Previous owner wishes to say in her home
I'm considering a wholesale property that is currently "bank owned". The previous owner must have not been able to pay the mortgage, or the house was worth less than what is currently owed.
The wholesaler has told me the previous owner would like to stay in her home if possible. It sounds like a good idea because you have a tenant in place who likes the house; but if she didn't pay the mortgage, why would she pay rent to me?
Does anyone have experience with a deal like this? What were your thoughts?
Thanks!