I am beginner. Some one suggests me only buy vacant and/or owner occupied houses and no tenant occupied ones. Any Commend? Can I evict tenants after I buy at trustee sale if tenant can not make an agreement with me on Cash for Keys and pays no rent to me? Thank you.
Some one suggest only buy vacant and/or owner occupied houses and no tenant occupied ones. Any Commend?
You can always evict the occupants when you buy a property at trustee sale and you can always try to negotiate a cash for keys. The catch is that if you buy a property with a tenant then you will need to give them 90 days notice as outlined in the Protecting Tenants in Foreclosure Act if they are on a month to month agreement and you may have to honor their lease if the lease was signed prior to the filing of the Notice of Default.
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Although you can always terminate a tenants contract, it is easier not having to deal with this problem. A lot of times you’ll have to call for legal actions or what a lot of people do is they buy out the tenants, cash for keys.
HI John, Under the Protecting Tenants in Foreclosure Act if they have a valid lease you must honor the terms of the lease agreement. If they are on a month to month tenancy then you are obligated to give them 90 days notice. Be very careful when you assume that “you can always terminate a tenants contract”.