Updated almost 10 years ago on . Most recent reply
Occupied Home Auctioned Off
Hey all, I'm following a home that is being auctioned off by BOA. The home is currently occupied. The title disclosure accompanying the auction indicate that there is a possible bankruptcy filing.
Has anyone here gone into a deal like this? If so, how did you deal with it? Costs?
Homes in the area are selling for just under $200k and right now the going price is $50k (reserve NOT met). Thanks,
J
Most Popular Reply
I know this post is old but I bought an occupied auction house through a local auction company. The previous landlord went through a bankruptsy and 150 properties of his was auctioned off. I ended up winning the bid and buying the house.
It turned in to a complete nightmare. The tenants refused to leave and it took me 4 months of going to court to finally get them out. They ended up appealing the case and taking it up to circuit court. Complete waste of my time and money. We spent $5500 btw lawyer fees and mortgage payments and only got back $2800.
When I first presented myself I tried to do a cash for keys and they said no. Then I said you can stay there for a month for free just be out in 30 days. They agreed but lied. Never paid me a dime. Turns out they were section 8 trash and their sect 8 status ran out right when closed on the property.
Just be careful