Help! Lease changed!
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Help! Lease changed! (by FabricGal [CA]) Oct 26, 2021 7:02 PM
       Help! Lease changed! (by NE [PA]) Oct 26, 2021 7:10 PM
       Help! Lease changed! (by NE [PA]) Oct 26, 2021 7:11 PM
       Help! Lease changed! (by Fabric Gal [CA]) Oct 26, 2021 7:37 PM
       Help! Lease changed! (by Jim in O C [CA]) Oct 26, 2021 7:49 PM
       Help! Lease changed! (by Fabric Gal [CA]) Oct 26, 2021 8:12 PM
       Help! Lease changed! (by NE [PA]) Oct 26, 2021 8:31 PM
       Help! Lease changed! (by NE [PA]) Oct 26, 2021 8:39 PM
       Help! Lease changed! (by Mike45 [NV]) Oct 26, 2021 9:42 PM
       Help! Lease changed! (by plenty [MO]) Oct 26, 2021 10:00 PM
       Help! Lease changed! (by Dave [MO]) Oct 26, 2021 10:56 PM
       Help! Lease changed! (by myob [GA]) Oct 27, 2021 7:01 AM
       Help! Lease changed! (by Vee [OH]) Oct 27, 2021 10:51 AM
       Help! Lease changed! (by S i d [MO]) Oct 27, 2021 11:47 AM
       Help! Lease changed! (by NE [PA]) Oct 27, 2021 11:48 AM
       Help! Lease changed! (by Barb [MO]) Oct 27, 2021 3:37 PM
       Help! Lease changed! (by myob [GA]) Oct 27, 2021 4:16 PM
       Help! Lease changed! (by MC [PA]) Oct 27, 2021 5:18 PM


Help! Lease changed! (by FabricGal [CA]) Posted on: Oct 26, 2021 7:02 PM
Message:

This coming Thursday I'm closing on I house that has tenants in it. I read their lease agreement, which expires January 31, 2022. In the estoppel report, the current owner/landlord, has changed things to indicate on the estoppel thing, that water, sewer, trash, waste disposal, and gardener are to be paid by the landlord.

It very clearly says in the lease, that these are paid for by the tenants. I have a call into my realtor about this and throughout this buying process, the seller has been extremely focused on dumping everything on me to take care of, things that didn't have to get deteriorated had he paid attention to any kind of maintenance on the house, & now there are considerable repairs. I think the house is worth it, but this may be the straw but breaks the camel's back.

Would it be possible for me to change the lease so that the tenants last day of tenancy would be November 30? Of course, all parties would have to agree and sign the paperwork. I don't know if this would occur before after escrow closes on Thursday.

Perhaps I can settle some money on the tenants in a happy clause to have them vacate by the end of Nov.

I'd appreciate your thoughts! I'm hopping mad about this latest, last minute greed-based twist.

--68.8.xxx.xxx




Help! Lease changed! (by NE [PA]) Posted on: Oct 26, 2021 7:10 PM
Message:

How long have you been under contract for the building to fall into disrepair? I would adjust the price accordingly to account for the changes that he made and then after you buy it, boot those tenants out and put those expense back on the new tenants. This is a win for you if you play it right. --24.152.xxx.xx




Help! Lease changed! (by NE [PA]) Posted on: Oct 26, 2021 7:11 PM
Message:

Also, I don’t really see how it’s a greed-based twist on the sellers part. It doesn’t really make him any more money. Maybe he’s just trying to make the tenants happy so they don’t move out in the meantime. Who knows. --24.152.xxx.xx




Help! Lease changed! (by Fabric Gal [CA]) Posted on: Oct 26, 2021 7:37 PM
Message:

The seller has owned the house since 2001 and has done nothing. These are his second tenants who have lived there for10 years.

I made an offer on it the 1st day it was posted for sale, a cash offer with a 15 day escrow. In negotiations, I have asked that he do repairs and he has only offered a credit for the nonfunctional heating, which he has to do by law-- and repairs for termites, which I believe he also has to do by law. The other repairs involved plumbing, roofing, and electrical.

I'd really love to get the tenants out of there by November 30 but the lease isn't up until January 31. However this latest thing plays out, I'm still going to offer a happy clause for them to be out by November 30. I just now heard from my realtor who said to not sign anything, Of course not! He's on the case to find out what the heck is going on!

If anyone has any ideas for me to make a compelling argument for the tenants & me breaking their lease so they can be out by November 30, I'm all ears! Thank you! I know money talks And I also know with the cost of rent in our area, they may be reticent even with a happy close money. --68.8.xxx.xxx




Help! Lease changed! (by Jim in O C [CA]) Posted on: Oct 26, 2021 7:49 PM
Message:

You are in California!!!! Changing terms would scare me. I would invite an eviction attorney to the party. You could have these tenants past January 31.

Best situation is to have the current owner hand you a vacant property. --204.152.xxx.xxx




Help! Lease changed! (by Fabric Gal [CA]) Posted on: Oct 26, 2021 8:12 PM
Message:

Thanks, Jim, for your input. I'll see how this plays out as my realtor is now on the case!

