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mitabtrfly
Member since 12/06 2770 total posts
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Not sure if this is going to be a problem with house we are buying...
BIL has tenants who are friends of his wifes family living there and they don't have a lease. They made a verbal agreement to rent the house for 1 year, knowing he wants to sell. They told him they would let him know after a year if they wanted to buy it.
Well..here's where we think the problem may arise. He offered it to us and might have jumped the gun because we started the process of getting the mortgage done assuming BIL told them and he hasn't.
Originally he said he was going to tell them when he went to collect the rent on the 1st, but didn't. He said he was going to tell them he has a buyer who wants to move in ASAP. He said he was going to tell them about an apartment that is available now, offer to pay a months rent, give them back their security and money to get a truck as incenctive for them to move out.
Do you think this will be a problem for us?
Message edited 12/6/2007 1:41:56 PM.
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Posted 12/6/07 1:40 PM  |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Not sure if this is going to be a problem with house we are buying...
yes, I do.
Your BIL screwed up but really owes them nothing. It's just a conscience thing.
I hope they are ok with this and maybe they will be since they haven't approached him but if I was the tenant, I would really be pizzed.
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| Posted 12/6/07 1:42 PM |
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mitabtrfly
Member since 12/06 2770 total posts
Name:
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Re: Not sure if this is going to be a problem with house we are buying...
Posted by Blu-ize
yes, I do.
Your BIL screwed up but really owes them nothing. It's just a conscience thing.
I hope they are ok with this and maybe they will be since they haven't approached him but if I was the tenant, I would really be pizzed.
I know and this is what is worrying me. I didn't see the point of him telling us about it, saying he was 99% sure they would take the deal, and now that percentage is going down daily.
It would really s u c k if they say no and want to wait until July..because I will go crazy in the apartment I'm living in!
Message edited 12/6/2007 1:44:58 PM.
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| Posted 12/6/07 1:44 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Not sure if this is going to be a problem with house we are buying...
Posted by mitabtrfly
Posted by Blu-ize
yes, I do.
Your BIL screwed up but really owes them nothing. It's just a conscience thing.
I hope they are ok with this and maybe they will be since they haven't approached him but if I was the tenant, I would really be pizzed.
I know and this is what is worrying me. I didn't see the point of him telling us about it, saying he was 99% sure they would take the deal, and now that percentage is going down daily.
It would really s u c k if they say no and want to wait until July..because I will go crazy in the apartment I'm living in!
see what happens, but plan B is finding another house.
Maybe buying from BIL is not a good idea.
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| Posted 12/6/07 1:47 PM |
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mitabtrfly
Member since 12/06 2770 total posts
Name:
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Re: Not sure if this is going to be a problem with house we are buying...
Posted by Blu-ize
Posted by mitabtrfly
Posted by Blu-ize
yes, I do.
Your BIL screwed up but really owes them nothing. It's just a conscience thing.
I hope they are ok with this and maybe they will be since they haven't approached him but if I was the tenant, I would really be pizzed.
I know and this is what is worrying me. I didn't see the point of him telling us about it, saying he was 99% sure they would take the deal, and now that percentage is going down daily.
It would really s u c k if they say no and want to wait until July..because I will go crazy in the apartment I'm living in!
see what happens, but plan B is finding another house.
Maybe buying from BIL is not a good idea.
I'm really hoping we won't have to use Plan B..but ya just never know.  We jumped on it because he offered it for a lot less than what it's worth because DH is his brother.
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| Posted 12/6/07 1:49 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Not sure if this is going to be a problem with house we are buying...
nice deal, but if it's too good to be true..
I kknow you're miserable in your apartment, I just hope you're not putting all of your eggs on one basket out of desperation.
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| Posted 12/6/07 1:50 PM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
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MJ
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Re: Not sure if this is going to be a problem with house we are buying...
well if they don't have any paperwork---its really a month to month lease...so legally its not like he has to give them months of notice. however he does owe them at least 30 days notice---but since thye will have to find a new place to live--i'm think he should have told them already.
since they are friends of his wife---who knows how it will go....good luck--sounds to me like you are about to go thru some drama.
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| Posted 12/6/07 1:52 PM |
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Kara
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Member since 3/07 13217 total posts
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They call me "Tater Salad"
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Re: Not sure if this is going to be a problem with house we are buying...
Are you in contract on this house?
If not, that would be your first step. Your first IMMEDIATE step.
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| Posted 12/6/07 1:56 PM |
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mitabtrfly
Member since 12/06 2770 total posts
Name:
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Re: Not sure if this is going to be a problem with house we are buying...
Posted by MrsPJB2007
well if they don't have any paperwork---its really a month to month lease...so legally its not like he has to give them months of notice. however he does owe them at least 30 days notice---but since thye will have to find a new place to live--i'm think he should have told them already.
since they are friends of his wife---who knows how it will go....good luck--sounds to me like you are about to go thru some drama.
That's the thing..they won't have to find a place..he has another. I guess it's just a matter of whether they want it or not. I mean they are paying WAY more now than they would for the other apartment which is nice..but who knows how they will feel.
I really hope we don't go through drama, because I can't take anymore.
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| Posted 12/6/07 1:59 PM |
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mitabtrfly
Member since 12/06 2770 total posts
Name:
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Re: Not sure if this is going to be a problem with house we are buying...
