SS Eviction?
I am in the final stages of an accepted SS with a bank (Texas). The homeowner has known for several weeks he would have to vacant the property. I have advised he would need to vacant within 1 week but now I am being ignored. Once I close and take title to property I am wondering how to evict if it comes to that. The man has lived in the home since I stopped foreclosure on Feb 1 and even before without making payments to the bank hence the foreclosure. Lesson - never, never prepare a SS with a home owner still in the property, always ask if they are moving out and when. Now I believe I may have to file per Texas law an eviction suit with the local Justice of the Peace and issue a 3 day notice to vacate plus place a cash bond to protect officers serving the notice should violence occur!!
Anyone else had the same? Now I will never, never do a SS unless the proerty is vacant period!!
Thanks but I think you are mistaken, I will continue to do SS successfully with Banks, since they become the seller in lieu of the previous homeowner, which relinquish their rights by failure to comply with mortgage as stated by this recent Bank. The Bank as the seller can do just about anything with the home once in foreclosure except if the homeowner pays the $$ catchup fees and pmts.
For your sake, I hope that I am mistaken. And while I appreciate your particular experience(s) in the Texas preforeclosure short sale arena, the generally accepted preforeclosure short sale short sale criteria in other jurisdictions will differ.
Perhaps this is a grey area... If the "bank" is the Seller (and presumed owner by default, because one cannot sell what they do not own) than this scenario is less a preforeclosure short sale, and more a negotiated REO transaction.
Or am I missing something?
gold
short sale pro is correct. You are talking about two different steps. If the bank owns the property then the foreclosure has already taken place. In this case the owner does not have to accept the sale, the bank signs the warranty deed .
In a true short sale the owner still owns the property and is selling you the property with the bank accepting to take less for the money owed on the property. You will need the owner present to sign a warranty deed, unless you have already obtained one from him, and had it notorized. ( check with the entity that will be closing , ie attorney , escrow co, etc to see if they will even acept that). In Georgia even if I had a deed signed previously the attorney wants them there.
You need to find your owner and negotiate with them, and if it is a good enough of a deal you need to let them stay for a period of time, because they can just say no to the sale and it is done.
It is almost impossible to do a short sell with an uncoperative home owner.
I find the house only has to be owner occupied if it is an FHA SS. And even then only about half of my FHA SS are truely owner occupied.
But part of my sell to the home owner is that they can continue to stay in the house for the next month. Until I get a green light from the lender or a good feeling the SS is going to go through, the home owner can stay in the house. Then I have money ready to help them move.
Brenda