In my last post, I told you that we got our first house from marketing to those on the tax sale list. We spent way too much time these last 4 weeks working on it. We hired people to tidy up the lot and landscaping, clear the belongings out of the house and have been working on getting clear title. The owner who sold it to me was a joint tenant on the deed. The other owner was his aunt, who died in 1999 and he never cleared it up.
Here’s a tip for those of you who might have to deal with this: if the surviving joint tenant on a deed is NOT the surviving spouse, you WILL have a headache to clear up the title.
In Oklahoma, the Oklahoma Tax Commission must issue an estate tax certificate, stating that the deceased’s estate is clear (in my case, I only had to request a 10 year release, since it had been so long). Then you take that certificate, along with the deceased’s death certificate, and an affidavit from the surviving joint tenant, all down to the courthouse to file with the county clerk. That should move the title from both their names to only the surviving joint tenant’s. I got word from the OTC that I should have that estate tax certificate/10 year release in the mail this week. It’s been a real hassle to get it done!
Along with the tax sale property we picked up in June, I got my first wholesale deal! And it’s a PROBATE! I DID IT! 😀
The heir is in Detroit and has fallen on hard times. The house is in a not-so-great part of town and wasn’t worth much. There was still room to make some money, however, so I put it under contract.
Since I had both properties ready to market, I made my marketing plan and implemented them at the same time. I re-read Stephanie Davis’ article here, and it was really helpful. I used a combination of craigslist, signs and calling buyers. In fact, we had a serious cockroach problem in the Tax Sale House, so we used Stephanie’s craigslist strategy!
I posted the ad on Tuesday, posted another (non-cockroach) ad for both properties (emphasizing cashflow) on Wednesday, put a FSBO sign in front of one house, called a few people, and by Thursday I had acceptable offers on both. I had signed contracts on Friday!!!
We’re set to close next week on the Probate House, and as soon as we get clear title on the Tax Sale house, we’ll close on that one. By the way, the buyers came from the craigslist ads.
For a happy ending, I wanted to share that my buyer for the Probate House is a guy I know! I met him at Panera several months ago and haven’t seen him since. When we met, we got to talking about REI and wholesaling (which is what he does), and he challenged me to go out and just start making offers. Well, I did. He was so happy to see that I took his advice, and that he was my first buyer! 🙂