Real Estate Law

Have Real Estate Law Questions? Ask a Real Estate Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Real Estate Law
This answer was rated:

What are typical terms and process for "ugly" home sale in

TX...
What are typical terms and process for "ugly" home sale in TX
Ask Your Own Real Estate Law Question
Answered in 17 minutes by:
6/19/2013
Law Pro
Law Pro, Lawyer
Category: Real Estate Law
Satisfied Customers: 24,870
Experience: 20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
Verified

Welcome to JustAnswer! My goal is to do my very best to understand your situation and to provide a full and complete excellent answer for you.

My name is XXXXX XXXXX I'm going to assist you with your question.

Please bear with me if you believe my answer isn’t coming fast enough because I’m also working with other customers too. I apologize for any seemingly late response.


What are typical terms and process for "ugly" home sale in TX?

 

"ugly" home sales are usually deemed that they are for sale far below the market value and only need cosmetic "fixes" to be "flipped" to the new buyer/owner.

 

My 33 yr old house hasn't had any updating and has been vacant for 4 years.

 

Can I sell it as is w/o disclosure.

 

Yes, You can sell it "as is" and state that you haven't lived there for 4 years.

 

That usually seller has an affirmative duty to disclose any and all problems.

 

However, since you haven't lived there for 4 years you can state that and that the buyer buys the property "as is" and therefore must perform their due diligence and get the property inspected because you give no warranties or make any representations about it's condition.

 

 

Is Quit Claim w/o title warranty possible.

 

 

It is possible but a quitclaim deed is limited in that is gives no assurances as to title.

 

Most buyers would perform a title search and get title insurance if they had any thoughts there was an issue. That would be at their expense and not yours.

 

If you only want to give them a quitclaim deed - that places a prospective buyer on notice to make sure they get a title search and survey done.

 

 

 

Who handles closing and what is procedure.

 

If the prospective buyer gets a loan and uses the property as collateral - the lender always performs the closing to make sure their documents are properly executed.

 

If the prospective buyer uses cash - then most anyone can do the closing or you just close as between the buyer and yourself - it's simply them handing you a certified check and you signing over the deed to them (which must be notarized).

 

 

 

I am very familiar with normal closing in CA but not TX and not "ugly" sales


The “We Buy Ugly Houses” is a creation of HomeVestors of America Inc., a Dallas-based firm that sells franchises to investors who want to use the company’s formula for making money in real estate.

It works like this: Franchisees pay $46,000 to join the program and for that they get a two week training course, a personal coach, an exclusive territory and the company’s proprietary software program that helps them analyze how much to pay for a home and how much it will cost to renovate. The goal, says company chief executive XXXXX XXXXX, is to buy houses for 65 cents on the dollar, fix them up and either rent them, sell them or flip them to another investor in the company’s network. Is that kind of discount really possible in the kind of hot market we’ve had in recent years? Hayes says yes. Last year, HomeVestors’ 250 franchisees purchased 6,500 ugly houses, a 27% increase from 2004. “There are more distressed properties than meets the eye,” Hayes says. “We’re not talking about million-dollar ocean front condos.” Indeed, the average home his franchisees purchased cost less than $100,000.

[www.businessweek.com]



Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!
Law Pro
Law Pro, Lawyer
Category: Real Estate Law
Satisfied Customers: 24,870
Experience: 20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
Verified
Law Pro and 87 other Real Estate Law Specialists are ready to help you
Ask your own question now
Ask Law Pro Your Own Question
Law Pro
Law Pro
Law Pro, Lawyer
Category: Real Estate Law
Satisfied Customers: 24,870
24,870 Satisfied Customers
Experience: 20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.

Law Pro is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

5,436 satisfied customers

17 years of legal experience including real estate law.

