Warning: File your real estate land s...

Warning: File your real estate land sales contracts; Land-sales firms see image take hit

There are 21 comments on the www.nwanews.com story from Jun 25, 2008, titled Warning: File your real estate land sales contracts; Land-sales firms see image take hit. In it, www.nwanews.com reports that:

Officials from companies that use installment land-sales contracts say developer Wayne Watkins' recent troubles are casting a bad light on other businesses that sell land this way.

Join the discussion below, or Read more at www.nwanews.com.

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Since: Mar 08

Little Rock, AR

#1 Jun 25, 2008
"Matthew Demas [of SunSring Properties in Cherokee Village] said he is familiar with the land that Watkins owned in north-central Arkansas.

'There’s a lot of beautiful properties up there, and nobody can really do anything with it,' he said.'It’s just all wrapped up in some legal limbo.' The attorney general’s office is trying to sort out everything that happened with Watkins ’ properties, and foreclosure cases are ongoing.

DePriest said Monday that his office is urging victims of Watkins who have not stepped forward to do so now.

'We want to hear from people, and we want to hear what their experiences were,' he said Monday.'That’s where all this is coming from. The more people we hear from, the better.' Those wishing to file complaints or talk to an investigator in the attorney general’s office can call the office’s consumer hotline at (800 ) 482-8982."

Arkansas Democrate Gazette
June 24, 2008
rebelman

Hermann, MO

#2 Jul 9, 2008
Most of the time real estate contracts are not recorded. The purchasers should have went to a title company, and had things prepared properly. They would have been a Warranty Deed signed and notarized, to be recorded when paid off, and a Quitclaim Deed, signed and notarized, to file if the Buyers defaulted on their purchase. They are somewhat at fault themselves, for not seeing this done properly.
ssthor

Round Lake, IL

#3 Jul 16, 2008
Thanks for that bit of information! You know, when you deal with a licensed real estate agent of a licensed real estate company, you assume that everything is above board, otherwise, why would you even talk to them. This wasn't an issue of some guy on the street holding his jacket open and saying 'you want to buy some land?' We went on the mini-vacation that was purchased at a reputable sports/outdoors show in another state. We were given a nice place to stay and it was all very professionally handled, or so we thought. So I guess we got what we deserved then Mr Rebelman, smarter than all the thousands of us college educated ones who were taken in by a smooth con artist.
rebelman

United States

#4 Jul 24, 2008
No one deserved to be screwed like this. I meant that one needs to have a title checked out before they purchase it.
ssthor

Salem, AR

#5 Jul 25, 2008
rebelman wrote:
No one deserved to be screwed like this. I meant that one needs to have a title checked out before they purchase it.
Because it was a owner financing deal. We only got a copy of the contract. It was not supposed to be filed until the loan was paid off. During the pay off time, we assumed that SRBC would be above board in their dealings and keep up their end of the deal (pay the property taxes and keep up the SRBC). Neither was done and we got left holding the bag (or in this case out the money and nothing but a copy of a contract to show for it.)
Dogwood

Foristell, MO

#6 Jul 30, 2008
rebelman wrote:
Most of the time real estate contracts are not recorded. The purchasers should have went to a title company, and had things prepared properly. They would have been a Warranty Deed signed and notarized, to be recorded when paid off, and a Quitclaim Deed, signed and notarized, to file if the Buyers defaulted on their purchase. They are somewhat at fault themselves, for not seeing this done properly.
You are OUT of yOUR mind.WAYNE WATKINS is at fault and that is why he hides like a coachroach.Get a clue will ya?
Dogwood

Foristell, MO

#7 Jul 30, 2008
ssthor wrote:
<quoted text>
Because it was a owner financing deal. We only got a copy of the contract. It was not supposed to be filed until the loan was paid off. During the pay off time, we assumed that SRBC would be above board in their dealings and keep up their end of the deal (pay the property taxes and keep up the SRBC). Neither was done and we got left holding the bag (or in this case out the money and nothing but a copy of a contract to show for it.)
Not to worry this thing is not over yet.contact the A.G. at above #.The bank loaning the money to Watkins will be held accountable .They should have done title searches when loaning money against properties...you are right about that Rebelman!
rebelman

