What Happens To Tenant?

[Mike Tooley]

I'm marketing to absentee owners and was wondering what happens to the tenants when you close a deal? Does the seller have to evict them? (Don't think that's legal!) I'm sure if I sell it to a rehabber, they don't want to deal with tenants.....or maybe they wanna keep them in place. Just thinking about different scenarios and thought I'd throw it out to the experts!

[Ned Carey]

The new owner has to honor any lease that exists. If it is a month to month lease, then they can just give them the legally required notice to leave.

A common tactic is "Cash for Keys" giving the tenant money to move out.