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The nightmare continues!!
We are under contract for a short sale. Bank approved it and our original contract had a closing date of 9/23 so that's what we've been working towards. We are 100% set to close on our end. We have our loan commitment, HOA approval, inspection, appraisal, etc and tomorrow we get the home insurance. Now we are just waiting on the title from the title company and they have not been responsive. Finally yesterday our realtor gets a hold of them to tell them that we are ready to close and just waiting for them. They then break the news that this file has been on hold for almost 2 weeks b/c there are currently tenants inside the property who refuse to leave. Ummmmm wtf?!?!
The tenants were there during our showing, the inspection, and the appraisal. The day of the appraisal (Friday) the tenant asks our realtor if we are really buying the house and she says of course! So apparently the owner has not been honest with him at all. Yesterday the owner said he would figure something out and let us know, but we've heard nothing.
What can be done in this situation? We feel like they want to sell us the house w/ the tenants in it and let us take care of getting them out. We also don't know if they even have a rental contract and if so, when it ends. It makes sense to us that the seller would pay them to leave since he is getting $20k from Chase if he closes by the date they set, but he doesnt seem to want to do that. We are also worried that if they get evicted: a) they will destroy the house, and b) we wont close on time (the approval from Chase says they need to have cleared funds by 10/14). Any advice would be immensely appreciated!!!
Re: The nightmare continues!!
Evictions are a lengthy, expensive process and I think that if the tenants had to be evicted (and the process was just getting started now) it probably would not be done by 10/14.
Also, it doesn't really make sense that the owner would pay for them to leave. If he's doing a short sale he's already most likely proven to Chase that owning the property is a financial hardship for him and he probably needs that $20K.
I wouldn't purchase a short sale that currently had tenants. I would make sure your final walk through is after the tenants have left to make sure the property is still in the condition you want.
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I would in no way, shape, or form, close on the home until:
1 - I had a walk through immediatly prior to closing (as in the hour before)
2 - The tenets were gone
3 - The locks had been changed at that walk through
4 - The home was in a condition that was acceptable to you
I agree, you need to speak with a lawyer.
If the tenants have a lease through a certain date, unless they've violated the conditions of the lease somehow and can be evicted, they are legally entitled to live there until the lease expires. My understanding is that tenants can't be evicted just because of a change in ownership but there may be an exception if you want to occupy the property as your primary residence before the lease is up. You still need to allow the tenants 90 days notice, though.
Here's an article about the Protecting Tenants at Foreclosure Act; I'm not sure how much of this applies to SSs.
As someone who has rented a home, yes that is all true. This is a very hairy situation and I'm sorry you are dealing with this. Hope everything goes smoothly and that your lawyer has some good tricks up his sleeve! Otherwise, I hope their lease is almost up.