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Updated over 8 years ago,
Short Sale with Uncooperative Tenants
Hey guys. So I'm seeing a lot of good deals in my area of $300-400K homes listed at half their price as short sales. The catch is that there are uncooperative tenants living in these properties that are refusing to leave (or pay rent). Being that it's NYC, reasonably priced houses are few and far in between, and these are steals if I can get them for $150-200K fix them up, and either flip them or rent them out.
My question is whether these properties are worth the trouble of the eviction process or cash-for-keys. (Also, how much cash should be offered? $1,000 seems more than fair). I just wanted to get people's thoughts on this before I get myself knee deep in this.
Thanks