Profile picture for user4606639

Should I get a copy of landlord/renter/housing athority aggremments?

I have put an offer on a home with a section 8 renter above the garage, the seller is aasking for more earnest money and to come up in my offer but i have no idea other than what the sellers realtor has told me , what the aggreement is with the renter or housing athority, do i need this info before I proceed, should i ask for anyother info?
  • March 10 2014 - US
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Answers (2)

Profile picture for Ask Cathy
Yes. When dealing with a property that already has someone living in it you have to ask for that agreement so you know what you're getting into.  Also ask for a history of deposits to make sure the renter hasn't stop payment and the seller isn't dumping his eviction on you. Section 8 renters are a guaranteed monthly pay check. But in the area I live (Kansas City Metro Area). They move in and out frequently and usually have no regard for the property. Which means you have to repair it out of pocket. I also agree with the last post eviction can take several months. 

As far as the offer and earnest money if you are still in negotiations I would ask why they want more earnests money. Be careful they are not trying to get you locked it with non refundable earnest money and then dump a bad renter or property on you.
  • March 10 2014
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Profile picture for sunnyview
Yes. Ask for the rental agreement and payment history defintiely. Section 8 renters can be fine and stable payers, but they can be very cumbersome to evict if they are a pain in the butkiss.

You can put more earnest money in escrow to be held by a neutral third party with the contract, but get the information about the rental before you buy.
  • March 10 2014
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