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Anybody have any info on the "We Buy Ugly Houses" organization?

Posted: Jul 29, 2014

Do they seriousl buy truly ugly houses? I ask because I am in the process of divorce. We are separated and haven't actually filed yet. We own a very crappy, very old house. Long story short, we paid $40,000 cash for it seven years go with the notion that we would "fix it up." When we bought it was a good solid investment. Kitchen needed updating and hardwood floors need refinished. My soon to be ex sunk into alcoholism and the fixer upper never got fixed and in fact fell into further disrepair. I moved out over 10 months ago and since my ex stayed in the house refusing to move or sell. He also refused to work so he couldn't pay the utilities and everything was shut off last month when his buddies stopped loaning him money. So he moved in with one of the buddies and abandoned the house. It is a total mess. There papers and junk everywhere inside the house. There are holes in the walls. Someone spray painted something on the side of the house that my ex tried to cover up with spray spaint that he thought matched the color of the house. A window is broken, etc.

So as you can see, it is truly an ugly house! I have talked my ex into selling it to a flipper or the ugly house people because he would like some cash to live on to avoid getting job, but before I dive in, I want to know if anyone has any real experience dealing with them. I have done my research. The lot that the house sits on his worth about $30,000. It's a small town and we lived in town. Similar sized lots around that same block I live on sold for about $35,000. The house of course isn't worth much. Since I only paid $40,000, I'm willing to take a loss just to get rid of it.

Also when I bought the house, my ex was in another state so the house is technically in my name only because he wasn't around to sign any paperwork. So does that mean when it's sold, he won't need to sign anything? I know that even though his name isnt on the deed, because we are married, he's entitled to half. I get that, not happy about it, but I get it. But does he have to sign any papers or can I take care of it all by myself?

;

It might be better - to do a search

[ In Reply To ..]
on We Buy Ugly Houses or Home Vestors of America, but search for reviews and complaints. And I believe there are some complaints. Do you know anyone locally who actually does buy houses in your area to flip? It would seem to me a better way to go. As far as your question about whether you can sell it without his signature, it would depend on your state regarding community property. If he was out of state when you bought the house, if it was titled as your sole and separate property, he may not have any recourse to the property anyway, married or not. I live in a community property state, but the house was in my name as sole and separate property, so disposition of the house was entirely my decision. In order to claim his half, he normally is required to show that he had a financial investment in the property, not just that you are married. If the house has been abandoned, you may want to consider moving back in to protect your property rights. If the mortgage company finds out that the property has been abandoned, you may not be able to protect any equity you have in the home. If they can establish that the property is empty, they do not have to give you any notice before taking possession of the property and selling it as they see fit. If it is possible, I would suggest you move back in. If you can't move back in, consider finding a reputable person who might want to move into it make a rent deal for fixing some of the damage that your future ex did to the home. If the utilities are off, at the very least, see what it would take to get the electricity back on so you can make it look like someone is there before the mortgage company sends someone out to look at it. Make sure you have window coverings up and keep the doors to each of the rooms pulled nearly closed so that if someone tries to look in, they can't see much.

Something else you need to be aware of is that if you short sell a house and the mortgage company agrees to it, they typically generate to a 1099-C Cancellation of Debt for the difference of what is owed and what the house sells for as required by IRS, which reports the cancellation of debt as income to you and you may very likely be responsible for paying tax on. I found out about this when I was going through bankruptcy. If you file bankruptcy, they are stayed while the bankruptcy is in process and normally cannot proceed until you have received the discharge of bankruptcy, and they cannot generate a 1099C in bankruptcy. HTH

I don't have a mortgage. I own the property free and clear. - SM

[ In Reply To ..]
So I don't have to worry about what a mortgage company will do. I just don't have the finances to fix this house up. What I would like to do is sell it to someone who has the means to fix it up and I would like to try to get close to what I paid for it. The county assessor has assessed its (the house and the lot) worth at $60,000. I paid $40,000 for it and I'd be happy to just break even.

Thanks for your reply. I guess I need to do some research on property laws in my state.

I would keep it simple - sm

[ In Reply To ..]
I would get in touch with a good realtor. They have resources to hire inexpensive companies that will clean it out. Sell it as is--there are plenty of people who are looking for a deal.

ugly house - me

[ In Reply To ..]
yrs ago, tried to sell our house to a "we buy ugly houses" place. after i told them about the house, they said no, they wouldn't even make an offer on it. it was in better condition than yours but not something we could live in. it was ruined by a very weird flood that likely would never occur again, but we couldn't fix the problems. "ugly house" businesses aren't interested in all properties, they need to make money too. call a realtor... they may know some investors who could be interested in property to flip. like another poster said, try to make the house look lived in or at least not abandoned. the whole neighborhood will benefit if one house isn't attracting "outsiders".

A lot depends on your state property laws - sm - InkMT

[ In Reply To ..]
Since the house is in your name only you can sell it whenever you want, he signs nothing. As for what he is entitled to, who coughed up the $40K, if it was 100% you or 100% him or 50/50, that would have a bearing IF an equitable distribution state and not community property state. Also were you married when you bought the house? If he coughed up no money for the house purchase he is still entitled to something but it won't be much (my guess 20% or less), if you both supplied 50/50 then he'd probably be entitled to half then, if he provided 100% of the money, it may swing in his favor more and you less, but my guess it would be 50/50 if you did most of the home care/cleaning stuff. Obviously you need to talk to a divorce lawyer. They will tell you where you stand and what to expect.

I would be surprised if you got $40K from the sounds of it, they will probably offer you $20K would be my guess since it sounds like the house needs gutting. But you can always press the lot value, that should help I would think. Shop about, talk to some realtors too, get their advice, it is free.

Good luck and hope you have a speedy sale.

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