15 Providence Sq, Sterling: A Rental Sold With Nonpaying Tenants in Place

Transaction date: August 28, 2019

Unpaid rent and mounting mortgage pressure

The property had been rented, but the tenant had not paid rent for approximately five months. The seller had also fallen behind on mortgage payments and was approaching approximately three missed payments.

A conventional sale had become difficult

The seller had attempted to work with Realtors. The occupied property and tenant problems made a conventional sale difficult for the seller, who was running out of money to continue pursuing eviction. The property also had deferred maintenance from the tenancy.

Purchased with the tenants still there

House For Cash agreed to purchase the property as-is with the tenants in place. The transaction closed on August 28, 2019. After closing, the buyer handled the tenant situation and renovated the property.

What This Example Shows

A rental’s occupancy and payment problems can matter as much as its repair needs. This purchase allowed the seller to sell without first delivering a vacant house. It does not establish a particular eviction procedure or guarantee a mortgage or foreclosure outcome.

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