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#43098 - 06/29/06 05:25 PM This is just WEIRD
OH REO Offline
Veteran Member

Registered: 12/07/05
Posts: 543
Loc: Ohio
Never had anything like this before. I've been checking occupancy on a duplex for about 6 weeks, every other week. Third time I checked it, one unit was empty (finally). Property is in eviction, has been foreclosed on, whole process complete (according to the info I have, anyways!). So the asset company gives me a contact number to do the interior, while it's occupied. The contact is the former owner. To get even stranger, the previously vacant unit is now occupied again, and the asset company knows it and doesn't seem to care at all. The former owner keeps referring to the property as "his" and tells me he's got someone who's going to buy it back for him. Former owner also chewed my butt about "harassing his renters" with cash for keys (which asset company told me to do, obviously). I'm afraid they're going to cut a deal and I'm going to get left out of this somehow after having done a lot of work on this asset. Does this all seem odd?

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#43099 - 06/29/06 05:56 PM Re: This is just WEIRD
ky realtor Offline
Major Contributor

Registered: 04/21/05
Posts: 1879
Loc: kentucky
Sounds like the owner is continuing to collect rent as long as he can. This is not odd at all, and it's done all the time. I have seen previous owners of foreclosed property collect rent as long as two years! Nobody ever does anything about it, but they should. The innocent victims in this are the tenants, who will be evicted. Before doing any more work on this property, I would if I were you, check to see if there is a new deed filed.
_________________________
Comments made are my opinion, and not intended to be legal advice of any kind.

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#43100 - 07/05/06 02:47 PM Re: This is just WEIRD
LizL Offline
Major Contributor

Registered: 08/27/05
Posts: 1620
Loc: Missouri
Foreclosed owners are often delusional and/or lying about their ability to find someone to buy back the lost property.

I've had a situation, as well, where the landlord/former owner continued to collect rent after the forclosure sale was final--and the paying entity was HUD! I had already arranged Cash for Keys with the tenants, who then refused to pay their small portion of the rent to the landlord when he showed up in person to collect it!
_________________________
REALTORŪ, Broker/Salesperson, GRI, ABR
REO listing/selling since 2004; BPOs

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#43101 - 07/05/06 03:42 PM Re: This is just WEIRD
Real Deal Offline
Member

Registered: 08/15/05
Posts: 295
Loc: Northville
I agree, this is not weird but common. The only thing is if you got an interior BPO order and a contact name and number then what this "homeowner" is telling you is probably the truth. He may have a buyer. I for one, have never been assigned a listing and then told to contact the homeowner for an interior. That is not how it is done.
_________________________
Pitt Meadows Real Estate

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