I have an ETHICAL DILEMMA!
Recently, I purchased a duplex in Warwick, Rhode Island for well well below fair market value. The property has all of the heavy lifting done, windows, mechanicals, roof, electrical, etc. The interiors are sound, but dated. The property is fully occupied, and is performing well.
We threw the property on the MLS just in case we got an offer that we couldn't refuse. That offer did in fact come in, but with conditions. This is a 203k buyer, and they want the building completely empty at the time of the closing. One of the tenants is an 83 year old man who has been living there for 15 years. He offered us 40k below the offer we received on the MLS.
I certainly want to get the most for this property, but at what cost? I certainly have no intention of booting a nice old man onto the street as winter approaches. It is just not an option for me. I was going to see if he wanted to match the offer as an alternative, or offer to pay to have him move into a building that we are finishing up renovations on for the same rent he is paying now.
Other than these two options, what other alternatives do I have? I am kind of stuck between a rock and a hard place if he isn't open to the two alternatives that I have already considered. (It should be noted, the sellers are adamant about the property being vacant. I already tried to negotiate one side bing empty and keeping the elderly man in the unit).
