REO Occupied Question

3 Replies

I found a listing with the following disclaimer on Hudzu:

REO Occupied - the seller does not represent or guarantee occupancy status. NO VIEWINGS of this property. Please DO NOT DISTURB the occupant. "As is" cash only sale with no contingencies or inspections. Buyer will be responsible for obtaining possession of the property upon closing.

So I have no idea if the occupant has a lease or what the monthly rent is. I can not see the inside, but the outside looks like it is in fairly good shape. This make me nervous. Any advise from more experienced investors?

I agree with Charlie .... PASS.

This could be anything from buying from someone who does not even own the property ... to the seller (owner?) knowing that the occupant runs a meth lab on the property ... to an illegal squatter .... to who knows what.

Look harder .... work at building a network of people who keep an eye out for properties that may come up for sale.

Develop an elevator pitch describing what you do and the types of properties that interest you.  Give that pitch to everyone that you know with the follow on question of "Who do you know that owns that type of property and may have interest in selling .... perhaps someone who wants to downsize (and empty nester) or someone who just inherited a property or perhaps someone going through a divorce and needs to sell their home?

Good luck but pass on the property that you described.