That guy buys a property and fails to spot that there are already people living there...then he claims that it is not his problem...
May I ask whether you vote cANCer...seems like the kinda excuse they would have!
That guy buys a property and fails to spot that there are already people living there...then he claims that it is not his problem...
May I ask whether you vote cANCer...seems like the kinda excuse they would have!
adrianh (21-May-14)
Perhaps it was a distressed sale.
I can see lots of reasons why one would buy a property sight unseen.
At least here in the states.
It might have been a REO (real estate owned) by a bank and you negotiated a really good deal because it had problems, including tenants.
Perhaps a foreclosed property with lease to third party (which is now protected by state law in quiet a few places http://www.dfs.ny.gov/banking/mfl2009.htm)
In nyc/brooklyn etc. residential leases are very tough, especially vis a vis landlord obligations and lots lots lots of tenant rights.Right of Tenants to Remain in Foreclosed Property: The law gives tenants who reside in a foreclosed property the right to remain in occupancy on the same terms and conditions that were in effect at the time of entry of the judgment of foreclosure and sale. The provision, which is in new Section 1305 of RPAPL, applies to persons who, on the date of the foreclosure notice described above under “Foreclosure Notice,” were tenants of a dwelling unit with a written or oral lease agreement, which required the payment of rent that was not substantially less than the fair market rent for the unit at the time the lease was entered into. The tenant will have the right to remain in the dwelling unit for the greater of (a) the remaining term of the lease, or (b) 90 days. However, if a successor owner of the property intends to occupy a single unit of the building as his or her primary residence the successor may terminate the lease for that unit by giving 90 days’ notice. The section also requires a successor in interest of the property to notify the tenants of their rights, as well as the name and address for communication with the new owner. The new provisions do not affect the right of a successor owner to evict the tenant for non-payment of rent under the lease. The provisions do not supersede any protections granted by other law to tenants subject to rent control, rent stabilization, or governmental subsidy.
It makes sense sometimes. Yes I know it sounds odd but the risk/reward can be enough of a magnitude to deal with such problems. Just have to know that you need to ask for a lot discount wise.
Just some international color for ya.
Hi Cyppokagain
Do you have any property related connections in Memphis and Atlanta by any chance whcih is where I consider to buy?
Houses4Rent
"We treat your investment as we treat our own"
marc@houses4rent.co.za www.houses4rent.co.za
083-3115551
Global Residential Property Investor / Specialized Letting Agent & Property Manager
None lol.
But I think you should know the difference between Judicial and Non-Judicial states.
http://www.npr.org/blogs/money/2012/...y-to-foreclose
Also in the states in some areas they have HOA fees in others they don't and things like Prop 13 in California freeze up the assesment (real estate tax growth rate), something similar also exists in Massachusets also I think prop 2 and a half.In New York, it takes an average of about three years for a bank to foreclose on a house.
In Texas, it takes about three months.
AndyD (22-May-14)
problem with many folks here is that they think they are so clued up on many things and what they say goes...
cyppokagain, you can teach many of these folks a lot here
Getting mean with the tenants is way out of line, you relying on the laws of the land to protect you, so are they.
You made a mistake, just work with them to solve the problem, you will probably lose a bit but thats life.
Thanks cyppokagain
I am aware that there are landlord and tenant friendly states which is one of the reasons why Memphis and Atlanta have been picked.
Houses4Rent
"We treat your investment as we treat our own"
marc@houses4rent.co.za www.houses4rent.co.za
083-3115551
Global Residential Property Investor / Specialized Letting Agent & Property Manager
Hi, the principle of ''huur gaat voor koopt'' is applicable. This is common law meaning that the tenant may lease and remain on the premisesuntil the end of his lease agreement. You will unfortunately have to wait until the current lease agreement with the current tenant terminates!
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