Real Estate Agent · Englewood, CO · Member since 2016 · 9 posts · 3 votes
Hello BP community!
I would love to get some feedback on how to structure this deal. The seller has existing tenants in a lease that he does not want to break, 6 months left on the lease. I don't want to put anyone out in the cold either, so I told him I would keep them in the property, however I am planning to assign to another landlord investor.
Any advice on how to structure would be most appreciated.
Side note, the seller wants my prelim, sight-unseen "ballpark" offer in writing. Any red flags here?
Investor · Cleveland, OH · Member since 2016 · 39 posts · 23 votes
9y
Yes - Red flags here. You can make an offer but it must include language that the purchase is contingent upon satisfactory interior and exterior inspection. You also should closely review the terms of the lease because you're bound by those terms if you buy it. Also review the tenant rental applications. You need to know who's living in your house.
I would strongly advise that you seek the advice of an experienced real estate attorney to structure the contract and the assignment and also review the lease.