Possible options for buying a condo with tenants on a lease

[Kunal P.]

I am currently in contract for a 2 bedroom condo which is rented out by the seller to tenants with lease until 05/30/2020 (6 months out). I read online that i will have to honor the existing lease and will only be able to move-in after their lease expires. Is their any clause using which i can use to terminate the lease once i gain ownership ? The other big issue is i am not even able to get the primary home pricing from my lender (Wells Fargo) due to this lease and since i will not be able to move-in within 60-90 days from closing date. Getting this as an investment property is an additional loss of ~$20,000 which i will have to pay out of my pocket. So i am thinking if this even worth it at this point & maybe just cancel the contract now (Seller has already sent a contract cancellation for e-sign).

One possible solution i am currently chasing is to ask the tenants if they would be open to terminating the current lease with the seller & sign a new lease with me/buyer with same term & duration. Not sure if both tenants & seller will even agree to this but worth a shot since i intend to get the property as a primary.

Any other options i have here ?

Thanks