Seller in the eviction with tenant day before closing

[Noyessie Hubert]

Hi,

I went over all the fight necessary and the expenses to be able to close. 1 day before closing, when doing the last check, my agent ( who is the seller agent ) mentions that one unit is not vacant as requested in the contract. The seller has started the eviction process. 2 unit should be delivered vacant and 2 occupied. Good to mentions that this is Irvington, NJ.

she mentions that the seller should put some amount in the escrow to deal with that. Don’t really understand how it will work and at this point I need a third party point of views.
here are my worries:

• - what happens if it take 1 year to evict the tenant ? I will be paying the mortgage without being able to get a rent for that. Should I ask the seller to pay that rent ?
• - What if the tenant trash the place before leaving?

Please any advice. Should I close, if yes with what conditions ? Should I postpone or walk away?

Will be paint full, but at this point, I’m ready to walk away. Too much problems since under contract.

[Adam Bartomeo]

We normally go one of two routes:

1. We do not close until the stipulations of the contract are met.

2. Take a DEEP discount to take over the headache tenant. 

Honestly, we prefer 2. because we are pretty good at getting the tenants out in a timely manner. This is the route that most sellers want because they will be unable to find another seller until this is done. This is the route that the agent will want also because they are getting both sides AND they will get their commission ASAP as opposed to 6 - 12 months. WIN/WIN/WIN