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Updated almost 5 years ago on . Most recent reply

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Joe Cassandra
  • Rental Property Investor
  • Woodstock, GA
772
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517
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Where the heck do your seller's go after you've bought the house?

Joe Cassandra
  • Rental Property Investor
  • Woodstock, GA
Posted

So our last deal, it didn't even hit me because the seller just crashed with a family member after the closing...

But, I've been under contract for a month on a great off-market BRRRR deal. The woman had lived there for 20 years, has two teenagers, separated from spouse.

Big thing ---> she just finished up bankruptcy. And is behind on her mortgage that I expect the pre-foreclosure papers to start by April...hopefully later. Thus, time is of the essence.

Well, the deal hasn't closed because I told her we wouldn't buy the house until we found her another place to live. 

I called a realtor who's a buying agent who's been looking for deals for me (none closed yet)...told him the situation...told him "we need to find her a place to rent, her budget goes up to $1,300/month."  He claims with her bankruptcy it'd be hard to find a place to rent. 

Over two weeks ago, he approaches me with an idea for some '2nd chance' program that could allow her to buy another house and pay less per month than rent. 

Long-story-short ---> it's been about a month and very little progress has been made to get her out of the house (to rent or to buy). I don't have time to sit on the phone with landlords trying to pitch this lady. She's a great lady, just hit a bad year in 2019. Has had a steady job in the school district for over a decade. 

Is it the realtor dragging his feet? Does it take a long time for bankruptcy folks to find a place to live? 

Where the heck do your sellers go when you've bought their house???

I've never read anyone having this problem before...

Do you just kick them out? I do believe I help families...in this case she's thanking me again and again for buying the houes (it needs repairs) and I'm getting it for about 70% ARV. I can't just kick her into the street. 

What do you do?

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Theresa Harris
#3 General Landlording & Rental Properties Contributor
11,178
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Theresa Harris
#3 General Landlording & Rental Properties Contributor
Replied

@Joe Cassandra  Why can't she find herself a place to live?  Give her the info from the realtor on the second chance program and get her looking for her own place.  It shouldn't be up to you to find her a new place.

  • Theresa Harris
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