Owner Occupied Foreclosure

2 Replies

We have seen an uptick in foreclosures lately though we have been passing on owner occupied properties as advised by our attorney. I feel as though we are passing up multiple good deals. How is everyone else handling owner occupied foreclosure sales at this time???

We are located in NC.

Thank you!

I'd get a new attorney - owner occupied foreclosures are much better than tenant occupied (All things being equal) as the tenant is subject to the protecting tenants at foreclosure act (You can't evict them), whereas the owner (previous) can be evicted. Tenant occupied thinks they have something coming to them and they might, whereas owners don't' typically. Doesn't mean they won't ask for cash for keys but owners have little protection in/after foreclosure.

Thank you Ron! I was thinking the same thing about the attorney. Looks like we will get back on the foreclosure bandwagon! Thank you again for taking the time to respond.