Q. Not able to find a descent renter for my home at Michigan City. This place also have 1 acre land around the home. Please help. Thanks
A. 1) Compare what other people are asking from local newspapers and craigslist.
2) 2 bedrooms? Two? Tee, double-you, oh, two?....in Michigan City?...the rent should be the same as an apartment.
3) There are too many vacant properties that are depressing rents and property values everywhere.
2) 2 bedrooms? Two? Tee, double-you, oh, two?....in Michigan City?...the rent should be the same as an apartment.
3) There are too many vacant properties that are depressing rents and property values everywhere.
Buying a 2 Family Home- In Massachusetts can you evict current tenants?
Q. I'm in the process of purchasing a two family home in Massachusetts. This home would be occupied by my grown children, who would pay rent to me. Although some of the homes I've visited are vacant, others have tenants with leases. Does anyone know the guidelines in Massachusetts for evicting tenants? Would it be more trouble than its worth... should I stick with vacant homes?
A. The lease is not your problem. You should have in your sales contract that the property must be vacant prior to closing. You might also charge a fee for any day after closing that the you are unable to occupy the property based on the buyer not delivering the property to you as per the sales contract.
If you don't have something similar in your sales contract and allow the real estate agent or seller to tell you not to worry it will be taken Care of. Trust me it will not be taken care of and at closing they will say this is not in the sales contract and we thought you knew the tenants were there and had a lease.
It is then then up to the current owner to deliver the property to you in the condition that you require.
Most of us on this forum have no idea about the language in the lease. There might be a clause that state the tenants know of a possible sale and would vacate the property at a certain time during the sale period. There might be a possible buy out of the lease. No matter it should not be your responsibility to have the tenants removed. They did not sign a lease with you. This is the current owner's responsibility.
If the real estate agent and current owner have a serious problem with this type language in the sales contract, you are better moving on to another property for you and your family.
At the final closing do not sign any docs until you know that the property is in fact empty. Have a walk through the day before closing to make sure that the entire property is vacant. At the closing you might have one of you children or a responsible adult to be at the property and call you prior to closing that the property is still vacant and no one moved back into the house.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
If you don't have something similar in your sales contract and allow the real estate agent or seller to tell you not to worry it will be taken Care of. Trust me it will not be taken care of and at closing they will say this is not in the sales contract and we thought you knew the tenants were there and had a lease.
It is then then up to the current owner to deliver the property to you in the condition that you require.
Most of us on this forum have no idea about the language in the lease. There might be a clause that state the tenants know of a possible sale and would vacate the property at a certain time during the sale period. There might be a possible buy out of the lease. No matter it should not be your responsibility to have the tenants removed. They did not sign a lease with you. This is the current owner's responsibility.
If the real estate agent and current owner have a serious problem with this type language in the sales contract, you are better moving on to another property for you and your family.
At the final closing do not sign any docs until you know that the property is in fact empty. Have a walk through the day before closing to make sure that the entire property is vacant. At the closing you might have one of you children or a responsible adult to be at the property and call you prior to closing that the property is still vacant and no one moved back into the house.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
What companies are still insuring unoccupied and or second homes?
Q. This seems to be a new trend. It seems that insurance companies are canceling Homeowner's policies of their customers who are selling their homes! Once the client has to move out to their new home the insurance company cancels the policy on the home that's still for sale. This is being done even if the customer has been a client for over 30 years and is using that company for the new home! Sellers are having a rough enough time with the real estate market these days!
What can be done about this? Also suppose the seller decides not to sell but keep the home as a vacation spot? Are second homes being uninsured also?
What can be done about this? Also suppose the seller decides not to sell but keep the home as a vacation spot? Are second homes being uninsured also?
A. It is not a new trend and second homes are fine. The problem is when the house becomes vacant (or not enough furniture in it to be able to stay there). That is when the homeowners policy is cancelled (or nonrenewed) because the house no longer qualifies for a homeowners policy. Also, I don't have any company that will insure a house on the market. Rewritten policies have new business guidelines because it is a new policy. That has ALWAYS been an underwiriting issue for us (for the 18 years I have been in the business). Nothing has changed there. The only market I have then is Surplus Lines (some states have a homeowner fair plan). I tell my insureds, do NOT let the house go vacant, be sure to keep enough furniture, dishes, linens, etc to be able to stay there & stay there at least once per month. It is better for the house too, especially in the winter. This way it is considered a secondary home & can stay on a homeowners policy. It is easier to sell a house that is nicely furnished than one that is vacant anyway. Any realtor will tell you that. Also, some of my insureds are deciding to rent the house & then it is also usually OK (as long as there are no other issues the company does not wirte), we just change the policy to a dwelling fire or landlords policy - again, new business guidelines but much easier than a vacant home that is up for sale.
**unless you are in FL then it is COMPLETELY different....
**unless you are in FL then it is COMPLETELY different....
What type of insurance could be puchased for multiple homes that are purchased and being fixed up?
Q. In addition to our 2 homes, we currently own 2 houses that we are fixing up. I am wondering if I could get a blanket home owners policy that we insurance our homes as well as the homes that are being renovated
A. You need a "remodeler's builder's risk" on the houses you are fixing up, then tenant dwelling coverage on them when complete. Since the houses would be vacant - I wouldn't count on my homeowner policy to cover them.
Are you going to live in them or rent them out?
You might want to consider a property owner liability policy and then perhaps an umbrella (sold in $1M units -$1M, $3M, $5M) over the general liability.
Just find you a LOCAL independent agent - he should have several different companies with which to help you.
Good luck and I hope this helps!
Are you going to live in them or rent them out?
You might want to consider a property owner liability policy and then perhaps an umbrella (sold in $1M units -$1M, $3M, $5M) over the general liability.
Just find you a LOCAL independent agent - he should have several different companies with which to help you.
Good luck and I hope this helps!
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