The tenants are responsible & have been employed for at least 14 years, and they would not want an eviction on their record as they want to adopt a child and an eviction would stop that quickly. --68.8.xxx.xxx




Help! Lease changed! (by NE [PA]) Posted on: Oct 26, 2021 8:31 PM
Message:

I think it’s kind of odd that you think he is making more work for you by not keeping the property up, yet say he hasn’t done anything since he bought in 2001. With these changes to the lease, are you tripping over dollars to pick up pennies? --24.152.xxx.xx




Help! Lease changed! (by NE [PA]) Posted on: Oct 26, 2021 8:39 PM
Message:

I reread your first response to me. We as investors should be problem solver‘s. We should not expect sellers to solve their problems for us. If I knew about this deal and you were near me and I was not associated with you in any way, I would try to buy it out from under you. I would tell him, to he// with California laws bud and that picky buyer. Knock X number of dollars off what she’s paying you and I will handle all these problems myself. You don’t have to deal with the heating contractor, you don’t have to line up the roofing contractor. You don’t have to deal with the pest control guy. I will handle all of that for you and you can be done with the property. --24.152.xxx.xx




Help! Lease changed! (by Mike45 [NV]) Posted on: Oct 26, 2021 9:42 PM
Message:

You probably have no hope of getting the T to move before Jan 31, 2022 except by throwing money at them. If they agree, fine, but otherwise, it is a no go!

--76.4.xxx.xxx




Help! Lease changed! (by plenty [MO]) Posted on: Oct 26, 2021 10:00 PM
Message:

Let the seller get them out before you close. --172.58.xxx.xx




Help! Lease changed! (by Dave [MO]) Posted on: Oct 26, 2021 10:56 PM
Message:

If the estoppel letter doesn’t conure with real estate contract. I would get legal advice of what to do in this situation.

My understanding is the contract and estoppel letter should hold true to each other, right? --66.76.xxx.xx




Help! Lease changed! (by myob [GA]) Posted on: Oct 27, 2021 7:01 AM
Message:

Be realistic. You have this disaster of a report in hand. Use the report to help you.

Let the tenants know that MAJOR WORK needs to be preformed on the property to get it up to the standard you require. That will take an estimated 6 months maybe 7. We need the property vacant.

We're asking you to vacate so we can initiate the work. Once the work is completed we may have the opportunity to call you and offer it back to you as a rental. No! We don't know what the rent will be in 7 months but there's time to decide.

You are heading into the holiday season with a major headache on your hands..... ]

Tenants don't like moving NOv Dec or Jan.

--99.103.xxx.xxx




Help! Lease changed! (by Vee [OH]) Posted on: Oct 27, 2021 10:51 AM
Message:

Get the estoppel notarized by each party as suggested by board of realtors, then you know who is being unfair. Adjust offer accordingly. --23.125.xxx.xx




Help! Lease changed! (by S i d [MO]) Posted on: Oct 27, 2021 11:47 AM
Message:

A properly formatted, signed, and dated estoppel letter should basically be an amendment/confirmation of all pertinent facts of the lease: how much rent, paid how often, who lives there, how long is the lease, what all is included such as utilities, etc.

It should also have a clause stating that these terms will remain in full effect with no changes or alterations until the day of closing, and that Seller and Tenant will not make any agreements: in writing or verbally that alter the facts in the estoppel or the current lease This prevents a land lord slipping in a side deal with a tenant before you close.

When signed and dated by all parties--land lord/Seller, tenant, Buyer--it basically is the new lease until it expires and you put them on your lease. --108.230.xxx.xx




Help! Lease changed! (by NE [PA]) Posted on: Oct 27, 2021 11:48 AM
Message:

Just an FYI, if you get into knit picking this estoppel letter and trying to force him to perform, it could drag this out for a long time. What if he’s broke? You’re better off adjusting the price down and going as-is. Adjust down enough where you make $ off fixing the additional problems. A bird in the hand. --174.198.x.xxx




Help! Lease changed! (by Barb [MO]) Posted on: Oct 27, 2021 3:37 PM
Message:

If the estoppel letter does not match the LEASE that is in place, that makes me think something else is going on.

A lack of functioning heat, active termites, plus issues with plumbing, roof and electrical? Why would you want that?

Personally, I'd be seriously tempted to cancel the deal since the owner doesn't wish to fix things at ALL even to comply with code enforcement, and now is trying to say you'll be paying for things that are in the lease as the tenant paying. --149.76.xxx.xx




Help! Lease changed! (by myob [GA]) Posted on: Oct 27, 2021 4:16 PM
Message:

In my investing career -- now over 35 years-- I don't think I've ever purchased a property with people in them???

Its just a losing situation and this case is exactly why. I don't know maybe it can be done and there must be some success stories.

When i first started in 1986 I tried buying with people LIVING THERE but after spending weeks and weeks putting deals together all of a sudden the seller pulls out. WASTED TIME. --99.103.xxx.xxx




Help! Lease changed! (by MC [PA]) Posted on: Oct 27, 2021 5:18 PM
Message:

No deal unless it is as agreed in the beginning. Why take on extra utilities? Something isn't right or it is a typo somewhere... Keep us posted. --73.230.xxx.xx





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