Home Buying in Mattapoisett>Question Details

Ruth, Home Buyer in Hamilton, MA

What happens if you want to buy a multi-family for your own extended family, and the house you select is occupied by tenants?

Asked by Ruth, Hamilton, MA Wed Nov 3, 2010

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5
Yes Ruth In addition some tenants will consider ending a lease with some cash buy out to move on. You need to request the leases to see the current situation
0 votes Thank Flag Link Mon Nov 8, 2010
Ruth both TerritoryRE and Kevin are correct but you need to put the 2 answers together to have a totally correct answer. That way you can make an informed decision on which avenue meets your situation.

Louis
0 votes Thank Flag Link Wed Nov 3, 2010
Hi, Ruth!
It depends on the lease terms in place for those tenants. If there arent leases in place then the tenants should be on 30 day notice. In these scenarios I suggest closing after 30 days and putting into the offer/PS contracts that the multi family be delivered vacant when you close. That way getting the tenants out isnt your problem, its the owners.
Again, first step is to find out the lease terms and then make a decision from there.

Hope that helps!

http://territoryre.com
Web Reference: http://territoryre.com
0 votes Thank Flag Link Wed Nov 3, 2010
Good question Ruth!

There are a few options you have:

1) You can buy knowing that you have to honor the remainder of the lease (check to see if the current landlord put in a stipulation that leases are terminated if there is a sale)

2) You can offer to buy out the current tenants, or offer help in finding them another suitable place (sometimes offering to help move is a nice touch)

3) You can try to get the current landlord to handle the current situation, make the contract/offer contingent on the landlord getting the tenants relocated (this isn't always appealing because if the offer falls through the landlord now has an empty building)

Hopefully I've help you out with some ideas, I wish you the best of luck!

Kevin
0 votes Thank Flag Link Wed Nov 3, 2010
Hi Ruth,
That depends if the tenants have lease agreements in place. Before making the decision to finalize any offer you will want to confirm that the seller can either close on the property with the units empty or that you have the ability to remove the tenants from the property.
This information should be readily available to you.

Best of luck
Web Reference: http://www.route495.com
0 votes Thank Flag Link Wed Nov 3, 2010
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