I am new posting to your forum but have visited often and read some of your informative discussions. I have a problem and need advise fast. I am interested in a home that has been foreclosed on by the bank. The problem is that there is currently a squatter who is a relative of the former owner still occupying the property. I understand that this person tried to make a claim on the property. The bank is currently in the process of evicting but it would not be complete if I decided to purchase the prop and then I would have to continue with the evicion process. It is a very nice home, outside is well kept and in a great neighborhood; the only other problem is that there is no access to get in and check out the inside. The bank is selling "As Is" and is willing to lower the asking price given the situation. I checked out the court records and saw that the foreclosure started in April 2005 with a "Judgmnt of foreclos.bill of costs" recorded in March 2006 and "Copy jdgmnt.notice entry, afft.svc." in April. There was also a judgement for the Plaintiff in Jan 06. I am not versed in legal affairs or NY laws so do not know how to interpret this; should I go to the courthouse and pull the records to read? Also can anyone provide any advise on what to do; should I take a chance on this opportunity? How would I go about getting rid of the squatter and will I be able to get financing from a bank for this home? Would appreciate all comments, advise as I have to move fast if I want to make this deal.
Thanks in advance.
Lee in NY
If a Bank is having difficulty evicting him, what
makes you think that you will do better?
That's not sarcastic...just realistic. It is quite possible
that the bank is not really trying, is run by a committee,
etc, etc. And you can do better.
But then again, if NY is tennant friendly, you may have
a heck of a time getting rid of him.
I agree with wesley. Without knowing more about the situation... it is entirely possible that this squatter has been at the property so long that they can legally lay claim to it without paying you a dime. That's definitely a risk!
If this is the first property that you are going after then I would suggest that you pass on it. Wait until you have a little experience with some easier properties first.