Hello BiggerPockets community! This is my first post. I'm a new member and new to real estate investing. I've recently (2 days ago) made a cash offer from a third party auction site of a REO single family property. I won the bid, seller accepted offer, earnest money wired, contract signed by buyer and seller, proof of funds accepted. I'm just waiting for the closing.
The property is previous owner occupied. What is the best way to move forward with gaining possession of the property and how to handle the eviction? I've found out that the occupiers are an elderly couple and I want to handle with care. With the 'Protecting tenants in foreclosure act' expiring on 12/31/14, I'm a little unclear on the occupiers rights in this situation. According to this article http://www.dreyfusslaw.com/articles/What-Is-The-Eviction-Process.htm I can evict in 3 days unless they seek some sort of extension or legal advice. Should I offer 'cash for keys' or move forward legal eviction? When can I legally begin to communicate with the occupiers (offer accepted, contract signed, just waiting for closing)? Should I approach them in person and try to fact find and negotiate face to face?
This is my first investment in real estate and the goal is to repair and flip. My metrics and profit potential look very attractive on paper, but getting started is the first hurdle.
This looks to be an amazing forum and hopefully someone might be able to help.
Looking forward,
Pat
