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I don't really understand the whole deal where people sign a new lease with their tenants and put the home up for sale shortly thereafter... surely they must realize homes get more resale value when they aren't tenant occupied with a lease that expires 11 months from the time they are trying to sell the home.
I don't really understand the whole deal where people sign a new lease with their tenants and put the home up for sale shortly thereafter... surely they must realize homes get more resale value when they aren't tenant occupied with a lease that expires 11 months from the time they are trying to sell the home.
The property in question is a two unit building. No way of knowing if the eventual buyer is going to occupy one of the units or if it's strictly for investment. In the latter case, a long term tenant is probably a plus.
I don't really understand the whole deal where people sign a new lease with their tenants and put the home up for sale shortly thereafter... surely they must realize homes get more resale value when they aren't tenant occupied with a lease that expires 11 months from the time they are trying to sell the home.
With a 60 day notice to move I doubt it is a new lease, it has probably been month to month for some time since the tenant has been there 20 years
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Originally Posted by Okey Dokie
The property in question is a two unit building. No way of knowing if the eventual buyer is going to occupy one of the units or if it's strictly for investment. In the latter case, a long term tenant is probably a plus.
Actually it is very easy to determine if the buyer is going to occupy the unit, read the first post in the thread.
Actually it is very easy to determine if the buyer is going to occupy the unit, read the first post in the thread.
Sorry I was not clear. I meant when the present owner originally put it on the market, he did not know if the eventual buyer would want to occupy it or not.
Beer, cookies, and money tend to have good results. (Some suggest giving a tenant a financial incentive to vacate is sometimes a good idea.) Talking certainly has potential to clear up things and open up possible solutions. In this sort of situation, tenants may have financial constraints which hinder moving, e.g. might not be sufficiently liquid to afford move-in costs, or if their current rent is below market, might not be able to afford prevailing rent levels. If pressed, tenants in this position will tell you, but most won't volunteer such info.
Or if you are just very nice .
I do love it when talking reveals an easy solution that works pretty well for everyone. I think it's always worth checking for that.
One thing I would try to gently convey to the tenant is that, ultimately, he is not going to be living here. He can drag his feet and make the seller get an eviction with sherriff's deputies and a criminal record and all that, and by then I may have moved on and there may be a different buyer. But he still will not be living here. There is no solution that involves him staying in the place.
So, what will be the easiest way for him to move, and when, and how can I help? Maybe he just needs to wait til he gets his next paycheck and can borrow his brother in law's truck.
As I say, all this would have to be expressed very gently if you don't want him pulling out his shotgun. But he does need to know.
PS: There is a gendered aspect to dealing with conflict. It may be advisable to bring someone female along with you. If your lawyer is not a woman, maybe you have a wife or gf? I think it would help things not turn hostile. That and the beer/cookies/pizza .
Where do you live that it is $1000-$2000 in court costs?
I am assuming you are talking a high end property if you assume $5000-$10,000 in mortgage payments which would mean a higher security deposit is being held and the tenant will generally have some money to go after or at least a good job to pay off a judgment.
Where I live, that level of mortgage payment ($1700 a month or so) is low income housing. Such tenants cannot afford huge deposits, and so they are not customary here.
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$38,000 in damage is not unusual? I shouldn't have bothered replying at all when I saw this, you are obviously talking about the one in a million foreclosure I mentioned earlier.
Naw. Just college students and rednecks. They are the two main renter groups around here. Note that my above posts assumes a 20 year tenant owns a shotgun .
Where I live, that level of mortgage payment ($1700 a month or so) is low income housing. Such tenants cannot afford huge deposits, and so they are not customary here.
Naw. Just college students and rednecks. They are the two main renter groups around here. Note that my above posts assumes a 20 year tenant owns a shotgun .
You keep making statements about where you live with completely off the wall figures, I assume you won't mention what city since your numbers would then be easily refuted.
You keep making statements about where you live with completely off the wall figures, I assume you won't mention what city since your numbers would then be easily refuted.
No, that is not the reason.
But if you are unaware that there are many locations where these numbers apply, then you are too foolish to engage further with.
Apparently I should move to FL though, if COL is so low there .
But if you are unaware that there are many locations where these numbers apply, then you are too foolish to engage further with.
Apparently I should move to FL though, if COL is so low there .
$50,000 foreclosure?
$1,000-$2,000 court costs?
$1,700 is low income housing?
You can't give me one location where this applies let alone many.
Since you are quick to call someone foolish even though your numbers are ridiculous I'll tell you what, name one place in the U.S. where the 3 above stated costs are the normal costs and I will never again post in the real estate forum, but if you can't then you just keep yourself to the relationships forum
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