patrick.net

  new post
register or log in

#investing   #housing   #politics   #humor  
10,718 registered users, 8 users online now: APOCALYPSEFUCK_is_ADORABLE, indigenous, iwog, Kepi, landtof, nsmandelm, pkennedy, rufita11

Buying a home in California with tenants on a lease

By millerdoggy   2012 Nov 17, 11:58am   ↑ like   ↓ dislike   3,013 views   8 comments   watch (0)   share   quote  

Can anybody give me any insight on how this works? I thought I'd read a long time ago that a lease could be broken by new owners if the property was to be their primary residence. I don't recall where I read that, whether it was it was from a knowledgeable source, or whether it was even in reference to California. The current tenants supposedly have a lease until August. I've tried googling for information on this, but haven't come across anything definitive. Any help would be appreciated.

Comments 1-8 of 8     Last »

1   bg   2012 Nov 17, 3:59pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

You might try HOFO on Craig's list or the legal forum. I was looking at a property where they don't have a lease. Would be interested in that if you come across the info while you are looking.

2   bg   2012 Nov 18, 1:17am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

What if there is no lease in California? Can I make them move if I buy it? It is a short sale.

3   Fucking White Male (9/9 = 100% civil)   2012 Nov 18, 3:08am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

bg says

What if there is no lease in California? Can I make them move if I buy it? It is a short sale.

Yes, but you will have to go through the eviction process if they don't move willingly.

If it were me and I got the house, I'd hire an attorney who specializes in these things. First I'd just try to get them to move. Likely they won't. Then I'd have the attorney draft an offer to move for cash.

If that fails, you have no choice but to start eviction proceedings. The attorney really is never necessary if you know exactly what you are doing. But most people who try to cut corners by not having an attorney also are the types that will attempt to cut corners elsewhere. And that WILL NOT work when it comes to eviction paper work and the courts. Therefore its in your best interests to hire an attorney if you buy the house in this situation.

4   Fucking White Male (9/9 = 100% civil)   2012 Nov 18, 12:29pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

What happenens if they wont move?

5   millerdoggy   2012 Nov 18, 12:58pm  ↑ like (1)   ↓ dislike   quote   top   bottom   home   share  

Thanks for the reply, Roberto. After posting I stumbled across a pdf from the California Department of Consumer Affairs that seemed to say just that. Oh well. I don't like the house enough, nor will it be a screaming deal to feel like becoming a landlord for 9 months. I'm curious about the timing of the sale though. Trying to capitalize on a big seller's market, desperate, whatever - seems like selling the house with tenants under lease for 9 more months really limits the pool of likely buyers.

6   lostand confused (9/9 = 100% civil)   2012 Nov 19, 1:53am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

Be careful of the city. One of my colleagues bought a duplex in Berkely that was rent controlled(who knew a duplex could be rent controlled). It took them a year and half to vacate one tenant , so they could move in. I don't know the full details or what the legal mumbo jumbo was, except he used to come and gripe everyday at the office about his purchase!

7   rufita11   2012 Nov 19, 4:50pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

millerdoggy says

Thanks for the reply, Roberto. After posting I stumbled across a pdf from the California Department of Consumer Affairs that seemed to say just that. Oh well. I don't like the house enough, nor will it be a screaming deal to feel like becoming a landlord for 9 months. I'm curious about the timing of the sale though. Trying to capitalize on a big seller's market, desperate, whatever - seems like selling the house with tenants under lease for 9 more months really limits the pool of likely buyers.

I saw a home like this for sale in Los Gatos. They said they were having a hard time showing it because it had tenants with big dogs. They told me no more showings and all offers must be in by last Wednesday. Apparently, they got low-balled or no offers because it was pulled off the market by Friday.

8   nw888   2012 Nov 19, 10:27pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

Once you take ownership of the home, you can then give a 90 day notice to vacate the premises. They legally get 90 days to figure out where they are going to move to next. During that time, they are legally obligated to pay you monthly rent as per their lease agreement with the previous owner.

Comments 1-8 of 8     Last »

Watch comments by email

home   top   users  
housing crash   thunderdome   sexy pix   site suggestions  
best comments   ad hominem comment jail   random post   patrick.net on twitter  
about   contact  
please recommend patrick.net to republicans