previous landlord has the security deposit

[George P.]

ok, so i have a house under conract. the house is owned by a bank, they foreclosed on the previous owner. the house is occupied with a tenant that pays $1k per month. my offer has the stupilation that I get the rent money from the day i close to the end of that month.

i told the tenant that we will do a month to month lease, she is fine with that. how about the security deposit? the bank does not have it. the previous landlord is not in the picture anymore.

do i ask the tenant to give me a month and a half SD or just 1k? or nothing at all? the house has not been updated in years (she has been there for 6). i doubt it can look worse than it does now.

suggestions?

[Bryan H.]

I wouldn't want to punish the tenant for the old crappy landlord. I'd try to negotiate with the bank to do what's fair and allocate $1000 of the purchase price to go to the tenant as the security deposit and then directly into your account used for holding deposits.