Posted by David Krulac on December 20, 2006 at 22:14:31:
yes, unless there is a current tenant living in the unit who has section 8.
Sec 8 - Posted by GS
Posted by GS on December 20, 2006 at 21:44:28:
I am currently getting info from my local housing authority on sec 8 vouchers,
just haven’t had time to read through it.
When you purchase a home that already has a sec 8 tenant, will you still have to
get approval from the local HA?
Thanks
Re: Sec 8 - Posted by Tom Dunn
Posted by Tom Dunn on December 21, 2006 at 07:24:48:
When a home has a Section 8 tenant already in residence, the home has already passed the Section 8 inspection. If it had not passed, Section 8 would not be paying their portion of the rent.
The home will need to pass the inspection each year. If you purchase a home that has a Section 8 tenant in it, you will want to find out from the current owner when the house is due for inspection, and during your due diligence you will need to verify that the seller’s HUD paperwork, most especially the “Tenancy Addendum” are all in order.
In addition, you will want to meet with your tenant’s HUD caseworker to insure that you are the landlord of record with HUD, so their portion of your tenant’s rent goes into your bank account, instead of the previous owner’s bank account, where it might be difficult to access.
If your local HUD office has any special requirements you must meet, the caseworker will tell you.
Now, go make more offers!
Tom Dunn
DealFiles.com