Azeotrope Real Estate Consultants

02/23/2023

Can You STEAL a House?
Last week in the Adventures of Real Estate someone reached out to me about a house a friend wanted to sell. The house was further out of town than I like to purchase. The location wasn’t quite rural but there were a few houses nearby on large lots. The rehab looked well done. But the “friend” said this about the homeowner: they wanted a lot of money for the property (due to the rehab), they did not speak English, they did not want to pay Realtor commissions. Hmmm, okay. Not sure about that but it’s possible. My first thought was, who is going to translate the paperwork? Then my Spidey senses started to tingle. Sometimes sellers have emotional attachment to a property and want more money than it’s worth. In this case the desired price tag did not line up because many homes in the area were manufactured homes. The friend assured me this was a single-family property with city gas and electricity and not a mobile home. Hmmm. So, I looked up the property on the county tax assessor website. The site said the property was a manufactured home! Last time I checked mobile homes were not THAT expensive. Finally, someone on our team visited the property and discovered there was no water. Like. None. More research indicated a well needed to be installed! I may have been born at night but not last night.

There are many vacant properties in Houston and surrounding areas. I’m not sure this house was “stolen” but this deal smelled FUNKY! This was not my first encounter with property that was either leased or sold by someone who was not the owner. Do you have a property that is on the backburner because you did not want to deal with it? Think about selling it before someone like this “friend” can make a stack of cash for themselves, run off and never be seen again. Don’t wait until this happens to you…Join Inherited Property Solutions or call Azeotrope Consultants to get strategies to protect your interests.

01/31/2023

According to the American Bar Association, “probate is the formal legal process that gives recognition to a will, appoints an executor or personal representative, and distributes assets to intended beneficiaries.”
For many, a will is a piece of paper that wealthy write to tell the world what to do with their stuff after they pass away. Seriously, everyone should have a will or living trust stored with an attorney or a disinterested 3rd party so that beneficiaries will abide by the will’s terms. The following is a true story.
A young man (let’s call him Joe) contacted me about saving his father’s homes (let’s call him Philip). Philip was a real estate investor, owned 10 single family homes and was planning on retiring from real estate. Philip sold 7 of the homes but died unexpectantly before he could sell the remaining three. Joe, Philip’s son, has made bad choices and is currently incarcerated. Philip had an on again, off again relationship with Joe’s mother but never married her. What is the problem? Philip has been gone for 2 years now and no one has paid the taxes on the properties, all owned free & clear. The foreclosure process has been initiated and Joe is unable to take any action to stop it because he has over a year left on his sentence. Over half a million dollars in real estate will go to auction if someone does not act now.
Philip was not a wealthy man, but was cashing in a lifetime’s worth of assets. A well written document would designate a responsible person to receive the property in the event of Philips untimely demise. Something can be done about this situation, but it will be messy and very likely costly.
Death has a 100% success rate; however, we do not know the day nor the hour. If Philip was alive there was a little less chaos in the world. Do not wait and get a local attorney to get your affairs in order. You may be surprised at how much you own once you take inventory of your situation. Currently, Azeotrope Real Estate Consultants is working on a strategy to help Joe. If we take this on, we’ll let you know how it works out.

Key legal issues to consider when making a will

12/12/2022

People without Children

Thought experiment. I know a woman who is currently 102 years old. She had no spouse, no children and one sister. Let’s call her Ms. Patti. After the 2021 Houston storm, at the tender age of 100, it was decided that Ms. Patti had to move into a nursing home. Was it a sister, someone who knew her? Her sister had passed away long ago. It was the neighbors, waiting like jackals to pounce, that acted in her “benefit” saying they knew what was best for her. The neighbors, called her extended family and said she was incoherent and needed a guardian. Her neighbors offered to purchase her home as a convenience to the family. Her house, that she was born in and lived in all her life, rested in the coveted Montrose area on a corner lot. It was over a hundred years old and it not in good condition.

Despite not being able to walk on her own, Ms. Patti is completely lucid and absolutely knows what is going on. She was a schoolteacher for over 40 years, saved her money, and still receives a pension. Somehow, her great nephew, someone who never visited, whom she knew a little more than his name, made the decision to sell the property and sold it for just under $500K.

Ms. Patti is still with us, she gets down sometimes about her house, but seems to be enjoying the company she was not getting when she was living alone. The good news is that the county didn’t get the property and her she lives in a nice nursing home. But what happened to the rest of the proceeds of her house? What steps can you take to give your property to those who love you or to something you care about?

Contact us and allow us to provide options for you.

12/03/2022

Hurt Feelings
Death has a 100% success rate. In the history of the world, Death remains undefeated. Why do we humans struggle to deal with it? Seriously, though!

Today, I spoke to a woman (I'll call her Laura) who was still hurt about actions that took place 40 years ago. Laura's uncles have decided to sell their parents’ home, severely damaged by the 2021 Texas storm. The house requires a full rehab. Back taxes are owed on the property as well as code violations.

Laura's uncles and grandparents, by their own admission treated Laura poorly. Her hurt feelings and her inability to get beyond the past will stop the sale. Under no circumstance will she do anything to facilitate the sale. An attorney could be hired and force the sale, but because of the neglect, this action requires a hard look at the cost versus reward.

It should not and does not have to come to that. Write things down and have them notarized. Trusts, Living Wills, Will, Transfer on Death Deeds could be one of the best gifts you could give your family.

12/03/2022

I've started a group called Inherited Property Solutions. The idea is to share ideas and tips on how to deal with inherited property. My dad passing made me think about my own mortality and how maybe I should get my paper work together...now.

