Posted by Ed-D(NH) on March 18, 2002 at 20:40:13:
Ordinarily I would but they live next door to me.
I want to make my home more liveable and valuable as well as turn a buck. I am willing to pay a (slight) premium to do that. If I don’t buy the current owner will just start sticking anyone in there like he did before. It’s just a good opportunity but I have to deal with this one problem.
Anyway just looking for fresh ideas
Need advice - seller won’t evict - Posted by Ed-D (NH)
Posted by Ed-D (NH) on March 18, 2002 at 20:07:53:
I am negotiating on a duplex with one unit still occupied. In all my negotiations I have always stated (orally and written)that I wanted it free & clear of tenants.
I am doing rehab work do upgrade and bring in better rent and renters. The current tenants have had drug problems so I don’t even want to deal with that.
The seller has ignored and/or double talked around the issue of the status of these tenants. We have asked repeatly for a copy of lease or expired lease. We have been
told that the 1 yr. lease expired and are on month to month.
I still want to buy as long as I am compensated. I have read a lot of good ideas out here already like " offer them $$$ and a U-haul Truck". I have tried to talk to the tenants but they won’t come to the door. I have left a letter stating my intentions. A lawyer advised me to get 3 months of rent in escrow from the seller (only after I know they are a tenant at will) as well as knock the price down.
Any other ideas?
Re: Need advice - seller won’t evict - Posted by Dave Mckee
Posted by Dave Mckee on March 18, 2002 at 22:31:59:
Offer to lease the property on a master lease, with the right to sub-let until closing. That makes you the landlord. Have your attorney include a clause that requires that you be given the origional signed lease from the tenant. You have a profesional eviction service do the eviction ASAP. When the’re out, close the transaction.
The seller will be getting full rent from you, so he will not see any loss of income.(you may) That is usualy the reason they don’t want to evict even bad tenants before closing. I would also ask to be compensated for the eviction costs with a credit at closing.
Dave
Re: Need advice - seller won’t evict - Posted by phil fernandez
Posted by phil fernandez on March 18, 2002 at 20:17:59:
Your seller isn’t motivated enough. Why make his problem your problem unless you get adequately compensated.
A tenant with drug problems that doesn’t answer the door sounds like way too much frustration for me to deal with.
Next.
Re: Need advice - seller won’t evict - Posted by RC
Posted by RC on March 18, 2002 at 20:16:21:
Simply make it a contigency in the purchase contract that it is “subject to” either satisfactory review of lease agreements or property being vacant at time of settlement. If the seller will not abide by this then you have a built in “weasel clause” and just move on to the next deal - don’t waste too much time - if the motivation is there the seller WILL accomodate you.
Good luck