Yes, it is a sticky situation, but as they always say......you can attract mor flies with honey than with vinegar. If you have extra cash.....you may wish to offer the tennants an incentive to leave ......moving expenses, cash for keys ( as they call it in the Foreclosure world) or provide them with their security deposit or engage an agent at your cost to find them an alternate living arrangement. Since this will be a combined primary residence and investment/rental property......these costs can be expensed.
If you would like some more advice on how to get to a win-win with the tenants.....give me a call or send me an e-mail. I'm more than happy to help. Good Luck with whatever you decide to do!!!!
I'm All about YOU!!!
Ina H. Cohen â€¢ REALTOR CRS, CBR
CDPE - Certified Distressed Property Expert
Keller Williams â€“ Boston Metro â€¢ 607 Boylston Street, 5th floor â€¢ Boston, MA 02116
From the buyer perspective, only problem is that it seems like we have to take an investor loan and convert it to a owner occupied loan in a few months when the intent has throughout been to use it as an owner occupied property as soon as it becomes available.
If the loan is going to Fannie, Freddie or insured by FHA, good luck on getting any of them to make an exception. You can however re-finance to an owner occupied rate as soon as you move in.
I assume at this point you have a mortgage professional working with you. I would first contact them and then possible talk to an attorney so you know how to proceed to make sure you get the type of loan you want.