Barrister

Barrister

Lawyer

11,126 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

7,785 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

7,559 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,207 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,925 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

< Previous | Next >

Related Real Estate Law Questions
Got disconnected... In re: to my real estate questions, is
Got disconnected... In re: to my real estate questions, is this attorney a Texas attorney? … read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,289 satisfied customers
Need to understand the "deeding" process in a real estate
Need to understand the "deeding" process in a real estate transaction and the "mechanics" of a real property closing.I have a parcel of raw land in New York State that my father gifted to me prior to … read more
Lori
Lori
Juris Doctor
288 satisfied customers
Can a real estate sales agent, acting as a property manager
Can a real estate sales agent, acting as a property manager of a single condominium for an out of state owner, file a small claims law suit against a home warranty company for lack of performance, on … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
Is cold calling still legal for real estate agents?
is cold calling still legal for real estate agents? … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
My question is in regard to real estate in south Florida.
Hi! My question is in regard to real estate in south Florida … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
Real Estate Question. In received notice to collect a debt
Real Estate Question. In received notice to collect a debt on a house in Monroe County, PA. I haven't lived in that house for at least three years (i co-signed to help my sister and her son) I was for… read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
Okay, trying again with a Calfornia real estate question
Okay, trying again with a Calfornia real estate question about quitclaim deeds. Papers already filed. … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,366 satisfied customers
I was wondering if real estate property was held in a sole
I was wondering if real estate property was held in a sole prop and more real estate was aquired to fix up and then held as rentals would it be wise to split the sole prop into real estate and constru… read more
WiseOwl58
WiseOwl58
JD Honors Graduate
3,714 satisfied customers
What is the Colorado statute of limitations for real estate
Hello, what is the Colorado statute of limitations for real estate transaction pertaining to fraud, misrepresentation, omission, or deceit? … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
The rest of my question is a real estate agent listed the
the rest of my question is a real estate agent listed the home. The listing expired in june. The owner has requested in writing that the active status is taken out of the MLS as owner has signed with … read more
Ray
Ray
Lawyer
Doctoral Degree
7,559 satisfied customers
Looking for a real estate attorney in sonoma county, that
looking for a real estate attorney in sonoma county, that can review a case that I have against well's Fargo Bank for fraud & predatory loans. … read more
N Cal Atty
N Cal Atty
Doctoral Degree
59 satisfied customers
I need a real estate lawyer who knows real estate in Oregon
I need a real estate lawyer who knows real estate in Oregon I need a lawyer who specializes in real estate law in the state of Oregon. I am quitting my current property manager and I will be managing … read more
Irwin Law
Irwin Law
Juris Doctor JD
7,089 satisfied customers
In commercial Ohio real estate is their such an agreement as
In commercial Ohio real estate is their such an agreement as a NNN lease that is also a land contract installment which offers some type of equity ownership during or after the lease terms ?… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I have a real estate question related to Florida Real Estate
I have a real estate question related to Florida Real Estate law. … read more
LegalKnowledge
LegalKnowledge
Juris Doctor
28,157 satisfied customers
Real estate law I'm the seller i signed real estate contract
Real estate law I'm the seller i signed real estate contract now i dont want to sell I initialed the contract instead of signing the sale price was illegible so the seller sent an amendment for me to … read more
Damien Bosco
Damien Bosco
3,390 satisfied customers
Florida Real Estate- Question about a Warranty Deed Contract
Florida Real Estate- Question about a Warranty Deed Contract for sale of a house in Florida:My deceased Mom's house is being sold by the executor: Would it be unreasonable for me to ask that a warrant… read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
Not exactly real estate law question. I have a home warranty
Not exactly real estate law question. I have a home warranty and requested repair on my AC unit in April. The home warranty company sent a contractor out. The short version is after 7 trips and 7 week… read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
Can you help with a real estate question? Texas - Warranty
No, I'm purchasing a property that is owned by a husband and wife, but the husband has passed and now I don't know who's signature I would need on the Deed. Just the wife or wife and kids? No will was left. … read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x