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Updated 3 months ago on . Most recent reply

User Stats

22
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Lolo Druff
53
Votes |
22
Posts

Buying a property with all new tenants

Lolo Druff
Posted

I am in escrow on a 4 unit building that was just remodeled and all 4 units were leased out within the past 1 month. I am nervous that since I wasn't the one that did the background checks (current owner did prior to going to market), I have no idea if the tenants are actually qualified or if they will be paying rent every month/or cause me issues since they all just moved in within the last few weeks. I am very diligint about confirming their past rent history, reaching out to previous landlords, verifying income (if they work), but I feel nervous because the rents are very high, that maybe the owner just took whoever was willing to pay this premium rent so that he could list the building for higher amount and get out quickly.

I've requested the seller send me the background checks and income verification they did when they accepted the tenants last month, but I didn't actually write that into my offer because I didn't think of it until I got an accepted offer. Are they obligated to give me this information as it's technically "non-dislocure" if I'm asking for it and they fail to provide to me. They haven't answered me yes or no yet...but I'm just getting a bit nervous because when I googled some of the tenants names, several of them had criminal records for drug trafficking etc (which could be a name coincidence but what are the odds it happened on 3 of the 5 tenants?) 


Is there a way for me to force them to send me this information?

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