Home
Log in / Sign Up
    Private Messages   Advanced Search   Rules   New User Guide   FAQ   Advertise   Contact Us  
Forum -> Household Management
Can we be stuck buying house w tenant living in owners apt?



Post new topic   Reply to topic View latest: 24h 48h 72h

amother
Sapphire


 

Post Tue, Feb 09 2016, 3:44 pm
Were considering buying a house, with a tenant living in the owners apt, that wed want to live in. Theres a few months left on lease.

The owner/seller doesnt want to be involved in putting anything into the contract that this tenant must be out when lease is up, or waiting to go to contract when tenant moves.

Owner/seller says whatever happens or doesnt happen is up to tenant and buyer. Buyer needs to take responsibility for dealing with this tenant.

Were worried what will happen if the tenant doesnt move when the lease is up, and we need that apartment.

Lawyer says tenant can be easygoing, or can be difficult. You have no way of knowing in advance. Its a gamble.
Back to top

Lukshen




 
 
    
 

Post Tue, Feb 09 2016, 3:49 pm
I would definitely not take a risk like this with a purchase that big. The tenant can decide not to move out at the end of their lease. Housing court is tedious and expensive.

Last edited by Lukshen on Tue, Feb 09 2016, 3:51 pm; edited 1 time in total
Back to top

amother
Puce


 

Post Tue, Feb 09 2016, 3:51 pm
I have a friend who bought a house with a tenant. She ended up living in the basement for a year until the tenant moved out.
Back to top

amother
Sapphire


 

Post Tue, Feb 09 2016, 3:56 pm
Is there any way to guarantee the date the tenant will move, outside of courts/Batei Din?
Back to top

sky




 
 
    
 

Post Tue, Feb 09 2016, 4:07 pm
Is it a legal 2 family home?
If it is then you can fight to have them leave when lease is up (may take time and money)
If it is not legal then you may be more stuck.
Back to top

gp2.0




 
 
    
 

Post Tue, Feb 09 2016, 5:24 pm
Hmm. Normally when a house is sold it's agreed upon that the house will be delivered unoccupied. If the owner is telling you in advance that he won't be involved and it's take it or leave it, that's a major red flag. It's almost a given that you'll have a long, frustrating process ahead of you to get that tenant out. Depends if it's worth it to you. You may also be able to negotiate a lower price with the seller if he won't deliver the house unoccupied, to cover all your lawyer fees that it'll cost to get the tenant out. I saw a house on zillow once with a ridiculously low price and that's what they said in the description - squatters included, take it or leave it.
Back to top

amother
Fuchsia


 

Post Tue, Feb 09 2016, 5:34 pm
I have a friend who bought a house with two tenants, and it took many years to get them out. I would not go to closing until tenants are out.
Back to top

Happy18




 
 
    
 

Post Tue, Feb 09 2016, 6:01 pm
I agree with the others don't close until the tenants are out sounds like one major headache waiting to happen
Back to top

MyKidsRQte




 
 
    
 

Post Tue, Feb 09 2016, 6:42 pm
Dont buy it unless he can guarantee the house empty
Back to top

amother
Red


 

Post Tue, Feb 09 2016, 8:04 pm
We are buying a house that is occupied on both sides with tenants. One side has a year left on their lease so we have to honor that. The other side is month to month. It's written in the contract that it must be delivered vacant. If the tenants are still there by closing we walk away.
Back to top

greenfire




 
 
    
 

Post Wed, Feb 10 2016, 2:22 am
you're buying the house for a place to live not for tenants ... tell the seller there is no deal if the house is not sold vacant. end of discussion.
Back to top

amother
Sapphire


 

Post Wed, Feb 10 2016, 8:14 am
OP here. This probably doesnt change anything for us, but the owner in this case is a very wealthy person's sil and just doesnt want to be bothered with making sure the tenant moves on time. Hes in no rush to sell unless he finds a buyer who is ok with that, or a buyer buying for investment.
Back to top

Happy18




 
 
    
 

Post Wed, Feb 10 2016, 8:42 am
If there are other houses available start looking. I'm a little bit concerned that your lawyer isn't telling you to run.
Back to top

doctorima




 
 
    
 

