we’re buying a duplex to owner occupy, But What About Current Tenants?
We are a growing family and are in the process of considering houses to buy, have only been looking at duplexes. Herein lies the problem:
The best house so far that we’ve seen in 3+ years searching has long term tenants with a year lease. We live in Wisconsin, legally, can we get those tenants out to move in ourselves after closing?
if we can’t get them out, Is there some kind of paperwork we can have drawn up to show our legal intent to reside there that will satisfy the mortgage company (owner occupied loan) and keep us from breeching the contract right off the bat?
HELP! We’ve been looking at places for 3+ years and have not seen a house like this in the exact neighborhood we want (they rarely are up for sale there), it’s a perfect fit, loan rates are down currently – I want to pull the trigger but this holdup is killing me!
More info for those who want it:
The type of loan is owner occupied, not commercial so if we can’t get them out, and still want to buy but wait the 10 months to move in, what will happen if the mortgage company finds out that we are not living there for the first 10 months? Is there some kind of paperwork we can have drawn up to show our legal intent to reside there that will satisfy the mortgage company and keep us from breeching the contract right off the bat?
Finally, are there any unnofficial ways to deal with this situation (such as “cash for keys to current tenant”, or going through with the loan and hoping the mortgage company doesn’t find out – though that doesn’t appeal to me because I’m an honest person, I could live with it though because we would be living there soon).