Updated almost 7 years ago on . Most recent reply
Owner Occupied Foreclosure Eviction
HELP NEEDED!!
Recently, I was the highest bidder on an auction that was fore a single family home foreclosure. The bank owned property was listed and eventually brought to auction, through auction.com. The seller has accepted my bid and we are now in contractual negotiations.
This is the first auction/foreclosure that I have been apart of. This home currently has the owner still occupying the house. The property is in New York and the eviction laws ca be tricky and time consuming. The property is planned to be a fix and flip and getting into the home as soon as the deal is closed is a concern. If the current owner is not ready to move, we would expect rent. As they have not payed the mortgage, there is no telling whether they would be trusting enough to pay a month to month rent until they are ready to move.
What is the best way to deal with this situation?
Most Popular Reply
This isn't going to be fun for you. And, if the former owner didn't make his mortgage payments, you're not getting rent from him - not now, not ever. Most likely, this will come down to two actions: "Cash for Keys" or Eviction. You'll want a good real estate attorney to handle this for you. There's a lot written on these topics but it basically comes down to you paying the guy to leave or evicting him which is timely/costly. The sooner you engage the real estate attorney, the better. He/she may be able to start making lead way on this while the seller still owns the property.