Better experience buying foreclosures where residents have passed away

Better experience buying foreclosures where residents have passed away

Flipper/Rehabber 路 Bloomfield CT 路 Member since 2020 路 1k+ posts 路 408 votes

In analyzing past dflips acquired through foreclosure auction, Mr profit was always higher when the tenant was dead compared to living tenants who would create pain via an eviction process. Of course the trash out often costs more but other expenses were much lower

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Real Estate Broker 路 Atlanta 路 Member since 2024 路 1k+ posts 路 604 votes
4mo

@James McGovern Not surprisingly. The dead also make better neighbors which is why some people are more comfortable living next door to a cemetery.

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  • Real Estate Broker 路 Atlanta 路 Member since 2024 路 1k+ posts 路 604 votes
    4mo

    @James McGovern Not surprisingly. The dead also make better neighbors which is why some people are more comfortable living next door to a cemetery.

  • Drew SygitBusiness Member
    Property Manager 路 Royal Oak, MI 路 Member since 2012 路 12k+ posts 路 9k+ votes
    4mo

    I've always joked about opening a nightclub in the middle of a cemetary, because who would complain about the noise?

    Even have a name for it - "Wake the Dead".

  • Real Estate Broker 路 Atlanta 路 Member since 2024 路 1k+ posts 路 604 votes
    4mo

    @Drew Sygit You are hilarious 馃槃.

  • Chris SeveneyBusiness Member
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    Investor 路 VA 路 Member since 2015 路 21k+ posts 路 19k+ votes
    4mo

    We buy non-performing loans. We had a deceased borrower show up in court to contest a foreclosure filing. It caught me off guard when my attorney made the comment that the borrower appeared in court, and I said, "That's interesting. How did that happen since he's dead?" The look on my attorney's face, realizing they completely screwed up. It was actually the borrower's son who had the same name, claiming to be the borrower. It cost us three months, but it is a good story to tell people that a dead borrower showed up in court. 

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    • Drew SygitBusiness Member
      Property Manager 路 Royal Oak, MI 路 Member since 2012 路 12k+ posts 路 9k+ votes
      4mo
      Quote from @Chris Seveney:

      We buy non-performing loans. We had a deceased borrower show up in court to contest a foreclosure filing. It caught me off guard when my attorney made the comment that the borrower appeared in court, and I said, "That's interesting. How did that happen since he's dead?" The look on my attorney's face, realizing they completely screwed up. It was actually the borrower's son who had the same name, claiming to be the borrower. It cost us three months, but it is a good story to tell people that a dead borrower showed up in court. 


       We've had applicants with the same name as their parent, other than Sr vs Jr, apply and try to fraud their way to an approval.

      Fortunately, our background check usually includes the date a SSN was issued.

  • Real Estate Broker 路 Atlanta 路 Member since 2024 路 1k+ posts 路 604 votes
    4mo

    @Chris Seveney That is wild. Definitely a reminder to verify identity early. Same name heirs can derail timelines fast. Costly delay but a great story to tell.

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