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When discovering he intends to move in 8 months anyway - as a courtesy, you could have offered an 8 month lease as this would be transferred with the sale of the property and the new owner/investor would have to honor the terms or buy him out. To protect you, you could have stipulated in the lease that tenant will cooperate with the realtor, showings, open houses and keep the apartment reasonably clean for showings.
Since you think it's likely an investor will purchase the property, it's probably expected it will come with a tenant in place.
If it's not too far gone, perhaps you could still offer this.
We can't know that our best offer will come from an investor, and we don't intend to limit our options in selling. Homes are in very short supply in this area and many are selling for above asking price within days of listing . To some of our posters it will sound mercenary, but if it was their property, I'm sure they would want to sell to the highest offer possible, and that's often not an investor, but a first time home buyer.
what's the term (annual renewal, now month to month) of his lease?
what are the terms - notice to terminate, ability to show to prospective buyers. (I can only assume you have the standard "right to inspect" clauses for repairs, checking his activity, etc).
In sum - WHAT DOES THE LEASE SAY??? that is ALL that matters.
If I read the OP right, he gave him notice once that he planned to sell. When the tenant said he would be uncooperative, OP sent him the 60-day notice.
Other than any overriding terms of the lease in the tenant's favor, tenant needs to lose the drama and find another place.
100% on the money. The lease that both parties signed is all that matters. The renter was going to leave in 8 months, which after six years of steady rent would have come as a great surprise to the owner. Why is no one excited about that? The tenant seems to be acting very childish by what has been described. Time for him to grow up and move on.
We DIDN'T have a relationship. We met him once for 5 minutes. As I stated in another post, we were asked by the property management firm to let them handle all communication with the tenant. They just wanted to send him the 60 day with no additional comment. The letter was very courteous, we did acknowledge his good history and offered references. Where did you get the idea that we didn't? We're not a**holes, we just need to sell the property.
Your first post. Re-read it, it sounded quite cold and clinical. Maybe you didn't present it well in the first post, that's fine. No one is saying you did anything "immoral" for goodness' sakes. Just it came off like that to several of us, who were simply trying to figure out why he would react that way. You did have a relationship, whether you knew him or not, I stated that in my first post. I didn't mean to make you so defensive, it sounded like you were genuinely wanting to figure out why the reaction was so extreme.
I would have personally talked to the tenant and informed them of the sale and ascertain how much time they would need to move, certainly not give them eight months, but try and meet somewhere in the middle and try and assist them in any way possible.
We need to show some compassion in our dealings, it’s not all about the top dollar. . .Sudden moves during the holidays are difficult.
I would have personally talked to the tenant and informed them of the sale and ascertain how much time they would need to move, certainly not give them eight months, but try and meet somewhere in the middle and try and assist them in any way possible.
We need to show some compassion in our dealings, it’s not all about the top dollar. . .Sudden moves during the holidays are difficult.
The property is not on the market yet.
The tenant is the one who gave an 8 month 'soft' notice.
We can't know that our best offer will come from an investor, and we don't intend to limit our options in selling. Homes are in very short supply in this area and many are selling for above asking price within days of listing . To some of our posters it will sound mercenary, but if it was their property, I'm sure they would want to sell to the highest offer possible, and that's often not an investor, but a first time home buyer.
Yes. Your best bet for max price would be having it empty & then necessary repairs made, deep cleaned, and repainted, so it is gleaming clean.
Why would an investor be interested in purchasing it with a 8 month tenant locked in at below market rent?
The month to month renter should have zero expectations for long term. Just as you as landlord have zero expectations.
I already mentioned that we live out of state and only ever spoke to this guy for 5 minutes. That was 6 years ago. Our property management firm asks that they handle everything. He never told anyone that he was moving in 8 months, until he spoke with our realtor when he arrived an hour after the 60 day notice was received. The only contact we have had in 6 years was a polite letter we sent as a courtesy so he wouldn't get a 60 day without explanation, and to try to gauge his willingness to cooperate.
Ocnjgirl, did you read reneeh63's post (#26) in which she stated that business people who say what they are doing is legal are "rude and possibly doing something unethical and immoral" that I quoted in that reply?
I would have personally talked to the tenant and informed them of the sale and ascertain how much time they would need to move, certainly not give them eight months, but try and meet somewhere in the middle and try and assist them in any way possible.
We need to show some compassion in our dealings, it’s not all about the top dollar. . .Sudden moves during the holidays are difficult.
perhaps you could put the poor tenant up for a few months.
Since when is giving 80 days notice "a sudden move". This tenant is just simply showing serious entitlement issues. This is a business. Plain and simple. If a person can't move in 80 days, giving them any longer isnt going to help.
Attitudes like this is why so many people are getting out of landlording.
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