How To Lock Down This Deal?
I have a client who I have a signed contract on a property with.
I'm buying it cash for way below (33% of) FMV.
She has tenants in her property right now, and they've said that they'll be out by Feb28th.
When would you close on the property. It's in DC, and apparently they have very strong laws in favor of tenants. I'm worried about possibly having nightmare tenants, who need to be evicted.
Any advice?
Close it with the tenants. Have escrow
hold back $3k in case they dont pay, etc..
Tell the seller she can have her money
immediately, you are going to hold back
$3k in escrow until they are out.
Good Luck
Jeffrey Adam