Renter moved out during close process

[Rob Henzler]

Hi everyone, long time reader first time poster. I have a question about a situation where a renter has moved out during the close process. One of the really appealing aspects of this deal was that it is a duplex with two groups of the same family living side by side. The listing highlighted how there were "long term renters in place" and in fact both sides had been occupied for many years. Talking to my agent yesterday, I've come to learn that one of the tenants has moved out! We are set to close on 9/15- and now I am unsure. With the loss of this tenant, i will have to probably do some immediate repairs for someone new to move in, and find a new tenant in a relatively rural setting - thinking this might be a while. The side by side family arrangement seemed ideal and truthfully from looking at the place it seemed like this situation would probably continue on indefinitely! The #'s still work if i can get it filled, but there would now be time and $ hurdles to clear before getting back to the financials I thought I'd be stepping in with.

Now that the situation has changed, am I still obligated to go through with things or forfeit my earnest money? Or has the change in occupancy allowed me to back out if I desire? A third option could be to ask to lower the price/for a credit due to the repair $ and vacancy cost that i would potentially now immediately incur.

Thanks for all your help!!

[Jeff B.]

Look at it another way - - the vacancy creates the opportunity to raise the rent on that unit.