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Updated over 8 years ago on . Most recent reply

User Stats

61
Posts
28
Votes
Wade Garrett
  • Montvale, NJ
28
Votes |
61
Posts

In Contract Eviction - Advice Needed

Wade Garrett
  • Montvale, NJ
Posted

I am in contract on my first multifamily (4-plex). Since we have gone into contract, one of the tenants has been served a notice of eviction for nonpayment of rent. I have two questions:

1. Should I wait until the eviction is resolved with the current owner to close on the property?

2. There has been another (higher) buyer since we've gone under contract. Should I be concerned that the seller can use this extra time to break contract and sell to the other buyer?

Thanks,

Wade

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