buying home with exisiting renters
I want to buy a house with renters in it that have not paid their rent for 12 months, current owner is waiting for a court date to have them evicted. (so soon?) however, if i become the owner before the court date, do I have the legal right to insist that they move, since i am the new owner and their is no contract with me, actually their is no contract with the current owner either, but he cannot physically remove someone from his home , i assume.... so thanks!
Sharon,
Remove the front door!
Just Kidding, I heard of an investor do that and I 'bout busted a gut laughing. Check the local laws, there are some states, even counties who rule aginst the mean landlord. Heaven forbid that we might consider this STEALING! Sometimes you just have to wonder about our court-systems.
Anyway, I prefer if there is an eviction in process, let it occur before taking over. A friend of mine allowed a tenant who had not paid the previous owner to stay because she promised to pay, it ended up costing him 3 months without rent, an attorney and court costs to evict her.
Good luck on whatever you decide, let us know how it goes.
Juan
Thanks Juan - I am thinking now of accepting the house "subject to" but not actually taking possesion or even filing anything until after the owner had the tenants evicted if the owner would agree to this. I think at this point he would agree to anything. If this were all spelled out in the buyer/seller agreement I would just wait in the wings until the dust settled. Should I word the agreement to have an actual closing date... or closing date subject to eviction of current tenant? No payment from me would go to the seller till the tenant moved. I believe I will present this idea. I have nothing to lose. Thanks again for your reply Juan.
Sharon, that is the probably the best way of doing things.
Add a suspensive condition to the purchase contract.
"This contract will become legal and binding once present lesees are removed from the property"...
Something along those lines.
Good luck
Rudolf -
Beautiful! That's what I'll do. Thanks! South Africa huh? Exciting... Best of everything to ya.
Sharon
I say just walk up to the renters and tell them you are buying the house and give them $500 if they are off the property in 5 days.
If they are that poor to not me able to pay rent for 12 months, they may jump at the opportunity and this is way cheaper and faster then court.
Don't have the current owner do it since there may be some hostility between them.
Good luck
The more I think of it, if you do not have a deal written up, make them an offer for say 4K-10K less if you deal with the tennant - (saves them court fees and head ache) then walk up to the tennant and offer them the $500 - if they don't take it - go to $1000 - sooner or later they will take it and you got a better deal
Never done it, but it sounds logical.
Why give someone money to move out. That is just like rewarding poor performance. You can have anyone evicted in less than 30 day at a cost of $75. If this property was a good deal and I wanted it. I would use that first month grace period to file the eviction notice. No way would I give them $500.
maybe it is easier to evict were you are- not here and not in that time or cost.
There is a building across the street from my office that they have been trying for evict 2 guys for 6 months and last i heard they were at $11,000 - I heard that a couple months ago.
The tenant was even thrown in jail for contempt of court for 5 days - then he got out and just went back home.
I don't consider it rewarding them - just a far cheaper incentive.
Woo!!! Drifter, I feel your pain. I am in central Kentucky, it is easy to evict someone here for violating the rules in the lease, let alone failure to pay.
Drifter
Ding-Ding-Ding! - I think we have a winner.... - Your idea is BRILLIANT!
The only problem I see is that they may not take the deal... considering they have such a good deal as it is... free rent. BUT it IS only a matter of time before they will definately be out on the street anyway and they have to know that - iUnless this tenant knows the "system" and knows that he can just go to jail for 5 days and go back "home" he may not budge..... we'll see. Hopefully they'll take the money and run...
It's a cheap little house... think I'll start and $250
Thanks - Sharon
PS - I love talking to you people!