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All Forum Posts by: Michael Jones

Michael Jones has started 1 posts and replied 2 times.

Post: Purchasing property with existing tenant

Michael JonesPosted
  • Chicago, IL
  • Posts 2
  • Votes 0

Thanks, Wendell.

Has anyone else had any experience with this? Is this a contingency that a seller is likely to accept on a short sale?

Post: Purchasing property with existing tenant

Michael JonesPosted
  • Chicago, IL
  • Posts 2
  • Votes 0

To preface this question, I am located in Chicago.

I am interested in putting an offer on a condominium (short sale) with an existing tenant. The tenant's lease expires in about a month, and I would like to close on the property after the tenant has vacated the property. However, I would like to put this as a provision in my contract offer. Has anybody had any experience in doing something like this? I assume I would include an addendum with my offer which states that the my offer is contingent on the current tenant vacating the property upon close? If anyone has a good example -- of the rhetoric for this -- that they could refer me to, I would greatly appreciate it.