All Forum Posts by: Ira Jeter

@Bill Brandt well I just confirmed the buyers did sell the home, so that would not have held them up from closing.

@Dan I’m not 100% sure exactly which wires are encroaching but they said it’s underground in regards to the pool. I personally feel like this was all a ploy for the buyers to get in a place since their contingency for buying the home, is their home had to sell first which I believe it is under contract now

@Wayne Brooks that makes sense, I don’t have all the necessary info yet, just what my mom has told me and she is currently out of state. All inspections and appraisals were good to go, then right before closing this survey surfaces out of the blue, just feel like the buyers are trying to pull a fast one

@Marc Winter Thanks for the reply, I relayed those messages to my mother-in-law’s realtor. Once I hear back we can go from there.

So my mother-in-law is in the process of selling her home with a realtor, and the end buyers somehow convinced them to let their family move in 2 days before the closing. Now the day before the closing the buyers decided to disclose an encroachment of the house against the city, to the title company halting the closing process after they’ve already moved in.

My mother-in-law’s realtor is supposedly speaking with a lawyer about the situation, saying they didn’t have intent to buy since they waited for the last minute to bring up this problem.

The Encroachment issue is the pool wires are crossing city lines underground, which would take x amount of time to fix as well as x amount of money.

My question is what would be the best way to solve this issue?

Try and fix the encroachment issue or go about the process of removing the buyers(squatters) ?? Also would removing them require an eviction process? This is In Virginia Beach, VA as we.

@Logan Hassinger

My plan was to buy the property subject to, then catch up the payments. I reached out to the homeowner from a foreclosure list, I told him I was interested in buying the property. He’s been very cooperative, I wanted to get more eyes on the deal to see if there’s anything I’m over looking.

@Jason D.

Yeah the margins are kind of tight, rent would be $1150. The monthly payments now are $747.

3 bed 2 bath 1200 sqft single family

Principal Loan: 94k + 15k arrears/taxed&fees = 109k

ARV: 120k

My question is would this be worth a 15k down payment to stop the foreclosure, and use owner financing to possibly rent or sell? The condition of the property is decent, just needs a paint touch up on the inside of the home.

@Ned Carey Definitely going to walk away with a learning experience, just hope it’s one that’ll be profitable.

@Chris Seveney yes it has multiple liens, however the property is worth 100k based on comps in the area. I realize a tax lien and mortgage is different, I was just stating that it must be an unpaid mortgage. Since the homeowners have already been foreclosed against.