What If The Seller Doesn't Move???
After you've done all the work to find and qualify a pre-forclosure, how do you assure that they move? What's to stop them from letting you bring the payments current or taking title to the house and then they refuse to move? How do you assure that this doesn't happen, leaving you with having to evict them???
It happens. i have been at their house at moving day with my pick up and a few good friends to help. If they do not move ypou will have to evict and that too could be trouble. I had a jury rule against an eviction and I had the deed with me and a letter from the bank and a closing statement from the title company. Jury was confused I guess. It was a simple deal too at least to me. Best to give money to seller or bank after moveout. At least hold a bunch back if you can.
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
That's part of the prequalification process.... you have to make an assessment as to whether the Sellers will adhere to your agreement.
I usually recommend that a cash for keys option is incorporated into the transaction. The Purchaser moves to a specific point at which time the Seller must vacate.
The 'cash' for keys could include the rental of a moving van, and or a security deposit for their next residence.