Closing Approaching, Bad Tenant hasn't Vacated

[Kathy Henley]

March 10 is our closing date of a 4-family in St. Louis.  One tenant was/is a trouble maker, violating his lease and late on his rent.  Therefore, we bought on contingency that he vacate by closing.  Seller agreed. That date is Monday and he is still IN.  Says he needs another month.  We are certain that we don't want to take possession until he is gone.  What will the lenders do?  Is there anything I should do besides  wait?

[Bob Hines]

As mentioned above, I would make sure that the seller has the bad tenant out before you close as there could be damage that you would either want the seller to repair or get a credit for at closing.  If the seller can't get the tenant out by offering $500 or whatever to move so they can get the sale closed, think about what it will take for you to get the tenant out.