I’m taking possession of a property next week that is occupied. It was foreclosed on and the owners appear to have rented it out to others. I drove by many times and see no evidence of them planning a move. I will make contact after I own it. It’s in Prince Georges County and I’m trying to figure out the best approach. A friend of mine said if they are not moving anytime soon or have a lease that I must honor I should offer them cash to move immediately. That sounds like it can work because I want to move on it quick. Are there any other suggestions? I know others have come up upon this.
If offering cash does not work...our county clerk of court has a free eviction package process online...I would check that out in your county and start the process the day you get the property
I think cash for keys is your best choice. However be aware tenants in a foreclosure situation have rights. You may have to honor their existing lease. Check with an attorney.
@Zana Blue, yes I hope that's my last course of action but I have to look a eviction as soon as possible. I've done it in other counties but not Prince Georges.
@Ned Carey, i have to see what the situation is. Like i said, they don't look like they are going anywhere. I just wonder of they even know the home was foreclosed on, or are just riding things out as long as possible.
I'm knocking on the door today.
May be in for an adventure.
Keep us posted. I would like to know the outcome. I always past on these kind of deals do to the headache.
I agree. Very risky and a headache but if you master it, it can be huge returns, The tenant is researching his options. I assume they will fight to stay as long as they can. They are getting in defense mode so I must do defense and offense,
Well the owner had an attorney trying to avoid foreclosure. They say it was sold out from under them while they were working to process. I'm not sure what she's attempting to do at this point be we shall see. It could take 90 or so days just to get all the official paper work needed to get the process started.
This is interesting. Any update? It would be nice to know what the process is in PG when I come across it myself.