Peoria, IL · Member since 2017 · 17 posts · 7 votes
I'm helping a friend sell a house. He bought this property in 2008 and rented it to someone he felt he needed to help. The tenant has been living there ever since. Turns our he's a bad tenant (surprise? no.).
My friend is moving to another state and just wants to get rid of that house, but doesn't want to go through the eviction process. The tenant doesn't want to leave, but is not exactly paying on time. I suggested we would try and sell it as tenant occupied.
The place doesn't have many pictures because the tenant has so much stuff in there it's difficult to see anything, but we managed to have pictures of the roof, foundation, water heater and the outside.
At this point, he wants to do a quit claim deed for $2000 and get done with it. Taxes are around $500.
In this scenario, can I expect to find a buyer who's willing to deal with this? How can I increase my chances of selling?
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
8y
@Fernanda B. Neither you or I know how much he owes on this house. Most likely he owes Way more than the house is worth and he's trying to sell his problem to someone else.
@Fernanda B. - what @Brent Coombs said is right. I don't think anyone here is making any type of acquisitions. What we are saying is that the advertised facts of an unreliable tenant, plus a quit claim deed, plus an incredibly low asking price, all sum up to be a questionable set of circumstances that raise a lot of red flags for investors. I suspect this is not be what you had intended, but it is the way the situation has been received by the investors on this thread.
Given the feedback, you can take this as constructive criticism that "perhaps I can advertise this deal/situation in a way that address and alleviates the obvious concerns of potential buyers".
Yes, I can see that. There are a lot of other factors involved, as I said, with his family. He needs to sell this asap. I will repeat this AGAIN - the sale can be through a title company. I already contacted them last week to see what the costs would be to transfer the title.
To the person above, I know the only debts on the house are back taxes (around 2000).