Posted by Kara
Are you in contract on this house?
If not, that would be your first step. Your first IMMEDIATE step.
When you say in contract..what do you mean? I'm not up to par on the house buying stuff.
We went to do the mortgage yesterday and got approved. We are having an inspector go out and from there I don't know what happens. I know eventually I'll have to learn all the jargon etc, but I'm clueless right now. So any advice is greatly appreciated! ,
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| Posted 12/6/07 2:01 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Not sure if this is going to be a problem with house we are buying...
Posted by mitabtrfly
Posted by Kara
Are you in contract on this house?
If not, that would be your first step. Your first IMMEDIATE step.
When you say in contract..what do you mean? I'm not up to par on the house buying stuff.
We went to do the mortgage yesterday and got approved. We are having an inspector go out and from there I don't know what happens. I know eventually I'll have to learn all the jargon etc, but I'm clueless right now. So any advice is greatly appreciated! ,
I meant did you physically sign a contract to purchase the house? If you haven't had the inspector out yet, then you're probably not up to that step. Sorry - thought you were farther along than you were.
Inspector first. While that's going on, find a lawyer. That lawyer and your BIL's lawyer will negotiate the contract for you to sign, which will spell out the terms of the sale and the closing date, etc. MAKE SURE that the contract spells out EXACTLY what your BIL will do about the tenant and when the tenant will vacate.
If you run some searches on the Home baord, you'll find some good posts spelling out exactly what happens. Even though it's family, you need your own lawyer and a solid contract.
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| Posted 12/6/07 2:09 PM |
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mitabtrfly
Member since 12/06 2770 total posts
Name:
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Re: Not sure if this is going to be a problem with house we are buying...
Posted by Kara
Posted by mitabtrfly
Posted by Kara
Are you in contract on this house?
If not, that would be your first step. Your first IMMEDIATE step.
When you say in contract..what do you mean? I'm not up to par on the house buying stuff.
We went to do the mortgage yesterday and got approved. We are having an inspector go out and from there I don't know what happens. I know eventually I'll have to learn all the jargon etc, but I'm clueless right now. So any advice is greatly appreciated! ,
I meant did you physically sign a contract to purchase the house? If you haven't had the inspector out yet, then you're probably not up to that step. Sorry - thought you were farther along than you were.
Inspector first. While that's going on, find a lawyer. That lawyer and your BIL's lawyer will negotiate the contract for you to sign, which will spell out the terms of the sale and the closing date, etc. MAKE SURE that the contract spells out EXACTLY what your BIL will do about the tenant and when the tenant will vacate.
If you run some searches on the Home baord, you'll find some good posts spelling out exactly what happens. Even though it's family, you need your own lawyer and a solid contract.
No not yet.
THANKS!! Seeing as how DH purchased this home with him back in 2000. He not on the mortgage, but he is still on the deed and knows a lot about buying houses etc where as I don't. I wasn't worried about anything, but now that I am, I'm going to bring this up to him about the lawyer etc.
I'd also like to become familiar with all of the stuff involved with purchasing a home too..especially since I'll own one...soon.
Message edited 12/6/2007 2:14:31 PM.
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| Posted 12/6/07 2:14 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Not sure if this is going to be a problem with house we are buying...
DH is on the deed? That may make this a little easier. He is a partial owner and didn't promise them anything.
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| Posted 12/6/07 2:59 PM |
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mitabtrfly
Member since 12/06 2770 total posts
Name:
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Re: Not sure if this is going to be a problem with house we are buying...
Posted by Blu-ize
DH is on the deed? That may make this a little easier. He is a partial owner and didn't promise them anything.
Yeah he's on it. I'll keep my fingers crossed!
Thanks everyone for your advice!
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| Posted 12/6/07 3:03 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: Not sure if this is going to be a problem with house we are buying...
what happens if your BIL approaches his tenants and they say they want to buy it?
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| Posted 12/6/07 3:22 PM |
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mitabtrfly
Member since 12/06 2770 total posts
Name:
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Re: Not sure if this is going to be a problem with house we are buying...
Posted by Karen
what happens if your BIL approaches his tenants and they say they want to buy it?
He's going to let them know he has a buyer. He's not in it for the $$.
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| Posted 12/6/07 3:43 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: Not sure if this is going to be a problem with house we are buying...
Posted by mitabtrfly
Posted by Karen
what happens if your BIL approaches his tenants and they say they want to buy it?
He's going to let them know he has a buyer. He's not in it for the $$.
it just sounds like from your first post, that the current tenants had the option to buy - and now that option is gone, so I'm not sure how it is going to sit with them.
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| Posted 12/6/07 3:44 PM |
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mitabtrfly
Member since 12/06 2770 total posts
Name:
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Re: Not sure if this is going to be a problem with house we are buying...
Posted by Karen
Posted by mitabtrfly
Posted by Karen
what happens if your BIL approaches his tenants and they say they want to buy it?
He's going to let them know he has a buyer. He's not in it for the $$.
it just sounds like from your first post, that the current tenants had the option to buy - and now that option is gone, so I'm not sure how it is going to sit with them.
I know...but there's not much we can do about that. If they offer to buy now..I would HOPE he wouldn't accept the offer.
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| Posted 12/6/07 3:49 PM |
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