Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
13y
Originally posted by David Littleton:
Should that be in the contract?
Ideally it would, if that's how the end buyer wants the property delivered (i.e. vacant).
When I'm the buyer, I want the property vacant at least a couple days before close of escrow so I can do a final walk-thru. Plus I don't normally like inheriting tenants.
However, it might depend on what the end buyer wants. I know another investor that, more often then not, allows the current occupants to stay on as tenants (assuming they meet his criteria). It's worked out well so far for him.
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
13y
Yes, then put it the contract. Inspect prior to closing. But that uually means buying at the end of the lease unless the tenant is willing to move on. :)
Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
13y
Good point by J Scott and Bill Gulley if it's tenant-occupied.
If it's owner-occupied it shouldn't be an issue. Just come to an agreement and/or work something out with the owner/seller. For that matter, you can usually work something out with a tenant too.