So I'm jumping back in to buy and holds, still a ton to learn!, and finally got sent an MLS listing from an investor agent. Seems good so far. One of the properties has at the end in the description "home to be conveyed vacant". What exactly does this mean? It's a multi and it is vacant, 3 unit no tenants, and does need some work according to MLS.
FYI this is in NJ and I am using a VA loan so I have to be able to move in. I did a google search and it didnt answer my question. Thank you!
Property will have no tenants in it when it is sold
It means the property will be conveyed (sold to you) vacant. Not a bad thing because now you or your PM get to choose your own tenants.
Delivered vacant. Good and bad - you're entering a property without the bad habits of previous tenants but are now faced with some carrying costs in the first 2-3 months to fill tenants, renovate, and stabilize property.
@Mark F. They are just letting you know that the home that is now vacant will stay vacant once the buyer takes over ownership. With that said, make sure to write something in the contract like "all units to be vacant upon close" in the conditions section if you decide to offer. This just double covers yourself.
Thank you all for the info. Seemed that would be the case but haven't seen those words before in vacant listings. You guys and gals rock.
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