The seller’s tenants recently renewed a year long lease on a property that I plan on making an offer on this weekend. When I talked with him over the phone i asked if he had a clause in the lease that let him out of the contact if he were to sell his home, which has been fsbo for 2 years, he replies “i Dont know”.
I need his tenants out because I have others that have already signed a lease conditional of my purchase of the property for a substantial amount more than his current tenants pay.
The property is completely mismanaged and the man is motivated but not too smart. How do I get his tenants out before I buy the property?
You generally have to honor whatever lease is in place. Did they renew for another whole year or did it just revert to a month-to-month lease? If you really want them out that badly, you may have to try and “buy them out.” Provide them such a sweet deal that they’ll want to move. Is there anything else comparable that is available for close to the same price they’re paying? Maybe you could help them get into the new place…even provide a couple days of a moving truck rental. If they say they want out of the lease, it’s one thing. It’s completely different if you tell them their lease is no good because you’re the new owner. Check your state laws, but in most cases the lease will convey with the property.
They renewed for A WHOLE YEAR!!I thought a buy out would be the easiest way to do it, thanks. As the buyer could I put it in the purchase contract for the seller to take care of buying out the current tenants?
can you get them into another property ?? one of yours preferably. how much is the difference between the current tenants payments and the new possible tenants payments ??