Your company aims to buy homes and flip them. You buy them when they’re inexpensive and in need of work. Then, you put in a few thousand dollars and find a buyer who will purchase the property at a much higher rate.
One thing that has slowed you down, though, is having people in the home who do not want to move out. This is why you usually purchase homes without people living in them, but the last home you saw was too good to pass up. Unfortunately, the tenant did not want to move, and they were still there the day of closing.
What can you do to resolve this problem?
The first thing to do is to make sure you ask the seller to evict the tenants. If they do not have a lease, this should be as simple as asking them to leave with the appropriate amount of notice. If they do have a lease, you may want to delay the purchase until the lease has expired, or the seller should make other arrangements with the tenants. The goal should always be to have them out before keys exchange hands.
If someone is still in the home when you’ve bought it, you may need to give them notice to vacate as well. You essentially become a landlord if there is still someone in the home when it’s purchased, so you may want to discuss evicting the tenant long before you need to get into the home to work. Your attorney can help you decide on the right path forward with this problem if you notice that tenants are still in place throughout the viewing, offer and negotiations on the property.