Buying a wholesale property with owners still living in property
I have a property under contract with a wholesaler. The owners are still living in the property and we have had trouble getting contractors in to give us estimates. That is finally finished, but there are no signs of packing when we have been in the property and there is a LOT of stuff!! It is stated in the contract that we take ownership at closing. What happens if they are not out by the closing date?
Thank you!!!
Most Popular Reply
Hey Angela - I've been in this situation before with client's purchases and my own. I had one that I was buying off-market "vacant at close" that I delayed the closing about 4 times until the tenant was gone before I would close and take ownership. I did this because I knew the potential headaches if the tenant (or seller) was still there and refused to leave - then it becomes my problem. You have all the leverage as the buyer for the wholesaler in this case to take care of getting the property vacant - so make it their responsibility. I would just be sure to do a final walk through before you sign at closing that the owner has in fact vacated the property.
- Matt Dingus
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