Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I did not sign yet. Holding off, but getting pressure from realtor to do asap. Just spoke with my realtor and she said the tenants are moving in tomorrow. So- too late to request "no tenants". My realtor states they are friends of the family and she doesn't believe there is a lease ( just a verbal agreement). She says they are closing on their home and will be leaving once they close, aroung Aug.1 Realtor laughed when I asked "what if they damage the home" and responded "oh- don't be silly- they are a family waiting for a closing"OKAY....as if I know the sellers or this family. There are lots of families who damage rental homes. She said I am making a big deal out of a very simple situation. So- I asked- what happens if their closing date is delayed or what if their mortgage doesn't come through. She said she would have to find out. This could be a very simple situation, but there is a slim chance it's disastrous. What happens if there is no lease- could they still stay after we close? Does it benefit us that there is no paper lease? What happens if during the final walk thru- we see damage. How would we be credited at closing for that? They may not even sign off on added contigencies re: tenants. This would have been so nice and easy (I think) without this whole tenant issue! Thanks again everyone.
I find this "blow off" rather shocking.
"Around Aug. 1"?
I think I would play hardball, OP. Tell her to write up an addendum to your offer.
Your agent wouldn't be representing that family in THEIR transaction, would she??
> what happens if there is no lease- could they still stay after we close?
There are some states where the owners are allowed to move out AFTER closing. Unless that is typical in your state, all you have to do is insist on provisions that (1) house is empty and broom clean and (2) time is of the essence on closing.
Another issue with "tenants:" house inspectors may not be able to fully inspect if stuff is in the way.
Not only no, but HAIL no. I would demand no tenants or my offer is rescinded. These kids are probably letting some scrub move in temporarily that won't give a crap about the place.
+1. This cannot be good for you, no matter what happens to the tenants. Why do the sellers want a renter for only a month in the first place? That seems weird to me. The tenants may attempt to squat on the property, necessitating a lengthy eviction process. The tenants may damage the property. Even if the tenants move out as scheduled, what do you gain from this? Nada, except needless stress and worry during an already stressful time in your life. You also will probably need to have repair people/inspectors/other people come to the house, and arranging things with the tenants will be a pain in the neck for you. I'd tell them no way and bail out on the contract if they insist on renting to them.
My realtor just called me- and NOW.... the story has changed- the "one month tenants" are not waiting for a closing, but rather a rental and their lease does not start until August. Now- this is starting to sound really fishy. My realtor said "isnt this good news! You dont have to worry about them getting delayed for a closing?" No.....now I worry if they will EVER leave. Why would someone move into a rental for a month just to wait for another rental? I agree with whomever mentioned my realtor is not looking out for my best interests. Funny thing- she works in same office as seller's agent. They have worked together for many years. This all sounds a bit unprofessional to me. Was my agent making up the story about them waiting for a closing date or was other agent not being truthful- how could the story change? Then my realtor left a message saying "we could put a contigency that they would have to pay "such" an amount for every day past whatever day they stay"...NO! I have kids that need to move into their home and get adjusted a week or two before school starts. This may all be too risky and not worth it, irregardless of how many stipulations we add to contract. Is this a better situation that they are waiting fr a rental..or who the heck knows what the real situation is! thanks for all the help! has been so very helpful!
No, IMO, it's a worse situation. If they really had a closing coming up,there would be impetus to move. Now, they're waiting for a rental.
Does that mean there is a signed lease agreement in place on a rental for them somewhere ? Or does it mean they are looking around for a rental ?
I suspect the latter. That's based on the agent's comment about charging them per diem rent if they don't move on 8/1. In your case, the selling agent has lost control of his or her client . Your buyer's agent is abetting the situation.
Once these people move into this house, they establish tenancy and it will be a PITA getting rid of them.
Since they are related to the seller, the seller is going to be of no help to you to get rid of them. Neither seller/either agent is looking out for your interests. August 1st can easily stretch to October 1st or more.
Is this house the only option in your house hunting? I don't think I will go ahead with the sale if this is how messy it is already even before I sign a contract. And why don't you hire a lawyer. We are always asked if we have a lawyer when buying a house.
This is the only house I have seen lately that worked for us. If I had more time, I wouldn't care as much about walking away. I was more inclined to put an offer on this house because it was vacant- quick close. It's zoned for the school we wanted, but again, nothing spectacular about house. Houses don't come on often in this area in our price range. Didn't want to have to sign another year lease- so would have been pretty perfect time wise if it worked out. They accepted our offer of 550k, which was on high end of the budget- so def want to move in ASAP and not have any repairs to make! Seems like the overall advice is to walk away. Think this is a sign to run.
Thank you for all the great advice. We have not signed the actual contract yet- offer/acceptance was done verbally. We went to sign the contract yesterday and that's when realtor told us about tenants. She said it was no "big deal". I am awaiting more information regarding tenant- all I know is they are a family waiting to close on a house and needed a place to stay in the interim. We will be in the same situation if we go forward and would stay with family for a couple of weeks. The last thing we need is our move in date to be delayed waiting for these people to leave. Not sure there is a lease in place, have no idea. This issue was completely glazed over and I felt like realtors were almost not going to mention it at all. This should have been on listing paper. Most likely- everything would be ok, tenants would leave in a month, place would be in okay condition- BUT- like you all said- what if it's not. They could stay for months if they wanted. We could write stipulations about canceling contract if tenants are not gone by closing- but we are in a serious time crunch. That would be 2 months of time lost- hoping everything goes smoothly with these tenants. Just an added stress with an already stressful situation. We could just renew our current lease and keep looking and forget about this house. I cannot imagine why sellers would allow this- especially during the summer months, the height of real estate season in CT- and house was only listed 6 weeks ago- has not been sitting long. We would be scheduling inspection for the week the tenants move in. Will see what happens- going to find out a bit more and see what happens. thanks again!
Very likely everything will be okay and that would not upset things. BUT if it's not, and there are many levels on which it could go wrong, it can go terribly wrong.
You're not being mean. Just imagine saying and writing these very definite safety measures in a calm voice. You need to protect yourself and your family and be a good stewart of your investment.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
TIme for a change
