how to notify tenants of new ownereship

how to notify tenants of new ownereship

Realtor · PHX AZ · Member since 2017 · 48 posts · 20 votes

Hi everyone,

I recently purchased a house from a wholesaler. all taxes an liens were cleared during in title. However, part of the agreement is that the previous owners get a 6 month lease back (which i was compensated for from wholesaler and previous owner out of escrow). What is the next step i should take to try and ensure the now tenants will be out by the terms in the lease agreement they signed? Should I send a letter or email from my LLC re-instating the terms? There is also possibility they will be out before the 6 months but probably not likely. As soon as they are out I can begin rehab on the property. I was even wondering if it would be worth it to contact them and see where they are in there HUD process to qualify for affordable housing. Maybe it would be worth to give them an added incentive to move sooner. I paid cash for the house so I'm not paying loan fees, just taxes and insurance.

Thanks.

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Rental Property Investor · North Palm Beach, FL · Member since 2018 · 2k+ posts · 1k+ votes
4y

@Michael Mastantuono

It can't hurt to reach out and introduce yourself. If you want them out sooner, ask them if you can assist them with finding a new place. I would also suggest if they are out earlier you will cover some/all of their moving costs. Tell them they can take what they want and leave the rest in the unit. Just offer assistance and make the move as easy as possible.

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  • Rental Property Investor · North Palm Beach, FL · Member since 2018 · 2k+ posts · 1k+ votes
    4y

    @Michael Mastantuono

    It can't hurt to reach out and introduce yourself. If you want them out sooner, ask them if you can assist them with finding a new place. I would also suggest if they are out earlier you will cover some/all of their moving costs. Tell them they can take what they want and leave the rest in the unit. Just offer assistance and make the move as easy as possible.

  • Realtor · PHX AZ · Member since 2017 · 48 posts · 20 votes
    4y

    thank you. that's what my instincts were telling me. but being new to this i wasn't sure if i was going to cause a problem or stress them out more. 

  • Patrick DruryBusiness Member
    Real Estate Agent · Columbus, OH & Cleveland OH · Member since 2021 · 1k+ posts · 2k+ votes
    4y

    @Michael Mastantuono
    With new tenants post a change of ownership notice letting them know when and where to pay rent to the new owner or reach out and stop by when they are home and say hello in person. Stopping by and meeting the tenants in person is always good, assuming you have the time to do so. 

  • Member since 2022 · 23 posts · 13 votes
    3y

    @Michael Mastantuono this shouldn't be but sometimes is a tricky situation. Have you considered asking if they have an agent that they're working with? Or a solid property management company who can help locate them a new property quickly? That's usually a good sign of how prepared they are for the moving process. If you have any property management questions in the future, feel free to reach out. Hope this helps.

  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    3y

    send a letter and warn you will start the eviction process.

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