We are looking to buy a home that is a short sale. There is currently a tenant in the house and we cannot

Asked by Stevi Gacek, 85086 Sun Feb 17, 2008

continue to rent to them because we are getting an fha loan to buy the house. Any advice on what needs to be done to get them out or does their lease agreement trump our new contract??

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Rose Mullins, Agent, Cave Creek, AZ
Tue Jul 2, 2013
The short answer is that the lease transfers with the purchase and you would be required to honor the lease. However, that being said, you may enter into an agreement with the tenant that would offer you the end result you are looking for. Usually renters are most agreeable if you sweeten the deal for them (ie; refund their deposits, give them their last 30 days free, or provide a cash moving incentive). Make sure that all agreements are made in writing with all parties signing the agreement.
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Michelle Car…, Agent, Coppertino, AL
Tue Apr 26, 2011
How is this just now becoming an issue? When does their lease expire? If it's within a few months, ask about a cash for keys or buyout - in other words, offer them an incentive to move out. If the lease end is longer than 90 days out and they are unwilling to negotiate, you'll have to move on. Ask both agents for advice on this.
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Stephen Good…, Agent, Anthem, AZ
Sun Apr 19, 2009
The owner and the listing agent should have addressed this issue before putting the home on the market. Ask your agent to find out if there is an agreement with the tenants for them to move out at the close of escrow. If not, I suggest you pass on this property.
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Janice Dunni…, Agent, Phoenix, AZ
Thu May 22, 2008
I would make an offer contingent upon the tenants moving out by the close of escrow. The current owner can try and negotiate that with the current tenants. If it is not possible, I would probably move on to another property.
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Mike & Cathy…, , 85255
Wed May 21, 2008
Don't waste you time on this home! Their to many homes on the market. The Rental contract will move on with the purchase of the home. The only way is to get the owner to get them out of the home by adding a contingency to the contract. My advice look for another home! I live in your area. Call us if we can help!
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Mikem, , 01803
Sun Feb 17, 2008
Make your purchase and sale contingent on tennant moving out before closing, let the owners deal with it. That's always the easiest way. If that doesn't work you should talk to an attorney and see what else can be done.
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