Owner Move In Eviction - San Francisco
Case Study: You found just the right home to buy in San Francisco. But it is tenant occupied. And they aren't willing to just move out.
The home is occupied by a family of four, two parents and two children, plus two grandparents, both over 60 years of age. The San Francisco Rent Stabilization and Arbitration Board has the following relocation required payments.
Each tenant is entitled to a payment of $5,153.00, up to a maximum of $15,460.
In addition to that, each minor child is entitled to $3,436. Two children: $6,872.
In addition to that, each grandparent is entitled to $3,436. Two grandparents: $6,872.
Your Costs:
$15,460
+$6,872
+$6,872
=$29,204. (not including lawyer fees)
Plus, this will take up to 3 months. AND, since this household has two minor children under 18, they cannot be evicted during the school year. (unless you have minor children of your own).
Caveats:
1. If the home was built after 6/14/1979 this does not apply. Normal California owner move in eviction standards apply.
I attended a seminar today, Marketing Tenant Occupied Properties, put on by Leonard Spoto, Asset Exchange Company, and Daniel Bornstein, Bornstein & Bornstein, both exceptional and knowledgeable speakers.
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