All Forum Posts by: Kevin Delaney

Get an estimate on the repair.  Then renegotiate the sale.  Either repair before settlement or subtract from the cost of the house.

They certainly aren't the only ones doing it.  There definitely needs to be a change in policy to address it.  It's a slippery slope though.  Soon, landlords would be using the new policy to self evict tenants.

This is happening a lot in Philly.  You are lucky they left.  The fact that they did means they probably were the victims and not the scammer.  Usually you get stuck paying cash for keys.  The Philadelphia Police can legally do nothing.  Once they show the fake lease, it's a civil matter and not a criminal matter.  The scammers know this and will usually bring up the idea of cash for keys.  I haven't heard of a single person getting arrested for it yet.  Something has to change or this will continue.

Giving them 48 hours is too lenient as far as I'm concerned.   They know they're not supposed to be there.  They will continue their games as long as someone keeps giving them cash for keys.

A lot of this is going on in Philly.  It's a scam they're running to get cash for keys.  Going through a similar situation now with a bank owned property.  My client was purchasing a triplex for a house hack.  Couple days after our offer was accepted, in move the squatters.   Bank offers them cash for keys and gives them a month to move out.  Then they're on to the next one.  They present a signed lease (not in the owners name).  So, they come off as if someone scammed them and they are the victims.  Which I'm sure has happened too.

The bank pays the broker that they hire to sell the property.  That broker shares their commission with the broker of the realtor you hire.  Your realtor's broker then pays your realtor.  If you are contracted with a realtor, they have fiduciary obligation to look out for your best interest.

The lien has to be satisfied at settlement to clear the title.  He would get the full 8k lien unless you delay selling until you fight it out in court.

DIG

Where to start? I guess the answer would depend on quite a few factors. How ready are You? What route do you plan to take? Flipping? Wholesaling? BRRR? If you aren't sure, then the best place to start is the podcasts. You can find lots of useful information on all kinds of real estate investing by listening to them.

I believe you have to write a letter stating you are the new owner and asking them to leave with 30 days notice.  If they don't leave, you have to file a complaint in ejectment and have it served.  They have 20 days to answer the complaint.  Then you send them a notice of default with another 10 day waiting period.  If they don't answer, you ask the court to enter a praecipe to enter default judgement for possession against the occupant.  Once you have the judgement, you can file a writ for possession.  How long it takes could depend on how hard they fight it.  Cash for keys could be a quicker and easier option.