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Old 06-13-2012, 11:24 PM
 
2 posts, read 7,042 times
Reputation: 11

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I'm purchasing a home using a VA Loan and the seller currently has tenants occupying the property. VA Loan occupancy rules requires veterans/ service members to take possession of the property within 60 days after closing.
If the seller does not force them out before closing, will I be found at fault if I initiate and deliver a 30 day Notice to Vacate the property the day I become the new owner?
I'm a little unsure if Federal Law trumps all tenant rights at the state level, even if they have a standing year lease this will ultimately be broken because of the occupancy rules on the loan.
If anyone has any insight into this situation it would be appreciated.
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Old 06-13-2012, 11:34 PM
 
Location: Kailua Kona, HI
3,199 posts, read 10,964,715 times
Reputation: 3378
I doubt VA Loan requirements trump tenant's rights. It's apples and oranges. No one is forcing you to buy a property that for some reason prevents you from complying; it's your choice.

Secondly, was the property listed and contract drawn up "Subject to lease"? If so, there is strike 2.

However all that doom and gloom said, what's to prevent one from offering to buy the tenants out? Consult your attorney and realtor who is representing you, and the listing agent, and see if these tenants couldn't be enticed to move by your deadline. Then proceed accordingly. Be sure any agreement is well-documented, signed by all, and totally legal.
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Old 06-14-2012, 12:00 AM
 
2 posts, read 7,042 times
Reputation: 11
The tenants have a lease to October. I am currently verifying if the seller was a registered landlord with the county and has the property listed as a rental property. Another thing that comes to mind is that it is only registered as a single family property and there is a second family renting an detached above garage apartment. The property is taxed as a single family dwelling. Can this be used as another reason for evicting both tenants?
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Old 06-14-2012, 12:18 AM
 
Location: Phoenix AZ
5,920 posts, read 10,444,053 times
Reputation: 9226
Youre looking at it the wrong way - it isn't your job to evict the tenants, its the sellers job. If they listed it subject to a tenants lease, move on, as VA isn't for income properties. There isn't an "angle" for you to approach it from, the seller entered into a contract with the tenants, and any buyer will be bound by that agreement. Even after a foreclosure, the tenants still have rights.
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Old 06-15-2012, 08:45 AM
 
Location: Washington DC
487 posts, read 1,178,496 times
Reputation: 516
Move along.
Buy a home not occupied by tenants.
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Old 06-15-2012, 10:06 AM
 
Location: Salem, OR
13,741 posts, read 31,562,927 times
Reputation: 12105
Make your contract subject to the tenants vacating the home. You are over thinking this.
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Old 06-15-2012, 10:25 AM
 
Location: southwest TN
8,175 posts, read 14,256,731 times
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An owner has the right to terminate a lease if the owner will be occupying the formerly leased premises.

I concur with Silverfall; your realtor should have advised you about making the contract subject to a vacant home.
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Old 06-15-2012, 10:32 AM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 18,535,708 times
Reputation: 6356
Quote:
Originally Posted by NY Annie View Post
An owner has the right to terminate a lease if the owner will be occupying the formerly leased premises.
Not in all jurisdictions. Tenants rights of possession may trump what a new owner's right of possession may be.

Last edited by DMenscha; 06-15-2012 at 10:42 AM..
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Old 06-15-2012, 01:51 PM
 
Location: Tempe, Arizona
4,511 posts, read 11,557,926 times
Reputation: 2179
Quote:
Originally Posted by NY Annie View Post
An owner has the right to terminate a lease if the owner will be occupying the formerly leased premises....
Agree with DMenscha, not in AZ. The only exception I know of is in the case of a foreclosed home purchase and the buyer will occupy. Even then, the buyer would have to give at least 90 days notice.
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Old 06-15-2012, 03:10 PM
 
Location: southwest TN
8,175 posts, read 14,256,731 times
Reputation: 14776
I stand corrected.

And I still agree with others to make this the seller's problem in the contract.
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