C
cynbad
Guest
I currently have an accepted contract with the seller to close in 45 days. 2 Days ago the seller's agent contacted my agent asking if I would be willing to accept a selling price reduction of $5000, close by the end of the month and I would be responsible for evicting the current tenants.
Assuming I could get the loan processed and be ready to close by the end of the month (June 2001) what kind of headache am I looking at for evicting the tenants - would I have to wait until I close to start the eviction process if I was able to attain a power of attorney from the seller? (At this point I believe there isn't a formal lease agreement in place and the tenants have never paid rent.)
The point of closing by the end of the month is important because the seller is in default and the unit will go into foreclosure.
Would it be advisable to suggest the seller give the property to me via deed in lieu of foreclosure or is this just a nightmare of a transaction and I should walk away?
This is a California transaction.
Assuming I could get the loan processed and be ready to close by the end of the month (June 2001) what kind of headache am I looking at for evicting the tenants - would I have to wait until I close to start the eviction process if I was able to attain a power of attorney from the seller? (At this point I believe there isn't a formal lease agreement in place and the tenants have never paid rent.)
The point of closing by the end of the month is important because the seller is in default and the unit will go into foreclosure.
Would it be advisable to suggest the seller give the property to me via deed in lieu of foreclosure or is this just a nightmare of a transaction and I should walk away?
This is a California transaction.