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Updated over 1 year ago on . Most recent reply

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72
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Ron K.
  • Professional
  • Altoona, PA
23
Votes |
72
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Foreclosure with past owner living there

Ron K.
  • Professional
  • Altoona, PA
Posted

Single family bank foreclosure with past owner still living there.  RE listing agent said I would have to do the eviction or work out a rental agreement if I purchased the home.  In addition, there are no showings and I'd have to buy sight unseen (although she suggested I knock on the door even though the listing clearly states not to).  Property is attractively priced.  

I haven't bought a bank property in many years.  Is it common to not evict before listing?  I do plan to meet with occupant to determine if he is a good rental candidate.  I do not want to buy and evict (it's in my neighborhood) so using as a rental and rehabbing later would be my plan.  I am open to thoughts and suggestions please.

Most Popular Reply

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Chris Seveney
  • Investor
  • Virginia
15,410
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Chris Seveney
  • Investor
  • Virginia
ModeratorReplied

@Ron K.

As someone who buys mortgage loans, I would say if the property was foreclosed upon it would be difficult to see that person as a good renter. There mortgage payment was probably close to the rental payment and to foreclose in Pennsylvania is a lengthy process so they must have been way behind

If I bought it I would get an attorney and have them handle the eviction or offer cash for keys

  • Chris Seveney
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