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Updated over 7 years ago,

User Stats

9
Posts
7
Votes
Tito Q.
  • Chicago, IL
7
Votes |
9
Posts

Trying to Close on 1st Property- Squatter Tenant in Limbo

Tito Q.
  • Chicago, IL
Posted
Good morning and happy Friday peoples! I find myself in a bit of a dilemma. I have a two flat ("duplex" for you non-Chicago folks lol) under contract and after weeks and weeks of back and forth with lenders and grant programs, I am ready to close and received my CTC letter! EXCITING! We were set to close this week, but upon my final walk through of the property, I found that the second unit is still occupied by a tenant who was supposed to be out before the closing. The current owner is a church and they have been letting this guy (the pastor's nephew, I believe) live there with no lease, no payment or anything. I immediately had my attorney on the phone with the seller's people and they said that they did not give him notice because the closing had already been delayed about a month because of details on my end. They said that he should be out by this weekend and we all agreed to delay the closing to next Tuesday. Well I just received a call from my attorney saying that the seller may need more time and that they are unsure of this "tenant"s ability to be out of the property by close and that he would need a few more days. It seems like they're just delaying to see IF they can get him out and it's nerve wrecking. In addition to this, the seller's attorney is now saying that somehow she believed that we knew that the tenant would be there and yadda yadda yadda(change of story from what they said at first and very untrue). Sorry about the long post, but is there an option for me to secure the property and close while ensuring that they hold up their part of the deal and get him out? Or should I just wait it out? The sellers attorney indicated that they did not want to extend past the current closing date and I would like to close before the 1st so the pre-paid interest is less at closing). This is a deal that has equity already and is a property that I am highly interested in for my first deal. Has anyone else experienced a headache like this? Any advice or bouncing of ideas is truly appreciated!

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