Evicting a Tenant During the Short Sale Process Can Be a Tricky Game

Posted by Patrick Precourt in Business, Investment, Preforeclosure, Real EstateMay 1st, 2009 | 3 responses

In this video you will not only see how to do it but who can evict during the short sale process. This video will also cover whether or not you can short sale a property during a Redemption Period (and what the heck a Redemption Period is), when to start looking for an end buyer during the short sale process, a more elaborate explanation on How to Flip a Short Sale, and finally when I will finally get my shot at fighting (MMA my new mental release) … visit www.FridayCoffeeBreak.com for more real estate specific videos.


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3 Responses to “Evicting a Tenant During the Short Sale Process Can Be a Tricky Game”

  1. David Fremel says:
    May 1, 2009 at 9:02 pm

    I use a kickout clause on the B-C so that I can take as many contracts as possible due to the property going to foreclosure all potential buyers sign and are fully aware. So, therefore I can take other offers after signing contracts. Do you see a problem with this.

    Reply
  2. David Mitchell says:
    May 2, 2009 at 10:15 pm

    Hi Pat,

    Texas condo, rented, owned by Californian. I’m in CA. Tenant still had a year on the lease and was current on rent.

    Two San Antonio attorneys told me that if anyone evicted the tenant, he could sue everyone involved. We would have passed, except that the tenant’s lawyer erred and told him he could withhold rent because the owner was not paying the mortgage. That’s only true if there is NO hardship. So tenant stopped paying rent. Hooray!

    Owner served eviction notice and I could have done a short sale. But, tenant wised up, got his rent current, and ended up buying the home REO after a foreclosure after all. He got a stellar deal.

    Optionally, we could have bought the home A-B and sold it to the tenant B-C, but the tenant would had us over a barrel during negotiations, so we passed.

    Unless you are a TX real estate agent, check the tight Texas flipping laws to ensure compliance.

    Now we have another TX deal just like it, except that the tenant can’t buy the home. No credit. I’m going to find a TX real estate agent to handle A-B and B-C sale, and maybe it can work. TX has tough laws on flipping.

    Cheers,
    David Mitchell in San Diego

    Reply
  3. Kent Barnes says:
    June 4, 2009 at 12:22 pm

    I like the last statement about Fear knocking at the door and Faith answering….

    Reply

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