Find out how much it will cost to evict the tenant. Find out how long it will take, since you will be both renting and paying your loan, hoa dues, property taxes, insurance and utilities on the house. Find out how much it will cost to complete the repairs. Send a demand letter to the seller and to your real estate broker for those amounts. Maybe hire an attorney to send that letter. Maybe that will incentivize the seller and the real estate company to get the tenant out and the work completed.
If that doesn't work, hire an attorney to evict the tenant. As soon as the tenant is out, hire a licensed contrator to complete the repairs. Then sue the seller and the real estate agent for the legal fees, the repair costs, and your rent until you are able to move it.
Check your contract. You probably have to offer to do mediation before you can sue. You might have to arbitrate with the seller. The real estate broker might agree to arbitrate or might make you arbitrate with the seller and then go to court with the real estate company. You MUST sue the real estate company within 2 years after close of escrow. You have 4 years as to the seller.
If you appreciate this free advice, please remember to refer me to any friends or acquaintances who need a lawyer. Referrals are still our best source of new business.
Do you have a revocable living trust to protect your heirs against probate? Probate takes forever, is expensive, and is annoying. Do your family a favor. Set up a trust, and put all your property, especially any real property, into the trust. Since it is revocable, you can change it, add to it, take property out of it, or even cancel it completely, at any time. We set up such trusts, provide a pour-over will as a back-up for any property that does not make it into the trust, provide you with blank durable powers of attorney for health care and financial decisions, in case you become incapable of making such decisions while still alive, and convey one piece of real property to the trust, usually the family home, for $1500.00. If you would like to hire me to do this, let me know, and I'll send you a list of the information I need.
Dana Sack
Answered on Oct 13th, 2017 at 9:52 AM