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Updated over 10 years ago on . Most recent reply

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Vonetta Booker
  • Investor
  • Stamford, CT
63
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247
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Risk in buying a short sale currently occupied by owner?

Vonetta Booker
  • Investor
  • Stamford, CT
Posted

I'm interested in several listed short sale properties that are currently occupied by the owners.  Is there a potential risk where a bitter owner might trash the house upon closing--or does that generally happen more with foreclosures?  

Most Popular Reply

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Daren H.
  • Real Estate Investor
  • Desoto, TX
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Daren H.
  • Real Estate Investor
  • Desoto, TX
Replied

Having someone (even if it is the owner) living in the property could be a good thing IMO. Someone is in the property and this could reduce the chances of vandalism, theft, etc.

Because it is a short sale, the Seller is taking the action to try and sell. Trashing the property would be in opposition of getting it sold.  I would not be too concerned about the owner living in the property. Like others mentioned, do a final walk through before closing (the same day of closing).

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