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Old 05-23-2013, 04:26 PM
 
Location: Metro Detroit, Michigan
29,682 posts, read 24,738,189 times
Reputation: 28365

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I have been scanning for houses and I found one that looked great (on the outside). The house is selling for 30K under current value, but if I bought it, I would have to evict the occupants. Does anyone have any experience with this? I have enough to cover the legal fees, and I have a place to stay for a couple months while I follow through, but my dad says I should forget about it due to the potential headache involved. If I did purchase the property, I could offer the occupants "cash for keys" as well. With the current programs running in this state, I would also receive something in the neighborhood of 15K in incentives to purchase this property.

For what it's worth, I have also seen some great deals on auctioned properties, but many of them are also in foreclosure and currently occupied.

Any help here would be greatly appreciated.
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Old 05-23-2013, 10:25 PM
 
775 posts, read 1,255,469 times
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Are you assuming the entire process would be a couple months?
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Old 05-24-2013, 08:25 AM
 
Location: Mount Laurel
4,187 posts, read 11,887,797 times
Reputation: 3512
There are auction or foreclosed house for sale way under market value all the time. You saw a house that look great outside. Chances are, you may never even be able to step inside the house before you put and offer or buy the home.

Listen to your dad. There are those involved in Real Estate that know how to deal with these types of situation. Let them make the money. It's not the type of home for the regular consumer to buy. It's headache and aggrevation if you don't know what you are doing.

I've see houses that for sale where the owners have not been able to collect rent for years.

What state are you in that you could get $15K in incentives as a buyer for "cash for keys?" This particular program is usually a benefit for home owner or tenants of foreclosed homes, not the buyer.
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Old 05-24-2013, 04:51 PM
 
Location: LA
223 posts, read 521,690 times
Reputation: 94
I agree with having someone who knows how to deal with auctions. We were close to doing this if the short sale we ended up getting didn't pan out. Issues with title and liens and who knows what else that can cost some serious money to get in order was what bothered me.
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Old 05-24-2013, 10:20 PM
 
13,098 posts, read 20,806,593 times
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If the occupants have a lease, you will be required to honor that lease until its end unless you intend to occupy that property as your primary residence. With or without a lease, you must give 90 days’ notice to vacate. At the 90 day mark, if they have moved, you move in. If they didn’t move, you will have to go through the normal eviction process as outlined in your state laws.
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Old 05-27-2013, 08:09 AM
 
199 posts, read 527,067 times
Reputation: 345
Looked at many foreclosures this year and bought one. The previous owners at times trash the inside on the way out. I've seen them take all plumbing fixtures, kitchen cabinets, and tear out the electrical wires. I would never buy this property without a thorough inspection and occupants must be out before the closing. Better think of the down side and don't just look at the incentives.
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