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Sometimes occupants can be hostile and no information about a lease, possible lease, eviction attempt or possibility of an eviction can be obtained!
These properties come with many disclaimers and disclosures, stating that the new buyer gives up, not only their right to inspection, but must also sign an additional purchase agreement.
Bank attorneys have come up with a purchase agreement for bank owned homes with occupants, that includes an "Occupancy Acknowledgment". The "Occupancy Acknowledgment", states that the buyer is aware that occupants come with the home and that no information about the occupants is available prior to purchase.
There is no lease in place and no access can be gained before purchase, furthermore, no communication with the occupants is allowed.
No guarantee of any entry to the property after escrow is closed either.
The first time I saw this listing I thought it was a "note sale", where the buyer was purchasing the note from the bank with the burden of foreclosing on the defaulting owners.
But this is different, the bank has completely foreclosed and the owners are unable to move or are refusing to move.
The property comes with a huge discount. An example in my area is that comparables for this one particular, Occupied Bank Owned Home are $350,000.00.
For the inconvenience and burden of having the new buyer deal with the occupants the home is priced below $200,000.00.
The recordings for this home will look like this:
Recorded Document Date: 05/20/2011 01/28/2011 11/10/10 09/02/2005
Recording Type: Final Bank Sale Trustees Deed Judgment Amount Sale in 2005
Sale Price: $220,000 $310,500 $510.00 $535,000
There are savvy buyers who have staff, and attorneys that know the laws and can be successful at gaining access to the property but this type of sale is not for everyone!!!
Consumers are confused about recording amounts now because this is what the public sites such as Zillow and Trulia, use any and every recording for sold comparables.
Can you imagine the confusion that this new wrinkle is going to make?
There was a question on Trulia about this the other day....a consumer asked this question, "How Can A Property Sell three times in a year for extremely different amounts!!!
This is only a small part of the disclosure that the buyer must sign. But it will give an idea of the tone of the purchase agreement.
CASH ONLY OFFERS. NO INSPECTIONS OR OTHER CONTINGENCIES WILL BE ALLOWED.
BUYER IS NOT TO DISTURB OCCUPANTS. Buyer will have no contact with the current occupants until the sale has closed and funded.
Buyer is aware that the subject property is currently occupied and seller cannot convey possession at time of closing. If a lease exists, at the expiration of the lease term, the occupant's lease may or may not be renewed.
Property is being sold AS-IS.
If buyer chooses to evict occupants post-funding, Buyer will be solely responsible for initiating any eviction proceedings. Seller is under no obligation to provide any information regarding any current eviction proceedings to Buyer. As such, Buyer understands that Seller will not provide any case numbers, current disposition of any eviction proceedings, nor contact information for Seller's attorney. Further, the progress and/or outcome of any current eviction case will have no bearing whatsoever on this Purchase Agreement and its terms, including the mutually agreed upon Close of Escrow date.
BUYER HOLDS SELLER HARMLESS FOR ANY DAMAGES RELATED TO PROPERTY CONDITION. BUYER IS ASSUMING ALL LIABILITY RELATED TO PERSONAL
PROPERTY AND DEBRIS REMOVAL. PROPERTY SOLD AS-IS, WHERE-IS. SELLER MAKES NO WARRANTIES OR GUARANTEES AS TO THE PROPERTY CONDITION.
Again, this type of purchase is not for everyone but it can offer a huge discount on property if one is prepared to remove the occupants....contact me for more information!
Contact me via the methods below for information about living and playing in Southwest Riverside County, California!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.