looking for advice: We just sold our condo investment property here in San Diego about and we're in day 30 of a 60 day escrow, as our tenants lease ends April 30th. They have been given notice that they need to move out then.
What's our options if the tenants don't move out by the end of the month or can't find another place to move to? Will the sale fall through?
Whether the sale falls through is up to the buyer you can make an addendum to extend escrow. Normally if they don't leave you'd start eviction but with the moratorium on that in CA who knows how long you'd wait.
Thanks Aaron- it's a tricky one.... unknown territory here!!
The buyer may be okay with it, especially if they are on a 1031 exchange timeline. Hopefully they will move out, as the courts are currently closed. CoStar is reporting rent growth decelerating in March 2020, the
first time rent growth has shown signs of slowing in the Spring since the Great Recession. Maybe they will find a deal!
The sale falling through would be determined by the buyer's willingness to take on a tenant if they are even able to (depending on loan, etc). The tenant's 60-day notice is what it is and eviction would be the next option, but like Aaron said, that option might be limited.
@Kirsty Simpson Have your tenants told you that they are not moving?
Hi Theresa: No, they'say they plan to be out by the 30th.. but I was trying to pre empt anything, just in case.