November 7, 2021

We bought this Treme house with title issues

We buy houses in any condition and make the sales process easy. The owner of this house reached out to us as the tenant had moved out and left the house in bad condition. She was still paying the mortgage and taxes on the property but no longer had the income. We agreed to buy the house for cash in as is condition so she didn’t have to make repairs or clean up. We agreed on price and got the title company to work on the title and it turned out there were a couple of title flaws that needed to be fixed. The first issues was an old uncancelled mortgage. The loan had been paid off but the mortgage company never cancelled the mortgage and it was still on title. Of course that mortgage company was out of business which makes it harder to get the release. This isn’t that uncommon and we have experienced title attorneys that were able to help the seller through this.

The other issue was that the New Orleans Redevelopment Authority (NORA) had a lien on the property as they had given a grant to the owner 20 years ago to rehab the property. Note that this grant was to an owner before the existing one but the release had never been granted. Again our title attorneys are familiar with these processes and we were able to get this lien removed and closed on the property.

The owner was really happy to get these title issues resolved and be able to get the house sold.

You can see a video below of our founder Aussie Steve when he first inspected this property or you can read the transcript below.

Video Transcript

I’m here at a property we’re purchasing in Treme. It’s one of those in “as is” condition properties so it needs a fair bit of work. But it’s in Treme so obviously, the dirt here is worth a lot of money. It’s a good area, so definitely, even a house that’s in bad condition is still worth a decent amount of money.

We were able to pay the seller what they were after, and we’ve contracted the property now. We’re just clearing the title and getting ready to close on it.
It’s going to need a fairly decent renovation. The owner had been here for like 10 years or so. They were a long-term tenant which is good. There are some cracks and termite damages in the house. Also, the windows are hanging off, and there are holes in the wall as well. This is definitely going to be a lot of work.

The seller didn’t want to fix it up. Obviously, yes this is Treme. It’s a good area, and this would be a valuable property once you fix it up, and the seller could have fixed it up and gotten all that value for themselves. But for them, it just wasn’t worth the hassle, time, money and stress. They preferred to sell it in “as is” condition. That’s where we come in. We take over the property, and create some value for ourselves as well. So, in the end, everyone wins. Also, the new homeowner is going to have a great property to move into, and is going to be a winner too.

So, guys, if you have a house you want to sell, maybe something like this, where you just don’t want to put the work into it, and you just prefer to sell it in as is condition, leave the stuff behind and let us deal with it, then, we could be a really good buyer for you. We buy houses all over Louisiana. We have a greater emphasis on Greater New Orleans, it’s our backyard.

So, if you have a property you’re looking to sell, reach out to us. You can give us a call. Also, visit our website, we have a lot of information there about selling your house and about how selling in “as is” can work. You’ll see testimonials and case studies of properties we bought. So, guys, reach out to us if you’re looking to sell. Have a great day.

Thank you so much.

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