Lydel Blade, Real Estate Pro in Country Club Hills, IL

Is it best to sell to an occupant of a foreclosed property, when they are qualified?

Asked by Lydel Blade, Country Club Hills, IL Sun Oct 26, 2008

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In mosts cases the bank will not list the property until it is vacant. You can certainly make a case for the sale if it is a tenant who is occupying the property. The bank in mosts cases will not order the appriasal until it is vacant so they can set a price, if they allow a tenant to stay, they are now a landlord and subject to that liability. The buyer would need to be pre approved and able to close quickly for you to have achance to convince them. unfortanatly they dont see people as people who have feelings and emotions but as another eviction in the way of selling an assett. i wish you good luck working it out. It would be noce to save their home
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0 votes Thank Flag Link Mon Oct 27, 2008
SInce they have possession, it certainly could me more convenient.

If the property is bank owned, I would imagine the bank would want the sale to be as is for many reasons, n ot the least of which is that the tenant could damage the property prior to close and affect the value.

If the tenant is willing and able, and they are the highest offer, they are perfectly qualified. If another offer is present and better, I would say the tenant would need to make a very competitive offer to be the "best."
0 votes Thank Flag Link Mon Oct 27, 2008
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