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Buying a house with a renters contract on it.
We found a house that we want to buy but there is a hitch. It is leased until the end of July and the seller wants to sell now! (Not sure why he can't wait for settlement when they move out.)I have read that the lease goes with the home and has be fulfilled. Not really interested in being a landlord for two months because we are afraid of what they could do to the home. (College students renting it) Is there anything that we can put in the contract that would hold the seller responsible for any damage of the home if they were to mess it up?
After all he is the one that rented it to them not us. Any help to be able to cover our investment would be greatly appreciated. Would like to sign a contract tomorrow. |
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You should get the security deposit that he has from them, to cover any damages that they do. You could ask that the escrow not close until the tenants were out. You could ask that he buy the tenants out, so that the house is sold tenantless and you can move in. Or you can try buying the tenants out after you own the place. Or you can just walk away from the deal.
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