Foreclosed home REO PPA lease oh no again!!

[Ampster]

@Pugpwer, I think that is the OP's strategy in a nutshell but I think he is wise to keep some of his thoughts to himself.

A while ago there was a similar thread and the seller or the solar company found that thread and used it against the buyer/poster. I am not sure how that one ultimately transpired because the poster went dark.

[foo1bar]

i don’t need a lawyer to tell me it’s a personal property title attachment and it’s not coming off unless it’s removed or
Satisfied By the solar company.

A letter by your lawyer will get the situation in front of a different set of people. Ones that might be more amenable to the terms you want. Presumably the lawyer will lay out that the solar company has two choices. One is terms that they get some money - the other is that they get nothing - or even less than nothing since they'd have extra expenses.

So I still think you'd be well served by hiring a lawyer.
(And I do not like paying lawyers)

[1975api2488]

Guys thanks for all the different angles of thought and the replies.
The area I’m trying to buy in is highly competitive, the price I bid is fair value on the property, the problem is the property is in destress and has been neglected for years , after inspection I see I bid to high.
this house needs work before anyone can move in.
Then the solar issue popped up. Of course the place is advertised. “Solar panels” like they were owned.
Well it’s not owned and is in fact a liability against the property, as the owner that foreclosed leveraged the property to get the solar ,attaching this to the property title.
i guess the banks that buy these auction properties like to not check things like solar or condition and loose money.
(I would be a better buyer for the bank than the idiot that bought this one)
I do not understand why a bank would want to loose money and buy for to much.
i guess it’s quantity over quality and they win some and loose some.
i am requesting pay off of the solar or clear title , however the bank wants to proceed. I am also request a sizable credit or price reduction as this place needs big time help.
it is in a location where no one is gonna want to move, if you have kids and are looking for schools , forget it, the wife will walk in and smell the place and say no way, as you can get a move in ready house in a neighborhood with good schools and your kids can play with the neighbors safely. It eliminates most buyers in this price range.
Part of the property is under construction and would need to be finished or put back to what it was.
so in conclusion it will be a low baller , flipper, construction type of a person that would buy this. I actually want to live there not flip it. It fits my needs.
The wife and I are willing to live in our RV and clean the place up, making it slowly into what we want.
I was not after a foreclosure for a better deal , it just fits my needs.
but it has to make sense financially.
if the bank does not meet my demands they can sit on it through the holidays or take one of the low ball offers and loose more money than what I’m asking for.
my loan is locked and loaded and ready to fund.
they will be very stupid to say not to me.

[Ampster]

Banks aren't in the business of buying houses at auction. The auction they referred to was probably the foreclosure auction in which they used their loan as the offset. If they were not the primary lender they may have paid off the first deed of trust to protect their secondary interest. As I mentioned earlier, real estate owned is an asset that impacts the banks capital structure because the regulators do like to see them owing foreclosed properties. They do have an obligation to their shareholders to optimize the value that they sell those properties for.

[1975api2488]

The law and the way this is structured is 100% understood by me , therefore a lawyer is for someone who does not understand the options I have.
1 negotiate the buy out for the bank( I’m doing this)
2 have the bank remove the panels

thats it, there is no other option a lawyer will just cost money and waste time.

its pretty simple
either give me a fair price buy out as the contract is not enforceable, or I will have the panels removed and you can pay a crew ($2000-3000) to remove the panels and restore the roof to its original state, and store the 5 year old system in the back behind their office.
its very clear the solar company wants to make money not loose money.
my next step is to have the system removed.
but if it were me I would take what ever I could before I would want to remove this system if I were the decision maker for the solar company it’s would be clear to me. Take the $$$ and wipe my hands clean.
They will loose in this as soon as I give the order to remove the panels.

[1975api2488]

It’s not the same bank that held the note for the foreclosure owners.
it was bought at auction buy another bank

[Ampster]

It’s not the same bank that held the note for the foreclosure owners.
it was bought at auction buy another bank

I am sure if the walls could talk there is an interesting story there.

[1975api2488]

I tracked down the last owner, I spoke to him about the property.
He was the developer and built all the houses. In the area

[Ampster]

I was in the building materials business for a number of years and I often saw developers do that. If they planned on living in one of the houses they often put in some extra details and amenities that the other houses didn't get.

[1975api2488]

The place is very save able but it has been ran down
when a person does not have money to pay the payment they don’t put money into the house, normal maintenance, and when something breaks they take the cheapest way to just keep going.
that is exactly what has happened in this case.

and there is things about the property that are excellent
but my wife and I have added up what it will take to get it just back to livable and it’s very expensive.

we are very much hoping the bank would just read the damn inspection report and look at our repair spread sheet and come to their senses.

they have a guy that is willing to take on and manage all the repairs but I want a credit to do this.
the next guy in line is going to do the exact same thing and will problem bid less and ask for more back.

my realtor also feels the same way in this fight.
the bank is foolish to not come to terms with this and give me what I want to close.

[Paul Land]

Good Luck on your endeavor.

[1975api2488]

I had the system
inspected today.
it has 29 solaria panels
and enphase control and micro inverters
the inspector was very surprised at how nicely it was installed.
i have negotiated at price to buy out the solar and clear the title.
the bank is giving me a credit, enough to pay off the solar and have a little money left.
i did not get a great deal , but this type of property is. Rey hard to find.

[PugPower]

Congrats.

[Ampster]

I think sometimes Attorneys can be valuable but knowing the right time to call them is even more valuable. The law is complex but it is not a mystery. You seem to have played this well. Also with Enphase Inverters it is easy to add on more inverters incrementally.

Hopefully this thread will be an example for others and demonstrate that the right circumstances and good negotiating skills can turn a solar panel lease or PPA into an asset instead of a liability.