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About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (May 17, 2016)
C LASSIFIEDS Tuesday, May 17, 2016 Page 2 Quitclaim deed, living trust transfer home ownership Q Q A Finding REO lender may take a little bit of sleuthing By Ilyce Glink and Samuel J. Tamkin Tribune Content Agency By Ilyce Glink and Samuel J. Tamkin Tribune Content Agency : I’ve had a shock. I just discovered that both names -- mine and my husbands -- were never put on our house deed when we bought the property over 40 years ago. I just happened to go to the county website where we live in Ohio, and saw only my husband’s name. I called WKHRI¿FHWKLQNLQJDQHUURU had been made, and was told no, that only he owned the property. We were both shocked. I need to know how to remedy the situation. I have left messages at a local title company but haven’t received a call back. The real estate agent who sold us the property is long gone. Any help will be appreciated. Thank you. : When we get a question like this, it’s typically from an older parent who has a paid-off home that he or she wants to leave to the kids. In that scenario, the question about adding someone to title is really a question about the best (and least annoying and/ or expensive) way to inherit property. In your case, the question is about titling an asset that should have been held by both of you but for some reason is listed in only the husband’s name. What happened to you isn’t surprising. Forty years ago, there was rampant sexism in real estate. It was generally assumed that the husband was putting forth all the money and property would be titled in his name. Ilyce remembers going for KHU¿UVWORDQDQGEHLQJWROG that her income (which was $15,000 per year in the late 1980s) was inconsequential and didn’t matter. E ASTERN O REGON M ARKETPLACE • 1-800-962-2819 • FAX 278-2680 : A house we are interested in was sold at a sheriff’s auction. The big box lender bought it back. How do you get information on when the house will be sold by the bank, or how do we contact the bank to let them know that we are interested in buying house? : It seems to be a big dark secret when it comes to getting any information from big box lenders. Everyone always wants to know when a lender’s Real Estate Owned (REO) department will put a house up for sale, but it’s quite hard to get that information from the lender directly. We don’t know why lenders are so secretive about this information but we’ve found that the only real way to obtain information about upcoming properties for sale is to know the real estate company and agents that the big box lender uses to sell these properties. Let’s start at the begin- ning: When a homeowner fails to pay his mortgage, the lender has the right to foreclose on the home. Depending on the state in which the property is located, the lender may have A THINKSTOCK IMAGE When you closed in your town in Ohio, you and your husband should have been listed as co-owner, and chosen how to hold title to the property. While your name isn’t on the property, your husband can execute a quitclaim deed, which would transfer the property from his name into both of your names, from a sole owner to join tenants with rights of survivorship. If he executes this deed, DQGWKHQ¿OHVLWZLWKWKH local recorder of deeds, the property will be transferred from his name into both of your names, and you will be the co-owner of the property. We assume you don’t have a mortgage on the property. If you did, you could still transfer the title into both of your names, but the mortgage would still be in your husband’s name alone. Should your husband die before you, you would own the property outright. ,I\RXGLHG¿UVWKHZRXOG again own the property. But you would be protected and the property would transfer cleanly, without going thru probate. There are other ways to handle the situation. Your husband could put the property into a living trust, naming both of you as the EHQH¿FLDULHV<RXFRXOGWKHQ QDPHVHFRQGDU\EHQH¿FLD- ries, such as your children (if you have any), and the property would transfer without going thru probate. It’s fortuitous that you found out now about this issue. We’d suggest you talk to a real estate attorney RUHVWDWHDWWRUQH\WR¿JXUH out what might be best for you, your husband and your children. You should be able to do this for very little money, and it will certainly bring you great peace of mind. One caveat is that in some states, recording a change of ownership can be expensive and cause changes in the assessed value of the home. If the recording of the deed is very expensive or will cause the local taxing body to re-evaluate the value of the home, you may have to ¿JXUHRXWZKDW\RXUORFDO taxing body will allow you WRGRWR¿[\RXULVVXH6RPH states will allow conveyances into living trusts for estate planning purposes without triggering some of the negative issues of a transfer of title by deed. Good luck. that neighborhood. Those agents may know the company that specializes in sales of REO properties. Frequently, brokers in the area know who the real estate agents are that specialize in REOs. Again, the real estate agent you ¿QGFDQKHOS\RXZLWKWKH purchase or you can try to get to the REO agent directly. Finally, we should caution you that buying an REO property isn’t always the same thing as buying a property that is listed on the market by caring homeowners. Many REO SURSHUWLHVKDYHVLJQL¿FDQW issues and you should be careful if you decide to buy an REO home. Typically, if sellers go into foreclosure, they’ve been broke for some time. Commonly, you see that foreclosed owners do not care for the home during the last months they lived in the home. So, you could have plumbing problems, mold issues, broken appliances (or missing appliances), and