Bad Tenants, Bad Tenants…whatcha ya gonna do when they rent from you?!?! Originally posted on MySpace June 13th, 2009
The other day I had I had a friend drop me a line here on the space.
Hey Ray,
I think you are in the realstate biz? We are having some problems that I need a second opinion on so I thought of you. We are buying a house that has tenates in it, and we are having some problems getting them out. They told us today that they want money to move out. We laughed at that. But the loan has not funded yet so we dont own it yet…I think we will wed or thurs. In the conditions that the sellers came back with it said that we were the ones that had to get the people out, we didnt know any better so we agreed, our agent didnt advise against it. I was told today that in ca the seller has to clear the house for the buyers. I am lost and I think my agent just might want this to close so he can get paid…can we hold out the close untill the people are out? if you can give me a little help I will be forever thankful to you!
l Anonymous
My Reply:
just recieved your message. Im going to check something and get back to you tonight.
However tenants in a property that dont want to leave can get real bad, real fast. i.e. no rent
RR
My Second Reply:
If I understood things correctly, you have yet to close escrow. This means that you don’t own the house and don’t have to sign yet.
The outcome from not signing can result in loosing your deposit, depending on the contgenices on the contract.
If this must be the property and moving onto another one simply wont work then I would handle by doing the following:
1. Do not sign. Re-negotiate the tenant part. you cant give 30 days since you don’t own or have a lease agreement on the property.
2. If it’s to late for step one, then pay the tenants to get out! I have had to do this before and although it is a hard thing to do the out come of them staying and living rent free while your tried to evict would most certainly be a long process.
From the small amount you told me, if you haven’t signed the contract then re negotiate. If you have signed, these current tenants already sound like bad news. get them out!
Also…I am not a real estate lawyer nor an agent/broker. I am an independent investor and strongly urge you to see a professional for advice. However, I am always happy to help! I have been a landlord now for seven years managing 20 plus tenants at a time.. I have had many problems over the years : ) and sympathize.
I can recommend a real estate lawyer. But the clock ticks when the phone at the lawyers office rings @ the rate 450 an hour. I’m sure you can see why sometimes paying the tenant and washing your hands of it can sometimes be the best thing to do. Hope this helps.
RR
Let me know if you need the Lawyers number. He’s out of San Ramon.
Friend Response:
Related posts:
I like your site! This is my page
thanks!
lets write them until the admit it, or stop doing it! i am writing them now!