It's a difficult topic but maybe its better to be prepared than to leave chaos behind.

12/02/2022

2022_1201 Parents of Young Kids
Three times this year, I’ve run across young parents, who owned a home, but passed away. In one case, an Austin, TX mother, who’s ex-husband passed way, owned a house with $250K in equity. Smartly, the woman purchased the home in an appreciating neighborhood. There was no will, no documents to indicate what should happen to her. Intestate succession laws (what the state says should happen if there is no will) say that her children would inherit the property. Her children were minors, so they could not sell the property. In fact, not even her parents could sell it. If she had no children, then the house would go to her parents. In this case, the property went to foreclosure, and the children got 0, nada, zip. It would have been fantastic if her parents could have sold the house with the stipulation the money go into trust until the kids turned 18 or 21.
It is so important to have things in writing when others depend on you, your income, your decisions.

I am putting together ideas for a open in case of emergency book (I’d like to call something else) that would contain my Trust, Will, Power of Attorney, Passwords, property. What are some of the things it should contain?

12/01/2022

A family with seven heirs wanted to sell their deceased parents' home. Because they could not agree on terms, money, etc. they tried to sell their parents' home to 3 different investors, 3 different times, only to walk away from each deal. Now they have liens on the property from the three investors for non-performance as well as back taxes from the county! Today, it was uncovered that several of the children had liens against the house for failure to pay child support and other things.

This could have been settled by the parents if they had a Transfer Upon Death Deed to one child with instructions that the property was to be sold and the net proceeds distributed to each heir.

As it stands now, there is so much debt against the property that it is likely the county will get it.

One of the best things people can do for their children is to make sure everything is written down clearly so there is no room for interpretation. It is understandable that in the early days surrounding the parent passing everyone is not clear about the next steps. Emotions are high and clear thinking can be years away.

A Transfer on Death Deed won't solve every problem, and is not available in every state, but it would have made this family's life a lot easier. This type of Deed can keep the property out of probate and exclude it from MERP (the Medicaid Estate Recovery Program).

Please contact a legal professional to see if this instrument is the right one for your situation.

https://texaslawhelp.org/article/transfer-on-death-deed-todd-information-and-answers #:~:text=A%20Transfer%20on%20Death%20Deed%20conveys%20property%20outside%20of%20probate,property%20from%20Medicaid%20estate%20recovery.

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11/14/2022

Reverse Mortgage Myth #1
If I were given a penny every time someone tells me that the bank owns that house for Reverse Mortgages, I’d have a MILLION DOLLARS. I’m not kidding!
If there is a mortgage on the house reverse or conventional, the bank owns that house. Try missing a few payments and see how that works for you.
According to Karon Warren, in her Lending Tree article, “How does A Reverse Mortgage Work When You Die?” heirs can sell the house, pay off the mortgage, and keep the net proceeds after the loan is paid.
What does that mean?
Yep, you guessed it…the children of the owner of the reverse mortgage can sell the property as long as the loan is paid off!
However, since a reverse mortgage buys the equity, there will not likely be a huge windfall. Something is better than nothing though, right?
We buy homes with reverse mortgages all the time. We take care of all the necessary paperwork with no money for repairs, closing costs, or commissions to you!
Don’t let the bank foreclose on that house. Make your appointment now!
Azeotrope Real Estate Consultants. REAL Solutions for Real People.

Reverse mortgages allow seniors to tap their available home equity for supplemental income. Learn how to plan for your loan payoff after your death.

10/29/2022

October 28, 2022
https://nypost.com/2022/10/29/why-nycs-multifamily-market-just-keeps-getting-hotter/?_gl=1*1woygwb*_ga*MTk4MDM4OTM3OS4xNjAyOTczMjYx*_ga_0DZ7LHF5PZ*MTY2NzA3NDMzOS4xLjEuMTY2NzA3NDU2NC4wLjAuMA..&_ga=2.78296596.1631143030.1667074344-1980389379.1602973261

Multifamily properties across the US have an even more limited supply than single family homes and demand is likely to increase in the foreseeable future. According to Lois Weiss at the New York Post, “investors are struggling to find deals…” Houston is not exempt from the dearth of multifamily homes.

https://www.colliers.com/en/research/houston/q2-2022-houston-multifamily

Colliers Research indicates that in the second quarter of 2022 while 714,352 multifamily homes existed in the local Houston metro area, 91.4% were occupied with an average rent of $1248. Over 15,000 units are scheduled for construction.
What does that mean for inherited property owners?
If you have inherited a lot or property in an up and coming neighborhood, chances are you can sell the property fairly easily. Rising interest rates have softened the market so NOW is the time to sell that property if you want to cash in.
Azeotrope Real Estate Consultants can help… REAL Solutions for Real People. Call us today!

10/29/2022

October 15, 2022
https://pagesix.com/2022/10/14/megan-thee-stallions-home-broken-into-thieves-steal-more-than-300k/

According to the New York Post Page six, thieves broke into her home stealing $300K in property.

She wasn’t home at the time.

How is this relevant to your inherited property?

If you have unoccupied property from parents or grandparents what stops someone from breaking in and taking valuables from the home or worse…trashing it?

Azeotrope Real Estate Consultants can purchase your inherited property “as is”, maximizing your bottom line and minimizing your anxiety about what is happening to the home.

We will look at the home and make you a fair offer. If you like the offer, we’ll move on to the next steps. If not, no worries. We’ll part as friends.

Azeotrope Real Estate Consultants. Real Solutions for Real People. Book an appointment today!

Thieves reportedly got away with between $300-$400K worth of jewelry, cash and electronics from the “Hot Girl Summer” performer’s home.