Bank Reposessed Properties

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manesan

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Just wanted to find out how difficult it is to get former owners or tenants out of a bank repo property. If you have had good or bad experiences with reposessed properties I would like to here from you.
 
In our complex there is a bank repo'd property that was sold about 3 months ago. The sellers indicated that they have no issue getting rid of squatting tenants but so far they have not budged, hence the new owners are sitting high and dry. If you are willing to ignore the rule of law its easy to do and I know a few people that take that approach. If you want to remain above board (recommended) then it can be very difficult and expensive. The only short cut available to cut the process from years to months is if you need to move into the place yourself. In that case the sheriff does the eviction faster but its still a matter of months (I know people who did this route after trying the other route unsuccessfully for a while).
 
I bought a bank repo and my offer was with vacant occupation other wise i would not have bought the property.
The bank got the sheriff to toss them out .
Most banks have a legal department let them take care of it.
 
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FNfal said:
I bought a bank repo and my offer was with vacant occupation other wise i would not have bought the property.
The bank got the sheriff to toss them out .
Most banks have a legal department let them take care of it.
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Very good advice! Making a mental note should I ever go that route.
 
FNfal said:
I bought a bank repo and my offer was with vacant occupation other wise i would not have bought the property.
The bank got the sheriff to toss them out .
Most banks have a legal department let them take care of it.
Click to expand...

Yes, that is the best advice. It can be expensive to get rid of illegal occupants.
 
manesan said:
Just wanted to find out how difficult it is to get former owners or tenants out of a bank repo property. If you have had good or bad experiences with reposessed properties I would like to here from you.
Click to expand...

AFAIK any rental agreement that is in place has to be honored.
 
MKFrost said:
AFAIK any rental agreement that is in place has to be honored.
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In what country are you living in?

In SA, the rightful owner of a property cannot evict his tenants no matter what. He has to approach the rental tribunal or court.
 
YingYang said:
In what country are you living in?

In SA, the rightful owner of a property cannot evict his tenants no matter what. He has to approach the rental tribunal or court.
Click to expand...

So what's the problem? That is exactly what I said.
 
I paid the sherrif 4grand to get rid of my squatters...took 6 months & they help of a lawyer... money well spent
 
FNfal said:
I bought a bank repo and my offer was with vacant occupation other wise i would not have bought the property.
The bank got the sheriff to toss them out .
Most banks have a legal department let them take care of it.
Click to expand...
Nice if you can get that but in most cases banks state categorically that they will NOT take responsibility for the eviction. This is a disclaimer on almost all the properties on myroof.co.za.
 
manesan said:
Just wanted to find out how difficult it is to get former owners or tenants out of a bank repo property. If you have had good or bad experiences with repossessed properties I would like to here from you.
Click to expand...

My new house was not bank repossessed but:

Cost the seller of my house serious dosh to evict the tenant in his house. He had to pay the guy a settlement value to get him out in time before he (the seller) had to start paying me occupation rent. This was last month
 
Redeemed said:
Nice if you can get that but in most cases banks state categorically that they will NOT take responsibility for the eviction. This is a disclaimer on almost all the properties on myroof.co.za.
Click to expand...

And this is why I would put in an offer that is at least R50k below what i think the property is worth, just to cover potential legal costs to get rid of the tenant.

I must actually investigate bank repo'd properties again soon, looking at buying a 2nd property sometime soon.
 
ToxicBunny said:
And this is why I would put in an offer that is at least R50k below what i think the property is worth, just to cover potential legal costs to get rid of the tenant.

I must actually investigate bank repo'd properties again soon, looking at buying a 2nd property sometime soon.
Click to expand...

This is what I am thinking as well. I am prepared to wait a couple of months if need be to get a court order to evict the squatters.
 
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