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Your Questions Answered by Mike Jacka and the
REP Real Estate Team
Q: Can I buy the foreclosure rights from someone in foreclosure? Such as the redemption rights.
A: Yes, Usually after the Sheriffs Sale, the Homeowner will have the Right of Redemption for a specific time frame. Depending on your state, the redemption period can be anywhere from 30-180 days after the Sheriffs Sale. The Seller Technically still owns the house and has the right of possession, to redeem the property or sell the property. You can buy the property from the Seller, this is usually done simple by having the seller deed the property to you, your company or a Land Trust for no money or very little money to the seller. This does not eliminate the redemption period; it simply transfers the Right of Redemption to the new owner via the deed transfer. You now own the rights of possession and redemption.
Q:
How do I go about evicting a disruptive tenant?
A:
That depends on the type of agreement you have
with the tenant. If the tenant has signed a
lease for a specific time frame, then the only
way to evict them is if they have violated the
lease agreement. The most common violation is
nonpayment of rent. There usually is some kind
of terms in the lease that would be some type of
violation on the tenant’s part, but most of
those are tough to get an eviction judge to side
with the landlord versus the tenant.
If you have a month to month rental with the
tenant, then you simply give them notice that
they must vacate the property. Make sure you
know the minimum time frame for this kind of
notice. You can usually find that on your states
website. Go a Google search for tenant landlord
laws in your state and you will find the proper
notice requirements.
In either case, a very effective way of removing
a disruptive tenant is simply to bribe them.
Yes, I have done that from time to time. Offer
them cash for keys to move out within a certain
time frame. Sometimes this can be as little as
one month’s rent or as much as 2-3 months rent.
But the important thing is that is they agree to
the money, you will have saved legal expenses
and possible even saved the condition of the
property. Rather than having a very upset tenant
destroying your rental property because you want
them out, they might even clean the place up on
their way out the door.
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