Home Buying in Downers Grove>Question Details

Rachel, Home Buyer in 60517

Want to purchase Fannie Mae home, but it is currently tenant occupied...how long to close?

Asked by Rachel, 60517 Mon Oct 15, 2012

I am looking into purchasing a fannie mae owned home. However, it is currently tenant occupied. How long will it take to close on this home because of this?

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I agree with you Lester, there are several variables here that need to be answered before any agent can give you the correct answer for it. Most of it hinges on whether the tenants are there legally or if they were placed there by the previous owner, or maybe even a another third party. Good luck and if you need some help with it please let me know.

Thanks Lavonda
0 votes Thank Flag Link Tue Oct 23, 2012
Hi Rachel.....the reason nobody has even attempted to answer/respond to your question is simple. There is no simple answer. You have posed a situation that has many variables and for all of us not invloved in the transaction, many unknowns. You generally need a trusted team of professionals (Realtor, lender, attorney) to navigate/guide you through such a transaction and even then there are uncertainties. I call it "managing expectations" and it is a key/essential piece of getting through the very complex world of Real Estate today. The first question I would ask is: is there a valid written lease agreement in place for the current tenancy? My guess is that there is no written lease, and even if there is, its validity may be in question because it would have most likely been entered into with the previous owner that was foreclosed upon (must consult your atty). Regardless of that answer, the tenant may or may not cooperate and it is even possible that you may need to pursue eviction to get them out. There are easier ways that can be attempted to avoid this. Aside from the tenancy, how long it will take to close after you have a contract is very much dependent on your lender's underwriting process (assuming you are financing the purchase). Typically we are seeing 40-60 days or so (some may say 30-70). Actually now that I re-think this question......the current tenancy may have NO affect/effect (never know which one to use LOL) on the CLOSING at all, just your POSSESSION. HERE IS MY "CYA" FINE PRINT....I am not an attorney, I just like to play one in real life. None of this is to be taken as legal advice. You may choose to ignore it all together. In fact, there are many real attorneys who's advice you may also want to ignore.
0 votes Thank Flag Link Wed Oct 17, 2012
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