REAL foreclosed houses?

[WhoSayWho? 5,000+ posts]

What he would do though, is either get them to quitclaim the deed to him, catch up what they owe, raise the rent and say(in a contract) if you miss payment (which he said they always did) that they have 2 weeks to get out of the house. or he would get pay them money to get out. Some shit, he never really fully explained the whole process.

Oh, I see what you are saying. In that case the buyer is going a step further and arranging somewhat of a second part of the deal -- where the people who are in trouble would actually stay in possession of the house after the sale.

Yeah, I could see where that could be used as further enticement for the owners to agree to the deal.

Personally, I would not want to get involved with that as the buyer. I can see where someone who does this kind of thing a lot might want to take that approach to get more deals. It is just a little messier than I would want. I am also not that cold blooded. As you say, you know you are going to end up kicking them out.

 

[Chevillac 5,000+ posts]

Oh, I see what you are saying. In that case the buyer is going a step further and arranging somewhat of a second part of the deal -- where the people who are in trouble would actually stay in possession of the house after the sale.
Yeah, I could see where that could be used as further enticement for the owners to agree to the deal.

Personally, I would not want to get involved with that as the buyer. I can see where someone who does this kind of thing a lot might want to take that approach to get more deals. It is just a little messier than I would want. I am also not that cold blooded. As you say, you know you are going to end up kicking them out.

Fo sheezy, and I never did. Seemed like too much of a hassle. he did do well though. His logic about kicking people out was "if not me, then someone else", which I agree with.

As far as Warranty deed, never even looked into it, but I just read about it.