Asked by Jerati, Santa Monica, CA • Tue Jul 7, 2009
i'm looking for some advice re a pasadena roperty that is a short-sale with multiple lenders and currently there is a tenant with a least that is due to expire in 6-8 months. i am thinking of making an offer but am concerned about the tenants, and if this is a wise move. i want to occupy the property and am not necessarily interested in a rental. here are my questions:
1) can i buy the tenant out and how would i determine how much to settle with them for?
2) considering i don't own the property, can i even negotiate with the tenants?
3) what are my options - can i force the tenant to leave?
4) will a lender consider this an owner-occupied property and thus require a higher down payment? i do intend to occupy, but the house appears to be subject to the lease. is there an exception i might fall under?
5) is this a deal that i should run from?! i like the house a lot and could see myself settling for a long time and growing into the house.
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