What do you do when a property you want to purchase has tenants

[Patrick Boutin]

Hey BD community! I hope you can help me with this.

My gf and I are planning on purchasing a property so we can move out of the renters life and start owning.

While looking on sites such as Trulia, Redfin, Zillow, etc... I have come across at properties where the description says that the home is occupied by tenants.

As I mentioned, this purchase would be for me to owner occupy and not rent to someone else. So what happens or what do I need to keep in mind when a property is occupied when sold? Assuming I was able to get a property like that what happens to the tenants?

One such property the description says REO-Pending so I am assuming the bank is in the process of repossessing and selling the home. So what happens then?

Also is there anything to watch out for if this property is in a rent control area?

Thanks a lot for your insight!