Updated over 9 years ago on . Most recent reply
Difficult tenants in house headed to auction
Hello BP community.
I have a homeowner who bought a multifamily a few years ago, hired a management company to keep it maintained and rented, and basically forgot about it. Now the place is trashed, tenants stopped paying rent months ago, they are behind on their PITI 22k. Management company is pointing fingers. Property is worth around $120k. Loan is balance $180k. They are ready to let it go to auction. However I have a cash buyer interested in making an offer. The bank wants the property listed on the MLS before they entertain any offers.
Where the current tenants are making it very difficult to get into the property, wouldn't it be in the best interest of the bank to entertain an offer now? It is going to be very difficult to show this to groups of people, if at all.
In a hostile tenant situation like this what is the best course of action?
Most Popular Reply
Love this post. Shows the importance a good property manager. This is a little tricky. Obviously the current management is not up to the task and you will need a competent manager to assist with the sale, however because of the possibility of losing the property at foreclosure and hence the account there is little benefit for a new manager to step in. If the buyer has a manager they can bring in, that would be ideal, as they will need to get access eventually. Even with non cooperating tenants there are always ways, following the law, you will be granted access. It might be with a constable but still possible. I imagine that you might be handling the short sale. The great thing is that they usually take longer than expected to get pushed through provided that your sellers are in true hardship so this will give your property manager time to get the property back up to reasonable conditions/shape. I guess I'm just crazy but sounds like fun! Are the landlord laws in Massachusetts? Pro Tenant or Pro Landlord? How long does it take to kick someone out? In Nevada it would take about 5-10 judicial days with non payment of rent. A little longer with lease violations.