Re:Squatters in Spain who demand a "ransom" before they will...
by refurb on Thursday August 26, 2021 @08:43PM
(#28322980)
Exactly.
I knew a realtor in the Bay Area who specialized in selling homes with existing tenants. He had a lawyer who specializes in owner move-in evictions.
He could find buyers properties at a substantial discount and then guide them though the eviction process. Buyers, if patient enough, could buy a $1M home for $800k plus $50k in legal costs/buyout funds.
I'm currently in the market for a home (SFBAY), one that could also house my aging parents in the future, so that they're not forced to move away to a LCOL location if they don't want to. Because of this, I'm looking at purchasing a duplex or a home with an in-law unit.
Due to extremely powerful tenant protection laws in the city I'm looking to buy in, I am not considering purchasing units that are tenant occupied, and am willing to pay a significant premium for a vacant unit vs an occupied one.
This isn't a comment on tenant protection laws themselves, but a note that both sides value a vacant unit over an occupied one in highly regulated markets.