Occupants in investment property!

5 Replies

First time listing question on BP... Found house listed on Hubzu that is not listed on MLS, is cash only bid offer forclosure, states that property possibly has occupants... Question is; if awarded the bid - how do I remove the occupants...?

Local and state laws govern for eviction.  You can also try cash for keys.

Hey Brent  good to meet you .. Sky Mikesell here based in Charlotte NC. 

if this is a foreclosure sale then most states allow for an accelerated removal process of any stay over occupants. .. when i say accelerated that means it is faster then traditional eviction proceedings.     If the property is NOT a foreclosure then you will most likely be dealing with traditional eviction process.

In either event i would contact a local attorney that specializes in evictions. 

good luck, take care,

Sky Mikesell

Scary proposition but I have done this a few times with auction.com and currently have a contract for an occupied property. Think of the upside - if there was no tenant, the property would likely be on MLS for a higher price.

More specific to my experiences, one time the occupants moved out a few days before the sale closed.  One time I contacted the occupants and agreed to move them to one of my other properties (which I eventually evicted them from, but really just wanted them out of the better property). 

One time was very crazy.  I left a note on the door explaining that I wanted to help the occupant stay in the property.  10 minutes later, I got a call from someone in my phone contacts saying that I just left a note on his home.  Turns out I had business dealings with the occupant before, and we had many common friends.  He wants to buy the house back.  So I made a deal with him to stay at a rental price for which I will make no repairs.  In the last year, I've recovered 1/3 of my investment off that deal. 

In each deal, I budgeted a certain amount for court costs.

thanks guys - @Dooreuhn Cee, @Wayne Brooks, @Sky Mikesell;  Appreciate the good info!!  Doorreuhn - good words and my thoughts same for this opportunity!  Needed to hear outside words and your experience.  Hope rental person(s) for this occupants does well as being tenant, and the rest of outcome for yourself future opportunities this property...!

I call Big Tony. Squatters understand him. Everybody should have a Big Tony!

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