All Forum Posts by: Rob Menzies

I just went under contract today for property I'm buying in Colorado. My agent sent me a COVID-19 addendum that they have been sending to the buyer/seller to sign. This following was at the top of the form.

The addendum would basically add 14 days to the contract deadlines if there was a COVID related shutdown or quarantine delay.

I felt it was in my best interest to sign this in to protect my earnest money deposit.

The seller refused to sign saying it was too vague but they would be willing to work with me if anything came up.

Understandably this is giving me some concern. Anyone have any advice in this situation? 

I'm also now thinking about every possibility and I'm curious does anyone know what would happen if martial law went into affect and 

I missed one of the deadlines?

Crazy times...just trying to make sure there are no surprises.

Thanks

Thanks @Mike Anderson

Sounds like a lot of work. Especially since the property is in another state. It's even more complicated by the fact that the tenants are college students and the owner of the property is the president of the school. We found this out though the "grapevine" . My son actually knows the president from his campus involvement and talks to him frequently but I am not sure if I should advise my son to inform him that we are looking to make an offer on his property.  Do you have any advice where this is concerned? I'm not looking for any special treatment from him but if he knew we were interested he might dissuade us or possibly work with us to dispel my concerns.  My son is on scholarship and has 3 years left at the school so I don't want any problems.  If the property wasn't EXACTLY what I have been looking for I would probably walk and not think twice about it.

Thanks @Cassie Montalvo and @Mike McCarthy. I plan on having my son move in (college housing) after the tenants leave so he would be considered as one of the owners. I'm nervous of all of the potential complications of having to deal with tenants. Have either of you ever done OR heard of an OMI (Owner Move-In Eviction)? This seems rather drastic but could it be used as a way to alleviate potential liabilities from everything that could go wrong?

I'm interested in buying a property but the owner has tenants on a lease through the end of June. The timing is actually perfect for when I want to take possession. Anyone have any do's or don't's when it comes to this situation?