Janine Love

Normally a 3 Day Notice is sent over by an attorney's office. If an agent has been assigned to the home already, they may offer a CFK Letter (Cash For Keys) Notice asking that you move by a certain day/time, clean sweep the home (removing everything and leaving it in good condition) and they meet with you on the date agreed upon and give you the check when you turn over the keys. Not all banks do this, but most do. If you receive a 3 Day Notice and do not vacate by that time, the attorney will file eviction proceedings with the court. This can take anywhere from 2-5 weeks to get a court date for the eviction. If the court agrees with the eviction on the court date, they will normally give you an extra 6 days to get out. If you do not, a lock out will be arranged. A lockout is where a representative from the bank, the Constables/Sheriff's Dept come and a mover comes and they change the locks and move your stuff out of the home into a storage facility at your cost.

Hope this helps. - Tue Oct 7 2008, 10:53

Commercial rates will vary pending on where you purchase (high traffic/low traffic, etc) and what type of building, etc. Residential rental rates as well as price per square foot ranges depending on subdivision, age of home, etc. The best way to purchase a rental home is to try to purchase homes in better school districts and desireable subdivisions and purchasing either a foreclosure or a home at a great price so your rate of return on the home is good. Other considerations are the condition of the home when you purchase it. Will you consider a little work on a home to get it ready for renting or no work in the beginning, just purchase and rent? We have worked for investors for over 15 years, and would be happy to help you in your current venture. - Wed Aug 13 2008, 15:25

Most likely not. The appraisal district normally looks at what has currently sold in your neighorhood or around you that are likewise properties. They do not take into consideration (because they have no way of knowing) any updates made to the home, additions, etc. Montgomery County is notorious for being "behind" on the evaluations and getting items updated on their tax rolls. - Tue Aug 12 2008, 08:37

The Realtor should be laying down the law. Because once you close on the home, you own the home. You could always offer him a leaseback for the 5 days at a high daily amount....sometimes knowing they will have to pay $$$ get's them moving a lot faster. - Mon Jul 21 2008, 22:26

Yes, this questions SHOULD be answered in your contract. Our Texas Real Estate Commission Contracts have a place to mark WHEN buyers take possession and normally we mark that possession takes place when Funded.

If you have a Realtor, that agent should be working this out for you with the Seller's Agent.

Good luck. - Mon Jul 21 2008, 21:58

If you are trying to buy a home AFTER it has been foreclosed on, and is on the market, listed with an agent, you SHOULD get your pre-approval letter ready now. You will need it.

If you are looking to purchase a home through a Trustee Sale on the courthouse steps, you will need CASH (cashiers check) to purchase the home.

Buying a home AFTER it has been foreclosed on is pretty much like a normal real estate sale, with the difference of being sold AS-IS. - Sun Jul 20 2008, 22:13