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Updated 4 months ago on . Most recent reply

User Stats

28
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Kenji Tominaga
  • Investor
  • Brooklyn, NY
13
Votes |
28
Posts

Pending closing the deal due to the current tenant not leaving

Kenji Tominaga
  • Investor
  • Brooklyn, NY
Posted

Happy Friday!
I'm currently in the process of closing my first primary residence deal in NYC, and I would like to ask for a piece of advice to the community.
The current tenant of the Seller failed to move out by the closing date and the Seller decided to take a legal vacating process.

Background
- The current tenant of the Seller failed to move out by the closing date and I heard the tenant is avoiding direct communications with the Seller
- Not sure from my end if the tenant is willing to moving out but struggling, or maliciously squatting
- I have a vacancy contingency in the contract, thus I can back out at my discretion due to this issue, but currently there is no other properties that I want to move on to due to the market condition
- The Seller is trying to take a legal action but it will at least take 3 months or longer, no promise to succeed

Advice to ask
- My attorney could not negotiate to ask for a penalty for this delay because the penalty for delay was not included in the contract. Any actions I should take while I'm waiting for the update?
- Any advice for the squatting tenant in NYC?

Thank you for your time!

  • Kenji Tominaga
  • Most Popular Reply

    User Stats

    17,761
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    Chris Seveney
    • Investor
    • Virginia
    15,286
    Votes |
    17,761
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    Chris Seveney
    • Investor
    • Virginia
    ModeratorReplied

    @Kenji Tominaga

    Tell them to offer cash for keys

    While you cannot negotiate right now, I don’t see why you cannot just say hey I will cancel the contract unless you do X.

    • Chris Seveney
    business profile image
    7e investments
    5.0 stars
    16 Reviews

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