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Updated about 17 years ago,

User Stats

131
Posts
3
Votes
Jimmy NA
  • Property Manager
  • CT
3
Votes |
131
Posts

(Almost) Got a Deal

Jimmy NA
  • Property Manager
  • CT
Posted

I have agreed with a Seller on price and all other terms and conditions, except one. This property is a 2 unit building. One tenant informed the owner that he is moving out earlier this month. The tenant followed by not paying for this months rent. It does not look like the tenant appears to be going anywhere. According to the Seller, the tenent had always paid up to this point. The Seller does hold a deposit of 1 month rent. My condition for the purchase was that the tenant must be evicted. My offer reads "unit 2 to be delievered vacant prior to closing." He says he won't start an eviction b/c the tenant had been a good tenant for several years and he (the seller) claims the tenant is on his way out. I don't want to buy into this situation. I could be getting the prop. at 50% of its ARV if I buy it at the price we have agreed on. But I am buying with a non-paying tenant and my renovation plans would be held up, and other surprises are bound to follow. How can we come to a compromise here?

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