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Glad you asked the seller to evict or this would be on your shoulders.
As far as tenants/former owners trashing the place, I would have to say based on my viewing a lot of REO properties that the more expensive the house the less likely to be vandalized/trashed. Not 100% of the time, but on I noticed a lot more destruction in the less than $150K priced properties. The neglect was also a huge issue with leaky plumbing and holes in the roof that have probably been there for years causing wood rot and mold.
Thank you for sharing this information. Every home I have flipped in the past has been in the lower price ranges. This will be my first foreclosure purchase of a house of this caliber. The insight you have offered has given some relief. I am not looking to flip this house and I am hoping to move in soon after taking possession. Hopefully all will go smooth. Thanks again for your input.
I will update as soon as I receive new information. My attorney has informed me that if this drags on into the winter months, I may be waiting even longer because our local judge is not too favorable on evicting in the winter. It may be some time before I post with any new information, but I will keep posting as long as there is an interest.
Better News! I just received an email that Freddie Mac/Homesteps has agreed to move forward with the eviction. Supposedly, we are 3-4 weeks out from seeing this take place. I will follow up when I receive more info.
Sorry for being out for so long. To update the situation, Freddie Mac told the previous homeowner that he had to be out three days before our closing date. He was out, we were able to view the property after he moved out to make sure there wasn't any damage, everything was fine, and we closed. We are remodeling right now and should be moving in a two or three months.
Sorry for being out for so long. To update the situation, Freddie Mac told the previous homeowner that he had to be out three days before our closing date. He was out, we were able to view the property after he moved out to make sure there wasn't any damage, everything was fine, and we closed. We are remodeling right now and should be moving in a two or three months.
Good luck to everyone going through this process.
Thanks for keeping us updated. Glad to hear that everything worked out for you. Congratulations on your new home!
We are buying a home has a tenant in it until we got the offer we still did not know the tenant will not move out. The seller agent keeps telling us they are trying to move them out. After appraisal we noticed it does not seem like the tenant will move out. We asked our agent and he had a hard to reach the seller agent. The seller agent finally told us this is previous owner not a true tenant. The AD does not say the house comes with tenant so we got surprise. I disagree to close my contract until the Freddie Mac moved the tenant out. They offered cach-for-keys to the tenant and they accepted. When the closing date is coming, we asked when the tenant is moving out. The seller agent just told us she could not reach the tenant so she does not know. She is so irresponsible. She told us 2 options close the house, we move the tenant out or cancel the contract re send the offer again. Gosh why we have to lose our inspection and appraiser money and earnest money. The seller is being ridiculous. Even we close the contract the tenant might destroy the house and then who will fix the house.
I see that this is an older post, but we have come across this same situation. The home has been foreclosed by the bank and yet the previous owner is still living there. Freddie mac won't budge on doing the eviction and insists on a 30 day occupancy by the current owner after closing. The house is exactly what we need and is selling more than $30k less than other comparable homes. Just wondering if any one else has come across this situation and if so how did it play out?
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