Short sale and ownership - Posted by Alicia

Real Estate Investing Real Estate Law
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Posted by Eric Woolhiser on March 30, 2006 at 09:08:50:

Wups! Well now you know not to deal with real estate agents! HEHE.

Well now that you’ve made the bed you’ve got to live with it, but I might suggest that if the agent is a REALTOR®, you could turn up the heat on the seller a bit by contacting the local board of REALTORS® and registering a complaint.

The seller might not want his peers to know that

  1. He breaches contracts.
  2. He’s either shifty or stupid (or both)
  3. That he can’t manage well enough to buy a property without ending up upside-down.

But then, he might be so messed up that he can’t pay his dues, and he’s already been kicked off the board. Still, it’s worth finding out.

-eric@woolhiser.com
Expect Good Things!

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Short sale and ownership - Posted by Alicia

Posted by Alicia on March 11, 2006 at 20:29:44:

HELP
I purchased a property in IN and closed February 23.2006. The previous owner had 15 days to get out and now will not leave. The sheriff is telling me they will not get involved unless I have an eviction notice signed by a judge. This takes 30-90 days. In the mean time I am making the mortgage payment and the insurance payment because I am the owner.

I wanted to move my family into the property. HELP HELP

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Re: Short sale and ownership - Posted by John

Posted by John on March 12, 2006 at 10:47:21:

File for eviction imediately, or offer cash to get them to move.
You made a mistake by closing before they moved out. Now there is no other option than above. A costly mistake but you will overcome.

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Re: Short sale and ownership - Posted by Alicia

Posted by Alicia on March 12, 2006 at 18:57:43:

John,
Thanks for the advice. Filing tomorrow. Never would have thought a property owner has no rights. I knew there were strict rules for landlord tenant relations, I never thought a previous owner would be considered a tenant.

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Re: Short sale and ownership - Posted by Eirc Woolhiser

Posted by Eirc Woolhiser on March 30, 2006 at 04:52:04:

Yup, tennants at sufferance they call it.

The lesson is that next time you negotiate with the seller, offer to pay for the moving company… in fact select the moving company for them and make that part of your offer.

Often they are so distressed that choosing a mover is one less thing for them to worry about, and it will make your offer more acceptable, and you get to ensure that they leave!
-eric@woolhiser.com

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Re: Short sale and ownership - Posted by Alicia

Posted by Alicia on March 30, 2006 at 07:58:55:

I did offer to pay for the moving company. The seller declined. The seller was also a real estate agent who knew there are no laws to protect a buyer except to take them to court for breach of contract (a lengthy process). Something I did not know.
It has definitely been a learning experience and I am now working with legislators to get laws passed to protect buyers in Indiana.