Home Buying in Los Angeles>Question Details

SHL, Home Buyer in Pasadena, CA

Need advise on how to buy a tenant-occupied home. Thanks!

Asked by SHL, Pasadena, CA Tue Jan 20, 2009

If I am consider buying a house that is tenant-occupied, what should I ask or do to protect myself from any surprises after closing? Anything I need to correct / know BEFORE closing. I wish to occupy this home myself.

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If the whole property is tenant occupied your agent should add a per-diem clause. When you sign the offer it is stipulated that the tenants move out 5 days prior to the close of escrow, and it so happens that the buyers final walk-thru should be done 5 days prior to the close of escrow. In case the tenants are not out by the close of escrow the seller will pay you a per-diem for every extra day.
0 votes Thank Flag Link Wed Jan 21, 2009
Hi ,

I am also interested in making an offer on a house that is currently rented. The owner disclosed on the disclosure they sent me that the property is leased until June 2 (today is January 26), I do not mind renting the property until then and receiving than income , aslo the owner mentioned he has withheld 1 month of rent , one month of security . I have a Florida Real Estate standard contract I completed my self but I am not sure if something should be included , a provision or an addendum that mention anything regarding this rent, since I do not have a copy of the lease agreement , how do I know , the amount of the rent , the term of the agreement for sure. Is this information suppose to be disclosed after contract is executed , or is is suppose to be disclosed after they accept the offer,?. I am not sure , becasue i dont see why getting to review a lease etc ect when I dont even know if they will consider my offer.
0 votes Thank Flag Link Tue Jan 26, 2010
Hi Monique, thank you for your answer!

My husband and I viewed the house, we like it and made an offer, received a counter offer from the seller. Our agent has not been dealing with the tenant-occupied home before. What should we do now?
0 votes Thank Flag Link Tue Jan 20, 2009
Hello SHL,

If the property is a single family home and they aren't currently in a lease you may request the seller give them 60 days notice prior to the close. I would make sure your agent requests estopels for the tenant that show their deposit (if they remain at the property) lease, etc. Your best bet of course is to work with an agent that has the knowledge to make sure all the correct documentation is requested and part of the contract. It also depends on where the property is located. If it's not in the City of Los Angeles it could fall under different restrictions and then the 60 days notice or owner occuping with 60 day notice may not apply.. Have your agent do the research before you write an offer.

Best,

Monique Carrabba
Keller WIlliams Wilshire
The Carrabba Group
mcarrabba@kw.com
0 votes Thank Flag Link Tue Jan 20, 2009
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