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Updated over 8 years ago on . Most recent reply
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[Oakland] How to identify protected tenants?
So I'm escrow for a place in Oakland and the seller is having trouble getting estoppels from the existing tenants. Both seller and tenants have lost their leases, and the tenants have been dragging their feet on signing the estoppels.
My main concern about the tenants is not knowing if any of them are protected. The sellers are both in hospice care, so we're dealing mostly with the listing agent.
Do you guys have any advice on how to find out status of existing tenants before purchase? There's one main tenant paying the rent, but there are 6 people living in the unit. My goal is to move into the vacant unit of the duplex, decontrol the property, then raise the rent to market after a year.
Thanks.
Most Popular Reply
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Hi @Calvin Kwan,
Get your lender to call the listing agent and inform them in no uncertain terms that, regardless of who the buyer is, the loan isn't getting approved, he isn't selling this house, and he isn't getting paid, until fully executed legitimate leases materialize.
Then watch how quickly leases magically appear.