I am in escrow on a tenant occupied short sale. We are due to close on July 10th. The listing agent just informed me that the tenant wants until July 31st to move. He had a lease agreement with the homeowner until December. The homeowner is giving him cash to move. The short sale was approved very quickly within 2 months. The tenant was told he would have at least 4 months or longer that he could stay in the property now he feels that he is being "thrown out". He doesn't want to pay my buyer for rent saying he needs the money to find another place and to pay for moving.
What happens if he does not vacate the property on July 31st? What options does my client have? My client loves the house and really wants it but he really is not interested in letting the tenant stay until the end of the month especially if he is not going to pay rent. The owner of the house is tired of dealing with the tenant and is willing to let the house go.
How can I save this deal? What would you all do?
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