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Hot Property
Old 06-12-2006, 12:16 PM   #1
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Hot Property

I am in a delimea about a property that I am pursuing. It is definately a fixer upper. A triplex that has been on market since Oct. 05. It was listed at $189K, dropped to $169K and now to $149K. The next triplex cost $220 that need fixing and in an area that is farther away. The average cost is about $300k for triplexes.

My agent offered $120K and it was accepted. I was told that the last offer by someone else was $140 K but it fell through due to financing. So, the price is great BUT one apartment has a tenant/family from hell. The seller cannot get rid of them and would only except my low offer, if I would keep or dispose the tenant at my own risk/cost.

My wife tells me to stay away. It is hard for me to walk away from a good deal. I am not worry about the condition of the place but concern with the headaches and greif from these tenant.

Is it worth the headache? What is your advise or do you have similiar situtation that I can learn before accepting the offer. I would like to have some feed back from the readers.
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Re: Hot Property
Old 06-12-2006, 01:10 PM   #2
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Re: Hot Property

Meet with an attorney who has experiance with landlord tennant laws in your community. Find out what it takes to evict the folks.
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Re: Hot Property
Old 06-12-2006, 01:30 PM   #3
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Re: Hot Property

Why can't the seller get rid of them? Are they on a long term lease? Do they have a claim against the landlord? Did the landlord give them notice and they didn't leave? You need to know what the story is.

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Re: Hot Property
Old 06-12-2006, 01:36 PM   #4
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Re: Hot Property

Why can't the seller get rid of them? Are they on a long term lease? Do they have a claim against the landlord? Did the landlord give them notice and they didn't leave? You need to know what the story is.

The landlord is out of the country. Apparently, the landlord gave a notice but these tenant are ignoring the notice and are not paying rent since the place is not "livable". Basically they are professional renters that would try to live for free.
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Re: Hot Property
Old 06-12-2006, 01:59 PM   #5
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Re: Hot Property

Sounds like the owner is a classic "don't wanter." If you've never done an eviction before I would hire a lawyer to take care of it once you close. I've bought several properties from landlords who didn't want to deal with the current problem tenants. If everything else checks out and you have grounds for an eviction (rent not paid, lease is up, etc.) I would buy it.
I've nver done this but a lot of landlords actually pay a trouble tenant to move. You could offer them an amount that's less than it would cost you to file the eviction through a lawyer. Usually you can get them out that way faster than the lawyer could.
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Re: Hot Property
Old 06-12-2006, 02:13 PM   #6
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Re: Hot Property

Quote:
Originally Posted by vt74
Why can't the seller get rid of them?* Are they on a long term lease?* Do they have a claim against the landlord?* Did the landlord give them notice and they didn't leave?* You need to know what the story is.

The landlord is out of the country. Apparently, the landlord gave a notice but these tenant are ignoring the notice and are not paying rent since the place is not "livable". Basically they are professional renters that would try to live for free.
Do what Brat suggests and talk to a lawyer about how to evict these people.* A lot of places require tenants who withhold rent because of condition issues to deposit that rent with the court.*
A lot of places don't.*
You might have to watch for retalitory eviction claims.*
But in any event, talk to a lawyer.* It may be a lot simpler for you to evict than the prior owner.*

Oh, I have seen rare circumstances where tenants are paid to leave. Most often in circumstances like yours, where the property is being sold. Could be a simple solution.
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