All Forum Posts by: Shari Posey

Fannie and Freddie don't participate in the $10k incentive--$3k is the max. 

The buyer is NOT the owner yet. 

Regarding cash for keys, a figure of $5k to buy some personal items has been floating around. 

My question is...Is the legal process different for a seller not vacating compared to a tenant not vacating? Is the process different because the seller willingly agreed to sell and leave at close but then doesn't leave? I'm naive because it seems to me that the buyer can just pull up a moving truck on the day it closes and just start putting stuff in the house or start painting, whether the seller's stuff is out or not. (I know that's not how it works, but it should.)

I do like the idea of having the seller sign a amendment that escrow will hold the relocation allowance until he vacates, AND for the seller to vacate one day prior to recording and if not, it will not record. 

Not HAFA but seller getting a lesser amount, which is evidently not enough to temp him to leave. BUT, that's a great idea to see if seller agrees to have escrow hold his relocation funds until seller vacates. 

I read that horrific thread last night but I was unclear if the occupants were the former owners. It sounded like the owner actually moved out and it was the owner's boyfriend who was squatting needing to be evicted. It might be the exact same problem and process whether it's squatting by the former owner, a non-paying tenant or a friend of the owner who decided to move in during the short sale process even though the seller leaves. That's my question.

In California, the walk thru is typically done three days before closing, the loan funds the following day and records the third day. The standard contract says the seller must be out by 6 PM the day it closes escrow. It is very common for the seller to move out the day escrow closes and not before.

Would one have to evict a seller who won't leave on the day it closes escrow (as the contract states) or is there a simpler legal method? This is question pertains to sellers in a short sale transaction who have no money for a rent back.

WOW! 

I Googled, "Buying a foreclosed house with owner occupants" and I got this thread.

HOLY CRAP!

Now I know that I am NOT going to buy a house with occupants who have not been making payments on the house for the past 3 years. Thank you for setting me straight before I possibly made a big mistake.

This is more suspenseful than "Pacific Heights" with Micheal Keaton. This should be a movie! 

I already gave them 3-day notice, which is up tomorrow (a Sunday). The husband responded to my text and called. He explained (his excuse) he gets paid on the 10th and the bank puts a hold on his checks for 5 days. He said he has moved the funds into Dwolla so it should hit our account Monday. 

They are young with 2 little kids and they keep the place nice. IF funds hit Monday I will give them another chance. If the funds don't hit Monday, I will try cash for keys.

We have a young family renting a condo from us. They have been there since 2013. They were late in April and May and we charged them the late fee. They were late again in June and my husband talked to them and it was supposedly an issue about pay days so he gave them until the 10th of the month to pay without penalty. July 10th--no rent. We emailed them. No answer. We called them--their phones are disconnected. On July 15, I went to the unit and wife was there. I told her they need to communicate with us--I was fairly nice but firm and served her a 3-day notice to pay or quit. Her excuse was that her husband was supposed to put the money in the bank that morning. She also gave me her new cell phone numbers. Today (July 18) I texted both saying we did not want to file eviction on Monday so please contact us. So far no response.

Since they are not communicating in any way, I don't know if it makes sense to go there and offer a cash for keys deal. I've talked to an attorney and it's $899 to get the judgement and another $250 for a court appearance. My question is...when I pay the attorney to file, is that when the eviction actually goes on the tenants' credit or after the court date? The last thing I want to do is pay for filing and then they pay rent. I really want to get rid of them now. If they pay and I have to give them a 60-day notice I'm sure they will not pay again and I'll be filing again. Also, we have our tenants pay through Dwolla so after I file, I do not want them to be able to send payment or partial payment via Dwolla.

Yuck...my first eviction in 10 years of being a landlord. 

I'm considering buying a short sale and the Fannie Mae Arm's Length Affidavit does not allow me to collect a commission. I would assume it would cover short sale negotiating fees as well. Maybe you could find some gray area if you have another agent represent you and give you a referral fee after the transaction.

When a property comes back on the market on hubzu.com, does that mean the buyer backed out or has something fishy occurred? I have my eye on one property that had met the reserve at the end of the auction but is back on the market less than a week later with the same list price. When the auction was over last week, the high bid plus the 5% premium was way too much to pay for the house so I'm wondering if the site has fake bidders or something. If the winning the buyer didn't sign the contract you would think they would go to the next highest bidder rather than start all over with low bidders.