Bidding on an REO that's occupied by owner's children
I'm in Los Angeles, CA and I'm looking to bid on an REO on the auction site "HomeSearch." It's occupied by the children of the deceased former owner...and perhaps all their high school buddies as well. It's a rather intimidating looking crew to even drive past. There are lots of them and they have VERY nice cars for congregating around this virtual tear down. Hmmm...drugs? I'm not sure. And as usual, there is very little info.
Does anyone have any thoughts about how much of a battle it would be to evict descendants of the deceased, foreclosed-upon owner... and all of their friends (think Boyz 'n the Hood)?
Most Popular Reply
I would be very careful trying to buy this type of occupied property for your first or even fifth go round! Lots of bad things can happen and if you do not have the experience or financially abilities to ride out an expensive hold period, you will not come out looking pretty. Be very careful. I would suggest going after some other opportunities before trying your luck at this one.