Foreclosure Tip: Removing A Squatter
By: BankingMyWay.com Staff

By Carl Winfield
When Steve Dexter prepared to buy a foreclosed home recently in California’s San Bernardino County, he went to check out the property firsthand, which is always a good move.

Sure enough, Dexter found someone still living in the house despite the foreclosure.

But instead of calling the police, Dexter did something different: He went back and told the bank what was going on.

“I used it as leverage,” Dexter says. “I told the bank that I would take the property as-is and take care of the tenant myself but they would have to lower their price.”

The bank, Downey Savings—now a part of U.S. Bank (Stock Quote: USB)—agreed to drop the price by $32,000, from $229,000 to $197,000.

Then Dexter went back to talk to the squatter himself.

“The landlord had run the property down and the tenant knew that he would have to leave,” Dexter says. “So I told him where he could get a two-bedroom apartment cheap and offered to give him $500 to cover the deposit if he would leave the property.”

The tenant agreed and turned the keys over to Dexter, who managed to save himself a bundle.

For the best rates on home loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.

—For more ways to save, spend, invest and borrow, visit MainStreet.com.

Sign Up Now for Our FREE Newsletter

Brokerage Partners

US Rate Map - National Savings Rates

 
Roll over states to see best rates.
 
Lower Rates Higher Rates

This illustration shows rates based on all terms and locations of a particular state. Products may not be offered by all institutions. Individual institutions determine the availability and required qualifications of their products. Product restrictions may apply.

Calculators

Calculator Access our Savings, Mortgage, Auto Loan and Personal Finance Tools here.