United States

#8 Jul 30, 2008
He is at fault, but so are the ones who bought from him and had no title work done. That is what title work is for, to find out any problems with said real estate. You are the one who needs to get a clue.
Dogwood

Foristell, MO

#9 Jul 30, 2008
ssthor wrote:
<quoted text>
Because it was a owner financing deal. We only got a copy of the contract. It was not supposed to be filed until the loan was paid off. During the pay off time, we assumed that SRBC would be above board in their dealings and keep up their end of the deal (pay the property taxes and keep up the SRBC). Neither was done and we got left holding the bag (or in this case out the money and nothing but a copy of a contract to show for it.)
mortages can be filed for your future references.Dont give up there may be compensation yet.Someone may do the right thing.Watkins may have singlehandly killed the realestate market in Ar. People are talkin bout this in other states.It was natl. news.way ta go WAYNE & Bank of Salemmmmmm.......
rebelman

United States

#10 Jul 30, 2008
That is why title work needed to be done, to show if any mortgages, or any other liens, had been attached to said real estate.
ssthor

Round Lake, IL

#11 Jul 30, 2008
rebelman wrote:
That is why title work needed to be done, to show if any mortgages, or any other liens, had been attached to said real estate.
You keep repeating yourself. Do you work for a title company? Or do you just like showing off to all of inferior beings that got duped by a slick conman. Did you also jump in when whitewater was happening? Did you condemn all of those poor folks also?
ssthor

Round Lake, IL

#12 Jul 30, 2008
Dogwood wrote:
<quoted text>Not to worry this thing is not over yet.contact the A.G. at above #.The bank loaning the money to Watkins will be held accountable .They should have done title searches when loaning money against properties...you are right about that Rebelman!
i have contacted and filed a complaint with the A.G.
rebelman

United States

#13 Jul 31, 2008
I am telling it like it is. Everyone wants to blame someone else when they are at fault for not checking things out. As for Whitewater, I do not want to even be mentioned in the same sentence with the Lowly Clintons.
ssthor

Round Lake, IL

#14 Jul 31, 2008
I'm not blaming anyone else. We trusted WW and HB and JE and SRBC. We were let down in our trust. We have a land contract that is worthless because we trusted them to do the right thing. Sure, we know now that they are totally untrustworthy and worthless in their business dealings, but we didn't know that then. If we could go back in time, we would go back as smarter people, but we are just part of the duped crowd trying to find a legal way out of this mess. Don't go condemning us for being trusting in the fact that a business licensed to sell Real Estate in Arkansas would actually follow the rules (real or implied) in the state of Arkansas and do what they said they would do. I've been told that we should of paid the property taxes, but how can we pay them when the bill went to SRBC and was not forwarded on to us.
News Flash

United States

#15 Jul 31, 2008
From Todays Edition:

ARKANSAS DEMOCRAT-GAZETTE

Watkins associates respond to lawsuit

Associates of fugitive developer
Wayne Watkins have begun
filing responses to a lawsuit filed
by Attorney General Dustin Mc-
Daniel in June.
McDaniel named Watkins, his
cousin Virgil Griffin and Watkins’
business associates Clifton
Johnson and Howard Baswell as
defendants in his suit, alleging
that they violated the Arkansas
Deceptive Trade Practices Act
by engaging in “a concerted
scheme to knowingly deceive
both consumer purchasers and
banks.”
All of the defendants besides
Watkins, who is believed to be in
Mexico, have been served.
Donna Goodwin, who held
his power of attorney, was served
on July 11 — nearly a month after
the lawsuit was filed in Sharp
County.
After the suit was filed but
before Goodwin was served, she
resigned her power of attorney
using Watkins’ longtime lawyer
Larry Kissee.
Watkins signed documents
giving Goodwin the power in
Nov. 2001.
In December 2006, Watkins
granted his cousin, Virgil Griffin,
power of attorney and then
extended the powers in May
2007, months after Watkins reportedly
left the country. Since
then, Griffin has used the power
of attorney to transfer Watkins’
property into his name and to a
family-owned company.
Griffin filed his response to
the attorney general suit on July
15 denying all allegations.
News Flash

