Hi Everyone,
I've been buying at PA tax sales for a couple years, Upset (liens included) and Judicial (liens divested), and understand the research needed ahead of time to protect myself from a bad deal. I have not purchased any occupied properties because the risks involved seem too high. I haven't participated in foreclosure sales but my understanding is that the same issues with occupants apply. What are peoples best practices to manage the risks involved with occupants? Most advice I've heard is just to approach them after the sale, which in my mind is too late.
Do you research them ahead of time on Facebook or other social media?
Do you search criminal records for them?
Do you go knock on the door pre-sale while driving around doing your property inspections? Talk to neighbors during property inspections?
If you do research ahead of time, what are some red flags that would cause you to back out of a deal or add a couple thousand to the deal cost for legal battles/ cash for keys?
If the occupant is the owner-
What is the going rate for cash for keys? Let's say it's a suburban home in a decent to nice neighborhood, ARV $200-$500k.
Do you make signing a quit claim deed a part of your cash for keys agreement?
In general it sounds like "help me help you" is the best approach, what else has worked for people as far as things to offer? Moving van, etc.
If the occupant is a tenant-
You are not allowed to start charging rent until you have the deed correct? What do you do in the time between the sale and when you get the deed?
Thanks!
