Notice To Vacate?
There is a house that I am thinking about purchasing. The house is owned by an older lady now living in a nursing home for the past 5 years. The house is located in Philly, PA and she is now in Georgia with her daughter. There are people saying in the home and supposed to be paying the mortgage, the house is now in the foreclosure process because the mortgage is not being paid. I am interested in paying off the mortgage that remains and purchasing the house before it is lost to sheriff sale. The people that are staying in the house now are not speaking to the owners daughter and not paying the mortgage. They do not have a lease or any type of agreement. The property taxes are also overdue for the past 4 years.
Should I go to the bank and pay the money to stop the foreclosure process then worry about getting those people out? I dont know I have never been in this situation before. Thanks for any advice.
I would try to contact the owner, the owners daughter or their attorney before you do anything.
Thanks for the quick reply.
I have talked to the owners and they agreed to let me purchase the home. I have talked to the bank (the owners daughter gave them permission to talk to me)and they want me to send them some money to stop the foreclosure process. I have no problem doing that, but in order to get Title I will have to come up with 12K which is fine, I just dont want to have 12k tied up for 6 months trying to get the people living in the house out. Thanks for the help.
Have you suggested to the owners that as part of the agreement, you want them to ask the people to vacate. Once they vacate, you will proceed - perhaps you can give them one week to get out.
Well the owners daughter who has her power of attorney really just wants to sing the papers and hand over the house, she doesnt want to deal with it and would let it go to sheriff sale if it came to that. So really its all on me to handle this if I want to get the house. I am getting it for the 12k, so I cant complain if I have to do the leg work on getting the people out. I am just concerned about the condition of the house and how long this process usually takes. I did call a real estate lawyer earlier, he is going to do a title search for me on the property. He told me it can take up to 90days to get them out at the very least he said it will probably take 60 days.
Thanks again for your reply, just trying to gather in on what should be done or this process. If I can do it myself i would rather do that and save the lawyer fees.
Maybe you should try talking with the current tenants and see how flexable they are with their move out date.
[ Edited by ctsee11 on Date 11/21/2006 ]
I kind of agree with you on that one. It will be less headaches, I also would like to educate myself as much as possible on this situation. Trying to get any info out of the city is a lost cause unless I go in person, which they are only open 9am to 4pm everyday.
You could always try to find a paralegal to file your paperwork, it would be cheaper than an attorney and they should be able to tell your all of your options[ Edited by ctsee11 on Date 11/21/2006 ]
First, you need to get a Deed to the property. Then reinstate or satisfy the mortgage.
Next the tenants. The squatters know they are not supposed to continue living there since they defaulted on paying the mortgage.
It might be worth a try posting a notice on the door stating:
" This house has been sold and renovation will begin Nov. 30,2006. Electricity will be turned off and doors and windows will be removed Dec. 1.
If you have any valuables in the house, please remove them immediately."
It worked for me in a similar situation.
[addsig]
Quote:
On 2006-11-21 19:44, bargain76 wrote:
First, you need to get a Deed to the property. Then reinstate or satisfy the mortgage.
Next the tenants. The squatters know they are not supposed to continue living there since they defaulted on paying the mortgage.
It might be worth a try posting a notice on the door stating:
" This house has been sold and renovation will begin Nov. 30,2006. Electricity will be turned off and doors and windows will be removed Dec. 1.
If you have any valuables in the house, please remove them immediately."
It worked for me in a similar situation.
Thanks for the help. I did read that post in another thread in here about posting the note on the door sounds like a good idea and it will probably work. I should have the title search back by Tuesday at the latest with the holiday this week.
Thanks again for your help.
Good point, but if the electricity is still in the owners name, which it may still be I need to ask, then she would have the right to turn it off since she is selling the house to me correct? The same with the gas service.
Thanks again.
Ok just as an update here,
I did get the house sold to me while it was occupied, had to go to landlord tenant court to have them removed. Took about 3 months from the time the landlord tenant complain was filed to gain possession of the house.
Was it worth it? What condition was the house in when you recovered it? How much was owed and what is it worth?
Thanks for the update- we so seldom get to hear how these things finally pan out!
Chtis
I am finishing the rehab to put on the market after the holidays. The house itself was good structurally, had to do a lot of cosmetic repairs. New Heater, kitchen bath, flooring. It was a lot of work but I should still make money on it. somewhere between 30-40k.
Plan on listing for 100k, cost me 30k with lawyer fees and everything to get control of the house and another 20k in repairs.
It is my understanding that the Franchise Tax on any corporation registered to do business in CA is a minimum of $800 per year. I have heard this number from several sources including tax advisors.
You might be able to find an existing corporation or someone who sets up corporations in order to sell them to start up businesses. Cerainly there are such opportunities for NV corporations.
Thank you for that info, I was afraid of that.
I heard Colorado has a pretty nice system for setting up an LLC. Could I just set it up in that state, and still operate out of CA?
Thank you again!
Quote:
On 2007-12-20 17:04, edmeyer wrote:
It is my understanding that the Franchise Tax on any corporation registered to do business in CA is a minimum of $800 per year. I have heard this number from several sources including tax advisors.
You might be able to find an existing corporation or someone who sets up corporations in order to sell them to start up businesses. Cerainly there are such opportunities for NV corporations.
I wanted to believe that prior to posting. Now I am confident that this is the case.
Thanks!
Note that the fiscal year for many institutions is not the calendar year.
Chris