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Updated over 7 years ago on .

User Stats

18
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0
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Steven Lalonde
  • Castlegar BC, British Columbia
0
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18
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Advice: Keeping current tenants in place or vacant possession?

Steven Lalonde
  • Castlegar BC, British Columbia
Posted

Hi BP,

A triplex deal I am working on involves one tenanted suite and two vacant suites. Made offer during pre-foreclosure, now bank is taking over the property as my offer is being considered. The property needs substantial renovations and I would like all suites vacant to do the rehab. My  realtor mentioned that it is not the bank's responsibility to give tenant notice to vacate property that once offer is accepted, due diligence period is complete and court stuff in done, during closing and possession, it will be my responsibility to evict the tenant if they do not cooperate and leave as told when i asked for vacant possession in the offer contract.

Is this a normal situation during the foreclosure process and dealing with REO properties?

Thanks,

Steve