Lease isn't up until April, Should we stop looking at houses?

[crystalys]

You should keep looking now. Even if you do fall in love with a property, it could be a short sale. Those take anywhere from a couple of months to a year or more depending on the transaction and the lender involved. Don't limit yourself, your perfect home could be anywhere and at anytime. The details of your lease at any moment are minor compared to your finding the right "home". It will work out if you want it to. I can appreciate your concern for your wonderful landlord, but the rental market is still strong and if he is as good as you say and the rental is in good shape too, he will have no problem finding new tenants quickly.

[john3232]

Originally Posted by jimj

Landlords like everyone else are in business to make money. If they're any good at it they will always listen to a proposal though they might not always agree. Personally I'd be impressed with someone who was upfront and honest instead of sneaking around or using some other guaranteed lease breaking methods (there are a few).
Never hurts to try right?

One of my tenants was on a month-to-month lease. They suddenly gave their 30-day notice and were planning to buy a home but at the last minute the deal fell through. This was around March which is a good time to find new tenants so I gave the tenants 60-days notice and they countered by asking for a 1-year lease.

I explained to my PM if they signed a 1-year lease I wanted it understood if they break the lease they forfeit their entire deposit (1.5 rent.)

Now, I understand how difficult it is to buy property and realize the tenants will do what is best for them.

However, I don't want to get stuck having to find new tenants at a time of the year not advantageous for me so if the lease is broken I would like to be compensated.

The tenants tried not to have me alter the terms of their rental agreement by insisting they have no plans to suddenly leave.

And while that might well be true I have learned to make sure everything is clearly spelled out so their are no misunderstandings.

[Italy04]

Private message me Info about your rental. We're moving to the area and could maybe take over your lease for you

[jimj]

Originally Posted by john3232

One of my tenants was on a month-to-month lease. They suddenly gave their 30-day notice and were planning to buy a home but at the last minute the deal fell through. This was around March which is a good time to find new tenants so I gave the tenants 60-days notice and they countered by asking for a 1-year lease.

I explained to my PM if they signed a 1-year lease I wanted it understood if they break the lease they forfeit their entire deposit (1.5 rent.)

Now, I understand how difficult it is to buy property and realize the tenants will do what is best for them.

However, I don't want to get stuck having to find new tenants at a time of the year not advantageous for me so if the lease is broken I would like to be compensated.

The tenants tried not to have me alter the terms of their rental agreement by insisting they have no plans to suddenly leave.

And while that might well be true I have learned to make sure everything is clearly spelled out so their are no misunderstandings.

As you indicate which confirms my opinion that it's just business on both sides (or should be if one decides to be a landlord).
I think you were smart to make it crystal clear their "buyout" or loss of deposit would certainly occur if they decided to move again.
I would guess that they're trying to hedge their bets and have a stable place to call home unless they find another (again).
Is 1.5 months rent enough to cover lost rent in the current market? Just wondering...

[john3232]

Originally Posted by jimj

....Is 1.5 months rent enough to cover lost rent in the current market? Just wondering...

They are good tenants and likely will get most their deposit refunded when their lease is up.

However, if they suddenly break the lease in say Nov-Jan. it will be more difficult to find a replacement than in the Spring. Forfeiting their 1.5 month deposit is fair.

They are the one's who insisted on a month to month lease when their original lease expired a few years ago.

Then out of the blue this spring they said they would be leaving in three weeks.

Me? I've already got on home on the market and this pops up? Fine. That's the way it sometimes goes.

But after the property was listed they suddenly changed their mind at the end of the month and wanted to stay.

I told my PM I would give them 60-days notice because I didn't want to get stuck finding new tenants in the winter months should they go.

The tenaets said they have no intentions of breaking the lease but realistically I know if they find the right house they will likely leave. In which case 1.5 months rent compensation is what I want.

[Sunshinegirl7]

Thanks for all the replies! our landlord is being great with us, once we find a house we just need to let him know so he can start looking for a new tentant!