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From what Ive learned on this forum you are SOL. Tenants lease with the owner supercedes your purchase agreement. The tenant is indeed your problem if you want to buy this condo. If you want to get her out, you will have to pay her off to do so. Otherwise, she's perfectly legal to stay until her lease is up.
Not sure on CA law specifically, but I thought that a new owner COULD terminate a lease to make the property their primary residence (assuming they owned less than a certain amount of rental units.)
Tenant has the right to stay until her lease ends. She is not being greedy it's her right. Go after the seller to refund you the inspection, appraisal and get your deposit back. Hopefully you have a real estate attorney in hand. I'm in MA and it usually has to be disclosed on the listing if tenants are on a lease. I always explain to my buyers that they have to let them stay until lease ends.
Is this condo that great a deal that you really have to have it?
If it is, then I would wait until tenant get's her butt out.. but then again, what if she doesn't leave? Then you've got to go through eviction and if CA is anything like NY the courts will give her plenty of time to find a place because she's got a BABY.
Are you sure you want to go through all this hassle?
Greedy??? The tenant has a lease until next March. There is no reason for her to move unless she gets money to leave. Its not greed. Where do you get that from?? Where does it say shes mooching?
The greed comes in where she was offered about 7k and is still balking because she wants 9k (rough numbers). From the sound of things she's about to get $0...which is of course her decision but if I were a single mom and missed the chance to pocket 7k and blew it I'd definitely be thinking "I got greedy". Of course it's her right and perhaps she isn't being greedy and is rich and doesn't need the money or is just really dense...but mostly I think it's fair to think that she's thinking they'll cave to the full amount. *shrug*.
This isn't a repayment but just a profit to her for the inconvenience of her having to find a new place.
To the OP....walk away.
Just not worth the headaches.
Otherwise, tell the tenant it's a "final offer" and they might finally wise up that 7k is about to go *poof*.
Exactly! If she has a lease that supersedes the sale of the property. Can you live somewhere else until March and then she becomes YOUR tenant until then?
Yeah, but I bet the OP has a contract that states that the seller is to deliver a vacant, uninhabited property at closing, so its the seller who has the problem.
I don't think I would have ponyed up any of the money for the tenant. This is totally the landlord's problem. If I wasn't on a timecrunch and loved the place, I'd wait until the vacating date. Otherwise, i'd insist on closing when the contract date is and have the deposit and any money's returned to you.
The greed comes in where she was offered about 7k and is still balking because she wants 9k (rough numbers). From the sound of things she's about to get $0...which is of course her decision but if I were a single mom and missed the chance to pocket 7k and blew it I'd definitely be thinking "I got greedy". Of course it's her right and perhaps she isn't being greedy and is rich and doesn't need the money or is just really dense...but mostly I think it's fair to think that she's thinking they'll cave to the full amount. *shrug*.
This isn't a repayment but just a profit to her for the inconvenience of her having to find a new place.
To the OP....walk away.
Just not worth the headaches.
Otherwise, tell the tenant it's a "final offer" and they might finally wise up that 7k is about to go *poof*.
Its not greed. Why cant you understand that? Maybe she WANTS TO LIVE WHERE SHE'S LIVING. She signed a lease to live in that apartment until March. Maybe she WANTS to live there. Its not that easy just up and finding another apartment in an area that you want.
What does pocketing $7k have to do with it? She then has to find another apartment, move, perhaps to an area she really doesnt want to be. And will be spending that $7k on moving and another apartment, which may cost her more than where she is now.
Once upon a time I had a nightmare tenant that was a total rectum. His lease wasn't up for months and I just wanted him to leave. My lease states that I have the right to do any work on the inside of the property after giving 24 hours notice. I said, well you'll be seeing a lot of me soon.
That made him very unhappy and he decided that a rental home was not all that important after all. He left. The end.
Just because a person lives in a house they purchased for about 500K that's now worth 600K doesn't mean they have money just sitting around to throw at a problem. Even people that live in expensive houses have money problems. Maybe the seller lost his or her job so needs to sell the condo. Maybe the money they are likely bringing to closing since they paid more for it than they are selling it for taps them out.
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