Wholesaling
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 4 years ago,
Buying occupied property
I just agreed to buy an occupied property through a wholesale transaction. The owner's daughter and her boyfriend live in the property and don't have a lease agreement. It seems the boyfriend paid some mortgage payments (which were way lower than the rent market value) but he doesn't have any papers for that. The owner is tired and cannot get them out, and that's why she agreed with the wholesale agent to sell it. Now, the daughter seems to have a place to go and may be more flexible than the boyfriend. What would you recommend on how to proceed...
I understand there is the option for cash for keys... but not sure if they will accept it... seems the boyfriend was trying to appropriate the house. What happens if I close the transaction and they haven't left? Are they technically guests or tenants (as seems they may have contributed with some mortgage payments)... should I hired a lawyer even before closing? and would they have any liability if they trash or destroy part of the house before leaving?
Thank you in advance.