Foreclosure Sale with Occupants

[Rick Bevilacqua]

Does anyone have any knowledge or 1st hand experience with purchasing a bank-owned property that is occupied? This is in Pennsylvania..

IE; what's involved in the purchase process and how the occupants can affect it, as well as eviction if necessary to remove them after closing?

Thanks in advance.

[Josh Caldwell]

Yes, and it can get exciting.  I find it is best to work with the people in the home as best as you can.  The key here is to keep them from destroying your house.  People can do an amazing amount of damage in a few days and the PA eveiction process will take months.

So what I offer them is either assistance getting on with their lives, a rental truck, help finding an apartment, or even cash to go away.

On the flip side, if you buy the house cheaply, you can offer to rent it to them, or even do a rent to own tied into credit repair.  One word of caution, get a quit claim deed signed incase they go that route and default.

Its a tricky situation. but I find people are easier to deal with if you are offering them something

To your success

Josh