United States

#16 Jul 31, 2008
correction, yesterday's edition ...
Dogwood

Foristell, MO

#17 Jul 31, 2008
ssthor wrote:
I'm not blaming anyone else. We trusted WW and HB and JE and SRBC. We were let down in our trust. We have a land contract that is worthless because we trusted them to do the right thing. Sure, we know now that they are totally untrustworthy and worthless in their business dealings, but we didn't know that then. If we could go back in time, we would go back as smarter people, but we are just part of the duped crowd trying to find a legal way out of this mess. Don't go condemning us for being trusting in the fact that a business licensed to sell Real Estate in Arkansas would actually follow the rules (real or implied) in the state of Arkansas and do what they said they would do. I've been told that we should of paid the property taxes, but how can we pay them when the bill went to SRBC and was not forwarded on to us.
you are right people with a Real estate license should be accountable.It is a good thing you have reg. w/the A.G.This may send a message to all realtors in Ar. and other states they had better deal honestly or pay the consquences.Nothing mysterious about it."Wrong is Wrong no matter who ya are!
GA Landman

Acworth, GA

#18 Aug 1, 2008
ssthor wrote:
I'm not blaming anyone else. We trusted WW and HB and JE and SRBC. We were let down in our trust. We have a land contract that is worthless because we trusted them to do the right thing. Sure, we know now that they are totally untrustworthy and worthless in their business dealings, but we didn't know that then.

In my land dealings, I do business with people I trust and those I don't trust. You should never rely on "trust only" in a business deal. It's good to do business with those you trust, but you must ALWAYS plan for the worst and take the necessary steps to be protected in that event.

I don't know them to know if they are worthless in their business dealings or not. They could
be victims of the bursting real estate bubble just like everyone else. At the end of the day,everyone hoped the good old days of double digit land appreciation would go on forever. Just like you wanted to get in on this action with minimum out of pocket expense, so did the Seller. I'm not aware of the specific laws in Arkansas, but it's legal to sell on a land sales contract in Georgia.

If we could go back in time, we would go back as smarter people, but we are just part of the duped crowd trying to find a legal way out of this mess.

Not to be sarcastic, but you should have done that on the front end.

Don't go condemning us for being trusting in the fact that a business licensed to sell Real Estate in Arkansas would actually follow the rules (real or implied) in the state of Arkansas and do what they said they would do.

Can you be specific on what rules in particular you are referring to (real and implied)?

I've been told that we should of paid the property taxes, but how can we pay them when the bill went to SRBC and was not forwarded on to us.
You could have called the County Tax Office and asked for the amount due on your parcel and mailed a check. Not receiving the tax bill does not make the taxes go away. What do you think would happen if you didn't pay your electric bill because it didn't come in the mail?
GA Landman

Acworth, GA

#19 Aug 1, 2008
I didn't realize they were fugitives on the run. That tells me the deal right there.

Since: May 08

Hinesville, GA

#20 Aug 1, 2008
rebelman wrote:
Most of the time real estate contracts are not recorded. The purchasers should have went to a title company, and had things prepared properly. They would have been a Warranty Deed signed and notarized, to be recorded when paid off, and a Quitclaim Deed, signed and notarized, to file if the Buyers defaulted on their purchase. They are somewhat at fault themselves, for not seeing this done properly.
rebelman, I beg to differ with you. With exception of land contracts, almost all real estate transactions ARE recorded. When you see all these adds on tv telling people can make big money finding home owners who are willing to take on land contracts to buyers. They are a bit misleading, but the average Joe believes he is dealing with truthfull person. Many first time buyers do not know the importance of a title search.
Whenever you use a land contract method to purchase a property, you need a lawyer to make sure it is handled in the right way, and they will be able to tell if the seller is crooked.
Even the banks were mislead by not doing a proper title search in this case. Con artists are very good at what they do, to the point that many just believe in his terms and not knowing to do a more detailed check.

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