Interesting deal - Posted by HC

Posted by John Corey on March 13, 2006 at 04:37:27:

  1. Speak with the attorney as the laws vary by state and even by city.

  2. Remember that one option is to pay the druggie to clear out. This could mean $100 to sign the right documents you haul off the junk. Or you pay a bit more when the place is cleaned up a bit. Cash speaks pretty loud to someone who needs a fix. Just make sure the tenancy issues are clear after the person clears out.

  3. As you are not the owner yet you can not take action. The lawyer can advice. Essentially you will need to be the owner before you can drive the process.

  4. Make sure the numbers make sense and that the will still stack up with the added cleaning, legal and possible repair costs.

Otherwise focus and move this one forward.

BTW - You might need to be careful about how you handle the sale. You do not want to appear on the title if you are attempting a short sale. It will take months and the lender will do nothing until the borrower has started to default. In the mean time the tenant could be an issue. Hence it might make more sense to focus on the deal without a short sale. If the numbers stack up on a subject-to basis or similar then it could make sense to avoid all the delays from a short sale process.

John Corey

Interesting deal - Posted by HC

Posted by HC on March 12, 2006 at 19:43:39:

I found a possible deal but there is a big catch.
1300 sf great area, hot market, worth at least 150000 with 2 acres of land. Owner owes 113000 (84000 first, 29000 2nd) and will not be making any more payments.
Owner has alzhiemers, is in nursing home, but allowed a druggie, scam artist to move into his house when he (druggie) promised to buy it. Druggie has disapereared, left all of his stuff including a car.
Son with full power of attorney cannot pay for house and will let me try to short sale it or just buy it for amount owed.
So now I have to deal with druggie. He has no lease or other written contracts so am I safe to assume he is just tresspassing or am I going to have to evict?
I am going to contact an attorney about this on Mon.
any thoughts? I could use some advice on this one. I don’t want to get into a battle with druggie.