. Good luck to you!!
I trust your instincts. Looking forward to “demo day” (do you call it that or is that just the HGTV shows?)
I just read that the Playboy Mansion is on the market ($200 million). But as part of any sale, “the 89-year-old Hefner wants to remain in residence for the remainder of his life.” So it could be worse!
I have just been informed that it is not solely an issue of the brother. They can get the brother out. They are overwhelmed with the amount of stuff in the garage. Most of the main house is cleared out, they just have a ton of stuff in the garage that they haven’t had a chance to go through yet.
I am more than happy to make an agreement that they have 15 days to get the garage cleared out. That is no big deal to me.
I will be happy to come over and help go through the garage in my spare time!
Far, far easier to get stuff out of a garage than a person out of a house. When my (weird) sister did the short sale on her house, the buyers had in the contract to get things out or she’d be paying for the bulldozer and rubbish container. She cleared it.
Looking forward to seeing flow this all plays out.
Get the sisters a CC account and they can join The Bag a Week thread and they will lead the pack with their efforts. Of course, they’ll have to post at night because they’ll be busy clearing and cleaning all day long! As always, I’m looking forward to seeing how this one unfolds:)
Would the agents be willing to come off a little of their commission to make this deal work?
I can guarantee that the agents have come off their commission a lot to make this deal work.
Countdown to 5pm begins!!!
Congratulations, cb. I trust your instincts and I trust what you’re doing. I’m eager to hear what the final price and details are, once all the i’s are dotted and the t’s are crossed. This sounds like it’s going to be a ginormous project, and I can’t wait to go along for the ride!
Remember from the last thread that you decided not to post the address. You should PM those of us who want to follow along.
College Confidential Amazingness!
Hopefully I am going to be able to explain this without revealing anyone’s identity. It is important to keep privacy as much as possible.
About 2 weeks ago my agent received an email from someone who lives in the general neighborhood of my last flip. They inquired on whether the woman who flipped the house was interested in taking investors. They were impressed by the remodel and quality.
I got into contact with the person and they revealed that they had ‘found’ the CC blog (by using address) and they were impressed with ethics and honesty. Wow!! Can you believe that!! I’m getting an investor from our online flip discussion. Maybe I should go national or viral or something (I obviously have no idea what I am talking about!! I’ll get my college daughter right on it)
We have met and they would like to make a small investment in this next project. This will be the first time that I have borrowed money from someone I do not personally know.
What does this teach me? Not going to spell out the address of this next project. I’ll have to code it some way for all of you.
Holy cow! cb, that’s awesome. It gives you access to additional funds which will be helpful. It also, I assume, let’s you decide if and when to invite this investor into a deal. Of course, I assume you either have to pay interest outright or share a piece of the profits.
Don’t forget that lawyers are your friends.
I think if she posted the address by spelling out the numbers, using pig latin, adding extra spaces, splitting it over a couple of posts, etc, it would be fine. That many PMs would be a pain.
If all of us who want the address tell her to PM us, she can send one PM to all of us.
Although now that I think of it, you’re right, @notrichenough. She could even indicate in the post what the “code” is. The thread just wouldn’t pop up on any google search.
Congrats! Depending on amounts involved, I suspect some of us may be interested in investing with you as well. I am impressed by your ethics and the quality you produce, CB!