All Forum Posts by: Matthew Thomas

this situation seems to be working out for me.    I went and tried to talk to her again and she was much more lucid.     She agreed to cash for keys but wanted a bit more time,   my attorney worked with the bank and was able to push out the close.

Today I went to present the contract the the lawyer drew up for cash for keys and the person now wants to get out earlier and is looking to push the date up.

a good friend of mine had a saying,   every now and again the sun shines on a Dog's A$$.

it was sunny today.........

no -  I'd love to get insurance and would like to know how to do it.

I called my regular agent and she said they would do fire and dwelling but nothing else.    Can you get liability coverage on a property you can't ensure is safe because you can't get in it?

I posted this in the foreclosure forum and don't think I am reaching the right audience.   (moderators,  if I am wrong delete one)

I was the high bidder on a bank foreclosure auction,    I have attempted to offer the previous owner cash for keys and am getting the impression that she wants to drag it out and be evicted.   In talking to her, I got a vibe that she is not well mentally.

I am concerned about insuring the property for the duration of the eviction process,  specifically for liability because it seems like the laws put you in a catch 22 where you can't get on the property to maintain it yet they would hold you responsible for any dammages if they were to occur.

How does one protect against this?

ok  further along in the process...

I was the high bidder at the bank auction and I have approached the person and offered her cash for keys and she doesn't want money and seems to want to max out time before being evicted.

in meeting the her,  she appears to have had a hard life and does not appear to be in great mental health and might have a current or past addiction. 

I'm curious here,   If I proceed with the sale and go down the path of evicting the person,   I am not as much worried about them dammaging the property but somehow hurting themself and trying sue me.

How do I protect myself from being sued? should I do an LLC to do a stop loss?

can one get homeowner's insurance with liability protection?   

I get that the courts wouldn't let me inside the house to maintain,  but would they let me maintain outside with snowshoveling / sanding walkways?

Hi All,

I have not gone down the path of auctions in the past and there is one near me that is currently occupied and will be auctioned off in the next few weeks.   I am interested in bidding on it and as a part of my research I have seen a lot on what process it would take to get the previous owner out of the house.   I'd start with cash for keys but if that didn't work,  seems like it may take 3-4 months to evict a person,    my big question is getting liability insurance on the property.

I get that there isn't much I can do preventing the previous owner from trashing the place  (she is 60+ so I doubt she's taking a hammer to the place)   but I do worry that if she or someone else were to get hurt prior to an eviction and sues me.

Can you get insurance on a property under these conditions?

another question -   anything stopping a person from leaving the water running,  not nessesarilly to dammage the property but to run up a bill?

thanks in advance for your advice

Fun, Fun, Fun. I opened this post as a rant when I lost out on a house I knew was a great flip.

I've been watching, the house sold inside the 15 day first look period, has been renovated and when I drove by this weekend is now on a lockbox.

I can't wait to drop a dime on the folks when it comes on the market or sells again.

I agree - already in progress

The lawyer also suggested and I am doing - that is getting my own title insurance rather than what Freddie would have provided. It is a little bit more but I'd rather be covered properly.

My attorney came back with the title search info and it was clean. He feels that I would have no problem in a future sale stating that it would be a marketable title.

I think I am all set.

Hi All,

I've got a freddie mac REO under agreement and in the P&S they state that they would only provide an Insurable title.

My lawyer brought this up as a concern but thought that if it came back with a clean title search it wouldn't be an issue going forward.

I am 2 days in the 10 day inspection period and expect to get the title search back by the end of this week.

Should I be concerned even if the title search comes back clean?

My original post was a rant......

After offering on 15+ homes I finally have had an offer accepted on
a Freddie Mac REO