Posted by Mark-NC on March 23, 2001 at 08:04:48:
NT
Need help getting rid of tenant. - Posted by Mark-NC
Posted by Mark-NC on March 22, 2001 at 14:43:07:
Ok, here’s the deal.
I have this investor who is was going to deed me his properties. The thing is I wasn’t really sure if I wanted them. They are not in great areas, they have high interest loans, and mortgaged to the hilt.
So any way I decided instead to put an option on them and sell my option. The thing was the properties were going into foreclosure so I called the mortgage companies and got them all to hold off the foreclosure for a short period.
I told them what I would like to do is find someone who could assume the loans if they were brought current even though these were non assumable loans. They were reluctant at first but I proved the position they were in with the properties and what they stood to loose should they have to foreclose. Out of the five properties I got them to play on four of them.
The thing was they became very eagar at that point to proceed forward and gave me a time limit. I said no problem as long as you will let me be somewhat flexible on who assumes them. They said, ok, as long as the buyer has something positive going for them they will go for it. I also assured them should it go bad or start to go bad I will jump in and see what I could do.
So my goal was to find low qualifiying buyers with some cash. Anything I could get over the back payments and other bills due owed goes in my pocket when I sell my option. There wasn’t a lot of money in any of them but I figured I could make a minimum of 2000 of each one.
So back to my question of needing help. I have a buyer for one of the properties that has a tenant in it. The tenant already new that it was going to foreclosure and was making plans to show up at the court house steps. He thought he was going to get a deal on it. I informed him that the property is being transfered and there will be no foreclosure. At first he was amicable and said OK he would move out at the end of the month. Then He must have talked to someone who gave him some ideas and said, I am not moving out, my lease is not with you. The investor also informed me he did not pay his last months rent and the tenant said to take it out of his security deposit. Because the investor was broke he agreed.
My new buyers having to give 30 days notice themselves said they would be happy to rent it to them for one month to accomodate them.I figured it was a good situation but now I think this tennant is going to try and stiff the buyers. He told me he wouldn’t even talk to me anymore he thinks this is some kind of scam I am trying to pull. He says to me, who the He!! are you, I never signed anything with you. He does have a point, so I need to proceed acording to law so this whole thing doesn’t backfire.
So my question is, we need to give him written notice and we are going to transfer the deed on monday. Should I try to get the old landlord to give them an eviction before this or should I wait till the new owners have it and let them do it? If the guy refuses to pay the rent to the new buyers can they put any kind of judgement on them to try and get it later?
Thanks for any help.
Mark
Re: Need help getting rid of tenant. - Posted by JPiper
Posted by JPiper on March 22, 2001 at 21:22:19:
One way you could proceed virtually anywhere in the country would be to take title, then give the tenant a 30-day notice (before the first of the month).
If they don’t pay the rent, then you can evict for non-payment. This will give you a judgment for rent and/or possession depending on how the law works there.
But first step, give the 30 day notice. Sounds like he hasn’t defaulted on the rent yet. And get written proof that the deposit was used for last months rent…otherwise the new owner may owe the deposit.
JPiper
Re: Need help getting rid of tenant. - Posted by SueC
Posted by SueC on March 22, 2001 at 21:09:50:
Depending on what the lease says, it is likely that the lease can be assigned to the new buyer. If an agreement of sale has been signed, the lease can be assigned and the new buyers can take care of it from there.
You can email me directly if you like to discuss in more detail.