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Is it risky to buy a FSBO home with renter living in it?

Looking at a for sale by owner property but the owner's adult son is still living there. They say he will move out when we close but I'm afraid it might be risky since he isn't really a part of the sale. Any advice?

Asked By Miguel C | Kissimmee, FL | 211 views | Buying | 8 months ago

Answer(3)

Rising Star

11 Answers

John Dean

Engel & Volkers

(85)

There are several issues. What if the renter does not leave ? What if they are in a lease ? What if damage is done at the end of the lease. Way to many issues to proceed without proper caution and documentation on the situation

7 months ago
Helpful (0)
Unhelpful (0)

Novice

5 Answers

Lisa Bolanos, JD

Elevate Realty

(41)

There’s several options available. One is to make sure that you include in the residential purchase agreement, that the tenant will be out at the close of escrow. Remember, if it’s not in writing, it doesn’t exist. You do need to ask if there is a lease, because A lease runs with the land. What that means is that if the lease is still in effect, the tenant has the right to stay in the property. Do your due diligence, and make sure that everything is in writing and signed by all parties. Hold over tenants are a true pain in the behind.