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Updated over 3 years ago,
Seller signs new lease before we close.
I am under contract for my very first deal. It is a 4-plex in Arkansas. Two units are occupied with the remainder of their one year lease. The other two were being remodeled and empty when I went under contract. I just found out the seller agreed to a new 2-year lease without telling me. I have no idea how they screened and the monthly amount it still lower than what I planned to ask.
Do I back out? Do I ask for a reduction in price? Do I continue of the cash on cash return is still within my limit, albeit smaller?
Thanks!