deferred maintenance issues that could cost you dearly. And, we’ve seen and heard of cases where pipes have frozen and caused huge issues in homes, roof leaks that weren’t repaired, so be very careful and plan for extra expenses. the right to sell the home at a sheriff sale without a court judgment. While in other states, the lender would have to go to court, get a judg- ment against the borrower with the home eventually sold at a sheriff sale. In either case, the likely outcome would be that a potential homeowner looking to purchase a distressed property could purchase the home at the auction or other similar sale. ,IWKHVDOHGRHVQRW¿QGDQ\ buyers, the lender bids what it is owed on the loan and gets title to the home. Once it has title, the lender can market the home for sale and even list the home for sale in the local multiple listing services. That’s why it’s important WR¿QGRXWWKHQDPHRI the real estate agent or real estate company that represents the big box lender and see when the home will go on the market. If there are other homes in the neighborhood that were also sold at auction and associ- ated with the same big box lender, you might want to call the listing agent of those homes and see if they know more about the property you are interested in. If you don’t have much OXFN¿QGLQJWKHDJHQW\RX might try talking to real estate agents that work in Take advantage of the unique features of the East Oregonian’s Weekend Edition • Eat, Drink, Explore • Entertainment & What To Do • Your EO News • Outside • “Parents Talk Back” column • “Out of the Vault” • Odds & Ends • Color Comics • Milestones: Birth Announcements, Engagements, Weddings & Anniversaries • Puzzles: Crossword, Sukodu, KenKen, 7 Little Words & Word Roundup Call 1-800-522-0255 to subscribe BEST BUYS IN EASTERN OREGON COTTONWOOD CREEK RANCH - approx. 4,100 deeded acres - 470 irrigated - 1,935 AUM’s BLM - sporting two man made reservoirs for fishing - almost drought proof irrigation water guarantees adequate hay production - high end improvements - elk, deer, antelope, turkey and upland game birds - $5,285,000 NEW! 213 ACRES LAND: $175,000 ~ Wildlife habitat in CRP w/bird hunting/pheasant/quail/ chucker. 80 ac. unperfected water rights. 400 GPM well/buildable/solar panels/power/phone/surveyed/ fenced w/native/wheat/bunch grass near Heppner. Cash AGRILANDS REAL ESTATE BAKER CITY (208) 761-9553 BEAUTIFUL HORSE PROPERTY in popular Canyon City neighborhood. 3 BR, 2 BA, private entrance to bonus room that could easily be converted to a garage. Fenced, cross-fenced, sand arena, shop/ barn stall, hay storage. Irrigation well, garden area, fruit trees and much more. Close in, yet spacious country setting. Call for appointment today! (Dogs on property). 301 Edgewood Dr., Canyon City. $183,500. #989 / RMLS# 16339895 COUNTRY PREFERRED REALTORS JOHN DAY (541) 575-2710 $400,000 - A TRAIL CAMERA PICTURE SHOWS THE ELK HEARD ON THIS PROPERTY. You can actually see them all winter long on the hillside above Perry. 10 miles west of La Grande on the south face of Mt. Emily. 412.7 total acres. Critical wildlife winter range. Robb Road is year around accessible. Springs. Unique! #RMLS 15247824 SAWMILL LANE: Remodeled 2 bed, 1 bath home featuring hardwood floors on 2.62 acres in Richland, OR. Amenities include a deck with built in hot tub, patio with fire pit, shop/garage, old barn, yard, garden area and great views in all directions. $199,000 RMLS# 16643571 Beautiful 3 BR, 2.5 BA home situated on over an acre of meticulously maintained lawn & landscape, along the Powder River and conveniently located near downtown Baker City. Offered at $359,500 $340,000 GARTON & ASSOCIATES PENDLETON (541)276-0931 HELL'S CANYON REALTY RICHLAND (541) 540-6133 INTERMOUNTAIN REALTY, INC. BAKER CITY (541) 523-4434 "BOWLBY STONE HOME" Sitting on three lots at the top of the hill gives you panoramic views of the city, valley and mountains. Hardwood floors with tile in the kitchen and bath. Sunroom, covered front porch with swing, backyard patio with fireplace. Garden spot. So many extra you must see to appreciate it. MLS #16626524 - $325,000 WALLOWA LAKE 3 BR, 2.5 BA home on large lot w/ great views of the lake & mountains. Nicely landscaped yard. Currently a vacation rental. Must See! 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Propane Stove and heat pump w/AC. Mtn views, wrap-around deck, RV Parking. 2-car garage WAS $345,000 NEW PRICE $325,000! RMLS#14349917 DUKE WARNER REALTY DAYVILLE (541) 987-2363 EASTERN OREGON REALTY JOHN DAY (541) 575-2121 3 bed, 2 bath home on 1.70 acres outside Wallowa. Vinyl siding/metal roof. Year around stream. New well in 2000. Wrap around porch, greenhouse. Updated open kitchen and master bedroom addition with tile shower, walk-in closet. Fruit Cellar. Good school system. On the edge of town. Great Property! $225,000 . RMLS# 15548107 CUSTOM LOG HOME 2 level, 2 Bed, 2 Bath. Approx. 2000 sf Vaulted Ceiling, some Hardwood flooring. Deck, covered Porch and Patio. Trees and View. Large detached Garage/Shop with approx. 10ft. covered wings on each side. Approx. 24'X24' Storage/Barn building. Fenced and cross fenced. H-2273 $359,000. REAL ESTATE ASSOCIATES JOSEPH (541) 432-4060 RUSTIC REALTY LLC SUMPTER (541) 894-0116 LONG CREEK: 1484 acres, timber, creek, meadows, elk, deer, turkeys, older home, fruit trees, $1.249M WILBURN RANCH BROKERAGE LONG CREEK (541) 421-5300 40 TIMBERED ACRES Up Pine Creek Rd, Views, buildable, septic, OWC! Seller to consider all offers! $72,500 RMLS #9061290 NEW LISTING! Celebrate the Season with these BEST BUYS! Spacious three bedroom two bath 1995 mfg. Home on corner lot with oversized attached garage/shop. Enclosed patio. Mtn. view. Irrigation well with pump, utility shed. Kitchen appliances included. $159,900