Post Wed, Feb 10 2016, 9:44 am
I agree with others that I'd be quite hesitant about such a situation, but if you do want to go ahead with it, could you perhaps get the contact info of the current tenants and speak to them, and perhaps your lawyer could even draw up a legally-binding agreement between you and them that they'll be out on time (or else have to pay you a penalty), which could ease your nerves a little.
Back to top

5*Mom




 
 
    
 

Post Wed, Feb 10 2016, 9:57 am
doctorima wrote:
I agree with others that I'd be quite hesitant about such a situation, but if you do want to go ahead with it, could you perhaps get the contact info of the current tenants and speak to them, and perhaps your lawyer could even draw up a legally-binding agreement between you and them that they'll be out on time (or else have to pay you a penalty), which could ease your nerves a little.

There already is a legally binding agreement signed by the tenant: their lease. The problem the OP is concerned about, which does happen unfortunately, is if the tenant simply won't leave when they are supposed to. The recourse for that is time consuming and expensive. She'll win but it will cost her and where will she and her family live in the meantime? Of course, the tenant very well may be out on time, but no one can really guarantee that, not even with a legally binding document.
Back to top

Heyaaa




 
 
    
 

Post Wed, Feb 10 2016, 10:02 am
Do what you want but the current owner already told you that they're hard to deal with. They said 'sometimes they're easy and sometimes they're not. It's a gamble' which, IME means that if what you want is in their best interest, then they're happy to do what you want. But if they don't feel it's in their best interest, then good luck to you.
Back to top

5*Mom




 
 
    
 

Post Wed, Feb 10 2016, 10:05 am
Heyaaa wrote:
Do what you want but the current owner already told you that they're hard to deal with. They said 'sometimes they're easy and sometimes they're not. It's a gamble'

That was OP's lawyer talking about tenants in general, not these specific tenants in particular.

OP, if it were me, I think I'd keep looking for something else.
Back to top

yOungM0mmy




 
 
    
 

Post Thu, Feb 11 2016, 9:41 am
Our landlord sold the house we're in while we were still here. The new landlords bought as an investment but will redo it in a couple of years. Meanwhile were still here, had to sign a new contract with new landlords, but on the same terms, we're extending again soon, so far so good and no aggravation to our landlords, they got paid from the day they bought the house so no empty property, and they didn't have to fix up which they would have if they got new tenants.
Back to top

Rosemarie




 
 
    
 

Post Thu, Feb 11 2016, 9:51 am
yOungM0mmy wrote:
Our landlord sold the house we're in while we were still here. The new landlords bought as an investment but will redo it in a couple of years. Meanwhile were still here, had to sign a new contract with new landlords, but on the same terms, we're extending again soon, so far so good and no aggravation to our landlords, they got paid from the day they bought the house so no empty property, and they didn't have to fix up which they would have if they got new tenants.

That's great when someone is buying for investment. But OP said she is buying the house to live there, in which case she needs the tenants to move out on time. I would only buy this house empty if you want to be able to live there without issues...
Back to top

petiteruchy




 
 
    
 

Post Sun, Nov 12 2017, 5:11 pm
We paid moving costs to the tenants that lived in the main apartment when we bought our building. It is pretty standard where we live. If we'd gone to court we might not have needed to, but the <$1000 was worth it for the peace of mind of them promising to leave and leave happily. I would go in knowing you're going to pay them something.

Our option b (if we'd missed the deadline to cancel their lease) was to stay in our apartment and rent to them for another year. The way it worked out, we'd have been making money because they were renting for more than our mortgage, and our rent was cheaper too.

So run those numbers and see. If you get stuck with them, does your rent + your mortgage - their rent come out to a loss or a gain?
Back to top
Page 1 of 1 Recent Topics




Post new topic   Reply to topic    Forum -> Household Management

Related Topics Replies Last Post
Budget for 500k house
by amother
34 Today at 11:57 am View last post
Shana Rishona - living separately / 2 cities 16 Today at 1:49 am View last post
House rental for Pesach. 5 Yesterday at 8:47 pm View last post
S/O no-shoe house
by amother
6 Tue, Mar 26 2024, 7:30 pm View last post
Shoes in the house
by amother
35 Tue, Mar 26 2024, 2:51 pm View last post