Posted by Tony Colella on May 11, 2008 at 11:01:38:
In Reply to: hypothetical situation posted by jennifer on May 08, 2008 at 19:04:58:
I too ran into situations during my Lonnie deal days where the seller had not registered the title in their names for some reason or another.
This is the seller's problem, not yours. I let them know that I may be interested in buying the home but I cannot buy until the title is in their name.
In many cases the seller just did not want to pay some sales tax or worried about some personal property tax issues (which we also checked) or just received poor advice from someone who did not have an honest clue.
Leave the seller your number and let them figure out a solution. When we buy, we only buy from the true owner, the one listed on the title.
Now I say this with only a slight reservation as I know there are a few folks like Karl (OH) who have a great deal of title experience and have made money solving these problems (legally) themselves but in general for the typical Lonnie dealer, stick with buying homes from those who can legally prove ownership.
Tony
- Re: hypothetical situation Jennifer 18:29:39 05/12/08 (0)