Closing on occupied REO

[Jeremy Marshall]

Hello!

I am closing on a 2 bedroom REO in Toledo....hopefully tomorrow. The house is currently occupied and by my research it appears to be the previous owners, not tenants.

I have not contacted them yet as I know it is not allowed and I am traveling to Toledo on Saturday through Monday to see the property and talk to the occupants.  If the house is taken care of, which it seems, my hope is the current occupants will sign a new lease and stay.

My question is:  Does anyone have a sample letter that would share to mail to the occupants to let them know that I am the new owner and I would like to meet with them over the weekend to see what there intentions are?

Any suggestions would be greatly appreciated.

Thank you!

[Andrew Fidler]

@Saji Ijiyemi-

The intent when taking over an occupied property, specifically an occupied distressed property which was sold because it is not performing...is control has to be established from the first interaction and maintained as the property becomes performing. 

I’d say 70% of the time the tenant has emotional baggage from the old owner or property manager and ends up needing to leave regardless...again I’m happy to make it a mutually respectful and reasonable process, or drag it into court with our attorneys...it’s all up to the tenant. 

If you don’t establish control then you are the next guy dumping the property onto someone else. 

In a decade of this business I have yet to have the tenant beat me at the property management game.