First Deal...need Advice On How To Get Rid Of Former Owner.
I have a property that is under contract that would be a great deal expect for the former owner who was foreclosed upon now "lives" in an adjacent property. The property that I have under contract is behind the former owners. The subject property is flag shaped. The guy is literally living in a shack on the front parcel. He has turned an metal carport (the kind you see advertised for $600.00 installed) into a makeshift living space. There is also about 10 junk cars parked out on the front lot. (Yes this is in a very rural area)When I inspected the property he told me that anyone that bought the property would have to "deal with him on a daily basis". The house was in good condition prior to being foreclosed upoon. It was built in 1997. Basically the guy still has access to the house and has stripped it of all applliances, fixtures, and torn up all the walls (holes in sheetrock everywhere) I have it at 40K needs about 10-15K to fix up (needs new well and driveway cut in). After repair value would be 120K easy if it weren't nearby all the junk. I think it woud still be worth 80-90K in light of the blight. How do these numbers look? I am a little concerned with the former owner still being there. I have made complaints to zoning, as have neighbors, but he is still there. I am thinking of trying to pay the guy to move and clean up all his mess. He is trying to build on the front lot though. And somehow managed to put in a foundation. So buying him out may not be an option. Any advice would be greatly appreciated.
Hmmmm, "buying him out may not be an option." Hate to be contrarian, but it sounds like a pretty good option. even if it takes $10,000 or $20,00 to do it. Money talks. Consider it a better investment than renovations. If you don't want to talk to him, have your lawyer send him a letter offering him $ for his property, on a quick Quit Claim Deed if necessary, to be paid in full upon closing and vacation of premises. Include a moving truck if necessary. Approach it professionally though, and avoid the temptation to give him the finger on the way out.