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Need advice on buying a FNMA foreclosure in Atlanta that is tenant occupied

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:1

I am looking to buy a FNMA foreclosure in the Atlanta area that is tenant occupied. FNMA has accepted everything on the offer with the exception of saying they will give the tenants notice. That responsibility will fall on us if we go through with this. I am wondering what realistic incentive I should provide to the tenant to encourage them to not destroy the place on their way out. Also, if anyone has any success stories or nightmares with FNMA tenant occupied foreclosures, that would be helpful. I have on my list to get a copy of the current lease agreement during the due diligence period. Thanks in advance for the help.

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June 01 - Atlanta

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Frank Becerra, "Las Vegas agent"
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Frank Becerra, "Las Vegas agent"

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The banks usually use Money to get them out, and a paper indicating that they will not sue, they are leaving volutarily and so on. Have a lanlord/tenant attorney write the release form.
The reason the government backed (ha,ha) agency will not evict, is if it is the same as some of the funds used to purchase homes with government first time buyer programs is because then they have to take care of the tenants rent, so they will not do that.

Cash for keys is the way to go, and there is no guarantee.
Good Luck.

Las Vegas foreclosures

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June 04

Jacquie Cliff, "Jacquie Cliff"
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Jacquie Cliff, "Jacquie Cliff"

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In general, being nice is always the best policy. You definitely want to check your areas landlord/tenant laws to be sure you are acting in accordance with the laws. Unfortunately, they almost always favor the tenant. One method that some of my investors have used to encourage a peaceful exit is offering to cover the deposit on a new location. The amount would need to be within reason of course. The will generally put the tenants mind a bit more at ease as between your donation and their deposit refund, they will only have to come up with the regularly scheduled rent payment. Hope this helps. Good luck.

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June 02

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Question i want to buy a small house and rent out my current home that has 5 bedrooms. Can we get financed?

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Question i want to buy a small house and rent out my current home that has 5 bedrooms. Can we get financed?

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