is it advisable to let owner stay in house - Posted by Ali

Posted by Jack Compton on October 31, 2000 at 23:45:41:

Hello Joe. This is off the subject, but while I see you out here, do you still have Ed Beckley’s course in your garage? I purchased back in the 80’s, but no longer have his course materials. I know he was off on some of his info, but I’d like to get another copy of the materials for my own library. If you still have the tapes, do you also have the notebook as well? And, is your offer still running for a free Ed Beckley (as long as supplies last) with the purchase of one of your courses? I can’t recall the dollar amount you stated on the course material—Sorry. Thanks Joe! —Jack

is it advisable to let owner stay in house - Posted by Ali

Posted by Ali on October 31, 2000 at 18:40:42:

Hi
thanks to everyone in advance.

there is house in foreclosure,foreclosure is coming tuesday,owner wants to stay in a house for 4 mths then and only then he is going to make a deal,the mortgage is $1100
and he wants to pay $550.00 for 4 mths and he also wants $2000 or $ 3000.00 cash.Equaity in house is almost $70,000.0
otherwise he is going to foreclose.

Appricate your reply

Thanks
Ali Mansoor

Yes - do it this way - Posted by Bob H

Posted by Bob H on October 31, 2000 at 21:47:29:

If in fact there is 70K equity, (Get a title commitment) offer to buy it now and let him stay 4 months rent free, AND give him $2,000 when he vacates. If he doesn’t move, use the $2k to offset eviction & holding costs.

Re: NO - Posted by Ed Copp (OH)

Posted by Ed Copp (OH) on October 31, 2000 at 20:24:19:

The answer is NO, not now not ever.

Let’s take a look at things like they really are. This deadbeat has now had a long period of time where he has made no house payments at all. Six months to perhaps a year or more. He has developed the habit of living free, and this is not likely to change. Now he wants a reward for this unacceptable behavior (equity).

It has been my experience in such cases that the occupant will tell you that they will pay some amount or other, and perhaps they will pay one time (often not). Then they will be just another squatter with much less value than a nest of roaches. You can expect to have to evict in court. If there is no money or no job on the part of your deadbeat you may expect that the welfare system will provide him with a free lawyer to fight you (the rich landlord). This fight could take a long time and be very costly for you.

Bottom line (based on my experiences), Do not buy the house unless it is vacant. Let the deadbeat go elswhere to live.

Re: is it advisable to let owner stay in house - Posted by Bill Scott

Posted by Bill Scott on October 31, 2000 at 19:47:32:

Let’s see here—if the mortgage is $1100 and you’re only getting $550, you’re going in the hole roughly $600 a month. Times that by four months and that’s $2400. And this guy wants 2-3K on top of this?

Tell him to give you the deed, you’ll sign a four month lease at a reduced rental rate of $550 in exchange for a down payment. At the end of the four months, he’s out of there and you’ll have either new tenants lined up, or contractors in to fix the place.

Good luck!

Re: NO - Posted by JoeKaiser

Posted by JoeKaiser on October 31, 2000 at 23:11:48:

Ed,

For $70k, I think it would be worth doing . . .

Nowadays, we COUNT ON legal aid showing up at crunch time and plan (and document) accordingly.

Joe

Re: is it advisable to let owner stay in house - Posted by JoeKaiser

Posted by JoeKaiser on October 31, 2000 at 23:13:59:

Ugh, Bill . . . $70k in equity here; I don’t think $5k will kill you.

Joe