I have a property I am looking at in Michigan (metro Detroit) where the seller is just starting the eviction process to get a tenant out. If I buy this property during the eviction process would I have to start the process over when the sale is complete or is there a way for me to step in and continue?
The seller is motivated so he would definitely be selling before the process is complete.
Perhaps the best solution is to have the seller hold off on starting the eviction and try cash for keys?
Jon I'm curious how do you go about finding your eviction properties?
Put the property under contract, let the seller complete the eviction and then buy the property. You do not know what condition the property will be in once the tenant moves out. They could destroy the home. If you purchase first and then do the eviction you are assuming the risk.
Either have the seller hold off and do the eviction yourself, which is what I suggest instead of buying in the middle b/c you know it will get handled your way, or just get a contract on the place for 6 months and tell him to keep you updated and you will buy it when they are out. I would get a discount on the purchase either way for my hassles!
@Eddie T. Thanks for the advice. Assuming the risk is part of solving the sellers problem which I am baking into the discounted price. He is also out of town so it is difficult for him to get back to the area...another problem I am solving.
@Barima Opong-Owusu I do not market for eviction properties, this just happens to be the case with this property.
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