Previous Owner Won't Leave..What would you do? - Posted by Rick(MD)

Posted by JoeKaiser on April 14, 2002 at 21:43:05:

There are times to play pattie cake and times to play hard ball. This is a hard ball situation. I just hope your docs are up to snuff.

Agree with Terry except the part about “escrowing” the payments. You don’t make a payment and they’ll hang their hat on that for sure. I’d make the payments and in doing so confirm for all concerned that there is no question who the owner is.

You’ve got plenty of room with the money due them.

Joe

Previous Owner Won’t Leave…What would you do? - Posted by Rick(MD)

Posted by Rick(MD) on April 12, 2002 at 16:07:20:

Here is the problem:

Settled on a house one day before the foreclosure sale on
Feb 26th. Made a huge mistake and allowed the seller to
stay there until March 18th to move his stuff. We held
$4,500 in escrow to be paid to him when he moved out. The
deed was recorded and everything was going fine until…

A neighbor apparently offered him $20,000 more, so now he
hired a lawyer and wants his house back or $10,000 more or
he won’t leave. I filed the eviction papers but they are
still negotiating to get some more out of the deal.

I called the local police to get him out on trespassing
charges and they are willing to go but my attorney says it
could get ugly so he wants me to continue with the eviction
process. The court date won’t be until sometime in May.

In the mean time he is living rent free and my profit is
rapidly disappearing.

What would you do?

  1. Bring in the police.
  2. Continue with the Eviction.
  3. Give him money to move.

Thanks for any and all suggestions.

Rick

Re: Previous Owner Won’t Leave…What would you do? - Posted by Lynn

Posted by Lynn on April 15, 2002 at 09:22:21:

I don’t have any additional comments, but would certainly appreciate an update on what actually transpires…good luck

Re: Previous Owner Won’t Leave…What would you do? - Posted by SCook85

Posted by SCook85 on April 12, 2002 at 20:32:03:

I would make him pay me to release the deal so that he can sell it to his neighbor.

If he is asking for $10,000 more from you, he is willing to settle for $14,500 ($10,000 + the $4500 you have in escrow). If the neighbor is willing to pay $20,000, I would have the neighbor give me $5,500 ($20,000 less $14,500 seller wants) and release your deal to the neighbor, then they get what they want and you get $5,500.

Happy Investing,

Steve

Re: Previous Owner Won’t Leave…What would you do? - Posted by JohnBoy

Posted by JohnBoy on April 13, 2002 at 24:50:53:

Actually the seller says he was offered $20k more but he wants at least $10k more to close the deal. So what I would do is just tell the seller that since he is being offered $20k more and willing to settle for only $10k more, then just have his other buyer pay me the $10k difference they’re willing to pay and the seller return my $4500 deposit and I’ll just release him from the contract! Then the seller gets want he wants, the other buyer gets want they want at the price they’re willing to pay and I would get $10k to walk away, plus my $4500 back!

Re: Previous Owner Won’t Leave…What would you do? - Posted by Rick(MD)

Posted by Rick(MD) on April 13, 2002 at 05:43:39:

Steve and JohnBoy, thanks for your response.

Just want to emphasize that this is already a done deal.
The transfer taxes paid, Deed recorded, whole nine yards.
I did offer to sell it back at my cost plus $10,000 but
they are backing away from that option and now they just
want more money. (EXTORTION).
I am loosing patients. Now what would you do.

Thanks, Rick

Re: Previous Owner Won’t Leave… - Posted by Terry (Houston)

Posted by Terry (Houston) on April 13, 2002 at 07:53:34:

“Just want to emphasize that this is already a done deal.
The transfer taxes paid, Deed recorded, whole nine yards.
I did offer to sell it back at my cost plus $10,000 but
they are backing away from that option and now they just want more money. (EXTORTION).”

You have the deed? The fighting side of me says listen to your lawyer and wait for the court date.

I would explain that you allowed them to stay with the understanding that they had to be out by the 18th. Since that is not working you won’t make a payment until they leave.

It does not seem that they care for their credit, just getting the money.

It does not seem that you have a lot of options other than the eviction. Unless you went to them to demand your money, plus fee’s, back. I would listen to your lawyer at this time.

I wouldn’t sweat one or two month’s lost money. Just don’t make the next payment until they are out. Escrow it with your lawyer if you have to, to keep everything on the up and up.

Just some thoughts…

Terry (Houston)