Hello BP Community,
Love everything about this site.
I am a noob investor. I am a part time investor and pretty much utilize all the free marketing I can to source deals.
I have a situation. A seller called me yesterday and said he had a property for sale. He said there is people living at the property that are not paying rent and he does not want to deal with kicking them out.
The seller acquired the property from his Uncle who couldn't afford it anymore about 4 Months ago. So they did a transfer and he got a conventional loan.
The property has about 215K left on the note and comps are going for about 315-330k.
The problem i am running into is that the person living in the house is the X wife of the uncle who transferred the property and she is refusing to leave. The Title report shows a inter spousal transfer deed to the uncle back in 2004.
I am not to sure what rights the tenant (xwife) have. The seller doesn't even want me to contact the people at the residence. If I took the risk got this under contract and got financing, purchase the house.
It a depressing situation but as investors its sometime what we have to deal with.
Has anyone had to deal with something like this or have any strategies?
I recently dealt with a similar situation and it got very sticky, to say the least. While I can't really advise you (I'm in NC, our tenant laws are likely night and day from yours), I would recommend taking all the information and having a sit down with a local attorney who handles evictions. Even if they charge you a few bucks for their time, its a very small price to pay. You don't want to pass on a potentially good deal if it is workable (after all, our job is to be problem solvers), but you also don't want to inherit a nightmare. Regardless, at some point you likely need to open a dialogue with the tenant, I understand the seller doesn't want you to but you may be able to resolve the issue simply by being a good listener to the tenant's argument. Just my 2 cents, good luck!