New York, NY · Member since 2019 · 65 posts · 15 votes
I had my first deal properly in contract for almost three months. The seller agreed to deliver the property vacant per our contract. I did my inspections, title survey and my loan was approved. However, I had to cancelled the contract because the seller couldn't deliver the property vacant.
Per my agent, the tenants refused to move out and stop paying rent. The seller took a legal action to evict the tenant but couldn't provide a time line when the tenants will move out and close the house. I live in NY and it could take about 6 to a year to evict someone.
My deposit was refunded. However, I was advised by my attorney that I can take the seller to a small claim court to get my legal and inspections fees back which is $2,235. Do I really have a legal ground to get this money?
Property Manager · Virginia Beach, VA · Member since 2016 · 2k+ posts · 2k+ votes
7y
I get my best deals when I’m willing to take the property occupied. What seems to be a huge hurdle for a seller who is unfamiliar with the eviction process is a piece of cake for an experienced landlord. It’s definitely not worth losing a good deal over!
Property Manager · Virginia Beach, VA · Member since 2016 · 2k+ posts · 2k+ votes
7y
I get my best deals when I’m willing to take the property occupied. What seems to be a huge hurdle for a seller who is unfamiliar with the eviction process is a piece of cake for an experienced landlord. It’s definitely not worth losing a good deal over!
New York, NY · Member since 2019 · 65 posts · 15 votes
7y
@Greg Dickerson
I would have but the seller couldn't provide a time line.Eviction in NY can take up to a year and we don't know the out come. I do not want to be in contract for that long.
Rental Property Investor · Johnson City TN · Member since 2016 · 386 posts · 271 votes
7y
@Jay Bob - That's too bad. Since it's small claims, the legal fees should be fairly small and you can likely handle it yourself. It's just a matter of time vs reward.
Investor · Kingsport, TN · Member since 2016 · 412 posts · 254 votes
7y
@Jay Bob To me, it sounds like the seller has tried to deliver the property as promised. The seller cannot physically remove the tenants, its up to the legal system so obviously it's going to be a slow and ridiculous process. Sounds to me like they're trying to hold up their end of the bargain. Your the one who dropped out because you couldn't wait for an obvious possible hold up in the transaction. If your one of those people who sue for everything, sure go for it. But it sounds to me like the money spent is your problem since you backed out of the contract with someone who was trying to do their part. Chalk it up as a loss. Move on. Don't see the point in screwing the seller over things completely out of his/her hands.
Developer · Houston, TX · Member since 2015 · 1k+ posts · 1k+ votes
7y
If you don't have the patience to wait for the Seller to evict these tenants, are you sure you have the patience to be a landlord in a tenant-friendly state like NY?
Rental Property Investor · Houston, TX · Member since 2015 · 454 posts · 273 votes
7y
Good lessons learned here. In the end is it worth your time and effort for that amount? Your best use of your time and the sellers time is to find another deal. You never know the deal may come around again. Don't burn the bridges unless you have to.