Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 2 years ago on . Most recent reply

User Stats

127
Posts
54
Votes
Huso Akaratovic
  • Flipper/Rehabber
  • Newport News, VA
54
Votes |
127
Posts

Auction Purchase...Evil Tenants= HELP!!

Huso Akaratovic
  • Flipper/Rehabber
  • Newport News, VA
Posted

Greetings, 

I purchased a property sight unseen at the court house Auction in Virginia. I went to introduce myself and discovered that the people living there are not the owners. According to the information they gave me, the son in law was the owner of the unit, and of course they are at shock that he did this to them. The unit is in an excellent shape, they lived there for the last 8 years and took great care of the property. The problem is they're only paying $850 per month. I asked if there were any leases in place, and they said no.  When I initially went to introduce myself 2 days ago, they told me they would move out, but were not sure where to go since they were caught off guard. I felt bad for them and told them that they can stay there, but the rent was going to be now $1400, which that's what the market rent is. Today they come back to me and say, you can't make us leave, because we have a lease in place that runs from January-January, and according to the law you have to honor the lease.  He told me that's what his lawyer told him. I asked who the lawyer was and he did not want to disclose that. I'm caught off guard and to inpatient to wait until Monday before I can talk to some attorneys. In the meantime, does anyone have any suggestions or advice? 

Most Popular Reply

User Stats

3,467
Posts
3,417
Votes
Tom Gimer
  • DMV
3,417
Votes |
3,467
Posts
Tom Gimer
  • DMV
Replied

The lease, if one truly exists, was not the result of an arms-length transaction. Likely executed within the past few days and backdated. The definition of bona fide tenant/lease also includes reference to market value. Is 60% fair market value? Hardly... the tenants and their lawyer are playing games.

Were I the auction purchaser in such a situation I would leave emotion out of it, give the appropriate notice to quit, and on the first possible day file to evict and obtain possession.

  • Tom Gimer
business profile image
Eastern Title & Settlement
4.9 stars
13 Reviews

Loading replies...