Buying an reo occupied home in nc need assistance (tenants, contingencies, price)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am currently in the process of buying a home in Greensboro that is REO occupied the home looks like a nice place and well I am taking steps to buying it hopefully will close at the end of the month. A thing that has been a concern is that the home is reo occupied and can have tenants living or the previous owner I know if its tenants and they have a lease it will supersede my title but I have no problem with that if they are renting I would just take over the lease. Now my question is if the former owners are living there how do I go about having them removed?
If anyone can assist me with the process I have been reading up on the eviction process but it can be timely and financially consuming but I am willing to buy the home if I can get swayed in the right direction what would be the best way to go about it?
You would have to serve them with a Notice To Vacate per NCGS § 42-14. You can technically give 7 days since as former owners, they have no rent payment basis to use as a guide. However, 30 days is customary as it meets all requirements of the laws and can not be contested on length. If they refuse to leave, you must evict. Leaving on good terms is preferred as if you have to go the court route, there is always a chance they damage the place out of spite or drag this out for months.
It would be better if you made your offer contingent on the house being vacant at closing. Then you can do a thorough inspection before closing to make sure that the property hasn't been damaged by them--or adjusting the price, or walking, if there is extensive damage. Disgruntled occupants can cause a lot of damage.
that the thing home is reo occupied no contingencies no inspection but the house was too good to pass up I am paying 1/4 of what a house like that cost so I am willing to take the risk but I would like to know what to do or what is the best course of action I have heard of cash for keys but will see
Rabrita do you know where I can get that form I would like to serve it to them as soon as possible if its the previous owners I l know if they are tenants I have to respect the lease but at least I can get cashflow till I move in
Start now by finding out if these are tenants, (with or without a lease), or if it's the owner. If tenants, there is more to consider such as rent rate, lease terms and are you going to get stuck with having to fork over the security deposit out of your pocket when they leave or is any deposits being transferred to you?
Don't be a dummy. Get a referral for a good eviction attorney. I would knock on the door and try to get occupants information, some are friendly some not so much. Ask to see the inside whether they are ex owners or tenants.
They may be expecting cash for keys to move so think about this ahead of time.
Hopefully the current occupants don't draft up a 5 year lease for $500/ month or something absurd in your market.
I will be finding out saturday afternoon about the tenants and what it is I will try cash for keys but if they have a 1 year lease I would honor it or will have to because I wouldnt want to go through the process of removing them if its not their fault I have a home in miami regardless but thank you guys. If anyone knows of a good lawyer let me know
that the thing home is reo occupied no contingencies no inspection but the house was too good to pass up I am paying 1/4 of what a house like that cost so I am willing to take the risk but I would like to know what to do or what is the best course of action I have heard of cash for keys but will see
sounds too good to be true. The home can have black mold, it can have major plumbing problems, electrical problems. liens, etc.
Risk I am willing to take but I will see if I can contact EVICTION lawyer if needed and I am not too worried I have a house in Miami I can do repairs till I get the hell out of here but thank you
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
