Potential Florida Tenant Disaster! Help!!

[Thomas O.]

Soooo I found a property that checks all of the boxes.  Gated community, 1% rent rule, newer property (13 years old), quickly growing area, close to shopping, beaches, solid cash flow, etc., etc.. Only negative is that it's a foreclosure. 

I bid on the property at auction and won, I'm $10,000 invested in escrow right now and close on the property very soon.  I know the home has a tenant in it and I know approximately what the rent being charged is.  

Come to find out, some public records were posted recently showing that the previous owner tried to evict the current tenant.  Tenant hired lawyer, eviction got dropped.  

My initial plan before this was to send a certified letter introducing myself, request a copy of their current lease, tenant information, change locks and provide new keys, provide new rent payment address, make sure the property is in decent condition and honor previous lease until it's over.  At this point I'm getting a bad gut feeling looking through court records and thinking about lawyering up for immediate council and suggestions.  Anyone out there been through a similar situation and have any words of wisdom?

Thanks,

Pretty Concerned

[Jay Hinrichs]

well if we can piece this together sounds like U bid on a foreclosure bank owned property. 

it has a tenant in it.. ???

so in our state.. the lease trumps the foreclosure as long as its arms length and basically at market.

however if your going to move into the home you can evict right away.. if not as long as the tenant honors the lease they are allowed to stay there for the duration and at the rate on the lease..

but some folks did bad things by singing 5 year leases at half of market rate to their buddies or relatives those got over turned.. but it cost money.

we rarely anymore bid on occupied homes in any state that has tough evictions.