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Updated over 8 years ago,

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1
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Ian Carlin
  • Bellevue, WA
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Seller didn't disclose all leases, but need to move in per loan

Ian Carlin
  • Bellevue, WA
Posted

I just purchases a 4-Plex in King county,WA on the 13th of this month with a VA owner occupied 0% down home loan. However, when I gave the eviction notice so I can move in per the loan terms, I found that all the tenants are in a 2 year lease signed 8 months ago!

The seller disclosed the long term leases on two of the units, but only provided the expired, 2 year old lease and the rental increase notices for the other two  and did not produce the additional long term leases that tenants shared with me.

I'm in a bind here, I can't break the leases and can't stay in compliance with the loan terms.

I've already reached out to my agent, who is fortunately a commercial brokerage with an attorney on staff, but have not heard back. Any advice?  

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