FHA Loan but there are leases on the property.

[William Thresh]

Hows it going guys. I am looking at a two family property now and would like to purchase. I am going with a FHA owner occupant loan. The issue is they both have leases and the earliest expires 05/31/2020. I know it will take about two months to close in New York State but that leaves me with almost 4 months until I can move in. What can I do about this? will FHA allow me to wait it out? Thanks

[Mike Cumbie]

Write your contract up with "unit x to be delivered vacant and in broom clean condition:. If they accept they are responsible for making that happen. If they like your offer they can do cash for keys or they can come back and have a discussion. Perhaps they will suggest a later closing, perhaps they already want to evict for nonpayment (which could be why they are selling). 

In this case throw something at the wall and see if it sticks.

Good luck