early termination of lease - Posted by bill smith

Posted by bill smith on November 13, 2004 at 12:34:44:

we offered our house to them twice already and they turned it down saying they want something bigger. they have a pretty decent payment history with us (2years). i offered to carry the down payment. they still said no they want something bigger. our house is a 3 bedroom 1 bath 1 car attatched garage. the one they have been looking at like the one next to ours is a two story. the unusual thing here is they are a young married couple with no kids, just a dog. our house would be a perfect starter home for them but they still want a bigger place. i talked to my realtor today (saturady) and told her what was going on she said the guy may still be interested as a landlord until feb when lease is up then move in himself. hopefully i will know more by monday.

early termination of lease - Posted by bill smith

Posted by bill smith on November 12, 2004 at 17:24:32:

tenants called us in july and said they bought a house and was moving in 30 days. they have a year lease up in febuary of next year. i told them as long as they were paid up no problem. they were turned down for their loan. now 2 weeks ago they called and said they were buying the neighbors house and was closing on dec 13. i said no problem. they called and wanted to change their year lease to 30 day lease and wanted it in writing. that was about 3 days ago. i called today (friday 11-12-04) and left message with them that i would be over tonight to sign the new lease. i then called my realtor wanting to sell that house. she said great i have a buyer waiting for that neighborhood i told her i would be at her office saturday to start paperwork. my tenants call me up aabout 1 hour before i was going to their house to sign new lease and said it looked like they were getting turned down again and now wanted to stay until feb when lease is up. i havent talked to anyone else yet since i got the new news. i am really wanting to sell the house and make a nice profit off it and i have my eye on a nice apartment building. wanting to use cash to buy something bigger. can i go through with the sell and tell realtor about this new problem or do i have to wait it out until febusary. i have a verbal on breaking the lease but no written.

thanks bill

Re: early termination of lease - Posted by Chad

Posted by Chad on November 13, 2004 at 12:24:37:

We have two situations here. What’s going on with the tenant’s credit? Why are the deals falling through for them? I suggest they speak to a broker or credit counselor and try to settle this before they go out and try to purchase a home again. As for TomC’s idea, that’s a great idea, but Bill pointed out he wanted to cash out of the home. He could do a lease/option, but he wants to get away from under this property. How will he go about doing so? Could he just not renew the lease and sell in February 2005? It would probably be best for both parties.

Re: early termination of lease - Posted by TomC (Md)

Posted by TomC (Md) on November 13, 2004 at 07:33:48:

Am I missing the obvious? You want to sell your house, and your tenants want to buy a house…why not sell them yours?
TomC

Re: early termination of lease - Posted by tom

Posted by tom on November 12, 2004 at 19:12:41:

verbal agreements are not binding on either of the parties. however, you can sell you house subject to tenants rights. the new owners would just have to wait till Feb to move in. meanwhile they will be the new landlords.

good idea to leverage up into multi/commercial.

tom