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If there is a tenant in occupancy after escrow close, I think that makes you a landlord. If the tenant doesn't want to leave, the eviction process would be your responsibility.
Makes more sense to get the tenant out and delay escrow for 7 days, doesn't it?
I am looking to purchase a 1 bedroom condo and going back and forth with the seller. She listed extremely high for the area at 200k and my realtor looked at the comps in the area and they are more like 130- 140k I think she realized and dropped her asking price to 189k - I offered her 158k due to I went to see the condo and it needs a lot of work. New flooring and painting badly. The appliances are also really old and dated. She came back with countering me for 175k I said I will pay the 175k as long as she repairs both the flooring and the paints. she has a tenet living there now for 6 years and the condo is extremely dirty and needs work. She has now come back and said 171k no repairs and that once we close escrow I have to wait 7 days so that she can get her tenet out. How am I supposed to move into a condo that I have to repair the floors, paint and clean out after her tenet moves...? Please advise. I am not sure about the deal. I like the condo but it will need a lot of work and she is not willingly to pay for these repairs. thx Maverick
#1 - Normally you should start your own thread and not piggyback on an old thread. You'll usually get more replies if you have your own thread.
#2 - If all indication is that the condo is worth only $130 - $140K, why would you want to pay more? You're easily putting yourself into a losing proposition.
#3 - Never buy property with a tenant still residing in the property--unless you intend to continue to rent to that tenant. Instead, make any offer contingent upon the tenant vacating the property prior to closing. You don't need to inherit any landlord-tenant disputes. If you buy it occupied, and the tenant refuses to move, you'll have a major headache going through the legal process to evict them.
#4 - You should re-evaluate your desire to buy this condo. From what you have described, it doesn't sound like a very good deal. Never submit an offer based upon the listing price. Any offers should be based upon what you feel the property is worth (after appropriate investigation)...and what you can afford.
If there is a counter offer that they both signed it is considered that both parties agreed to what is written unless there also is written on the counter something like "this counter is subject to counter 2" or 3 or whatever the next would be.
No expiration date? Someones agent screwed up.
BINGO !
No counter should ever be submitted with anything over a 48-72 hour window to respond back.
#1 - Normally you should start your own thread and not piggyback on an old thread. You'll usually get more replies if you have your own thread.
#2 - If all indication is that the condo is worth only $130 - $140K, why would you want to pay more? You're easily putting yourself into a losing proposition.
#3 - Never buy property with a tenant still residing in the property--unless you intend to continue to rent to that tenant. Instead, make any offer contingent upon the tenant vacating the property prior to closing. You don't need to inherit any landlord-tenant disputes. If you buy it occupied, and the tenant refuses to move, you'll have a major headache going through the legal process to evict them.
#4 - You should re-evaluate your desire to buy this condo. From what you have described, it doesn't sound like a very good deal. Never submit an offer based upon the listing price. Any offers should be based upon what you feel the property is worth (after appropriate investigation)...and what you can afford.
#1 - Normally you should start your own thread and not piggyback on an old thread. You'll usually get more replies if you have your own thread.
#2 - If all indication is that the condo is worth only $130 - $140K, why would you want to pay more? You're easily putting yourself into a losing proposition.
#3 - Never buy property with a tenant still residing in the property--unless you intend to continue to rent to that tenant. Instead, make any offer contingent upon the tenant vacating the property prior to closing. You don't need to inherit any landlord-tenant disputes. If you buy it occupied, and the tenant refuses to move, you'll have a major headache going through the legal process to evict them.
#4 - You should re-evaluate your desire to buy this condo. From what you have described, it doesn't sound like a very good deal. Never submit an offer based upon the listing price. Any offers should be based upon what you feel the property is worth (after appropriate investigation)...and what you can afford.
THIS ^^^
Why in the world would you pay above market to buy a place that needs $20,000 in repairs (at least) and is rented?
Once the property became a rental unit, the value plummets, all other things being equal.
On top of that, the seller, after six years, has 50% depreciated the property. They would LOVE for someone to come along and pay fair market value for their depreciated asset, let alone pay above market.
And the tenant......any documents you sign MUST include that the tenant is gone PRIOR to closing. Not to mention that your contract should include a contingency inspection after the condo is vacated and you can really see what the place looks like (probably not good after a six year rental--but there are exceptions).
...your contract should include a contingency inspection after the condo is vacated and you can really see what the place looks like (probably not good after a six year rental--but there are exceptions).
AND THIS^^^^
I didn't mention this before because I don't believe that you should move forward on this condo...but if ever you contract to buy a property, you should do a re-inspection of the property immediately prior to closing. This is especially important to do if the property has been tenant-occupied. Tenants can cause considerable damage while moving out--oftentimes much more than owners--since they have no financial stake in the closing. Plus, if tenants are evicted in order to complete the sale, some have been known to purposely damage the property--as hard as that may be to believe. Any pre-closing inspection of former rental property needs to be very thorough. Make sure that the drains aren't clogged (an easy target) and check every other aspect of the house with a fine-toothed comb.
Last edited by jackmichigan; 03-03-2015 at 12:15 PM..
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Any pre-closing inspection of former rental property needs to be very thorough. Make sure that the drains aren't clogged (an easy target) and check every other aspect of the house with a fine-toothed comb.
