OfflineI saw a house on zillow that caught my eye and I went and looked at it today. It is another REO and is It Sold as is. I thought I might just look around and see if I could tell anything about it. I stopped and was going to look in the windows but I realized there were blinds and they weren't closed. After I got to the door, I also realized there was no lockbox so I just knocked on the door to be sure and lo and behold a man came to the door. I was kinda shocked and I just asked him if this was the house for sale (playing dumb) and he said yes. I said oh, are you the owner and he says no, he is renting. Now I don't know what to make of this. It's bank owned and is advertised for sale but there is renter??? Do banks do this to get money while it is on the market? And what happens to the renter if it is sold... I guess he would be evicted if someone bought it to live in. It just seems very strange!!
Anyhoo, it's listed for $104,000 and is in a nice section of town and a nice neighborhood. Totalview shows its value is $130,545 and Zillow $135000. It has been on zillow for 218 days but not sure how long it has been on the market. What kind of offer should I make on this IF, being the determining factor, it needs no major work. I was thinking of offering about $65K and that should leave plenty of room for me to wholesale it or assign it. What do you think?
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Does anyone have any idea why this REO would have a renter in it??
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
without knowing why there is a renter in an REO??? Does anyone know?
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
the bank is renting it out to get some income while they sell it. Did you talk to the tenant at all to see if he was renting it from the bank? If he has a lease, then that would be binding (usually) through a sale; but if its month to month, then it would be ok.
Or, maybe he is not supposed to be there at all and just found a vacant house to live in...
That must be, but it seems crazy that they would do that. I have to say that man did act like he didn't want to open the door. He just opened it a crack so his face was visible so I didn't tarry too long... I got the heck outta dodge!!! lOL
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.