Maybe the tenants got a better offer on another property. Maybe a transfer is forcing them to move. Maybe they discovered a defect with the property and now they no longer want it.
Maybe you should ask the tenants why they are terminating?
The tenants bought another house...even though they still had an unexpired option to purchase your house? The fact that you took over direct management of the property does not affect the terms and conditions of the lease that was already in place.
I think it might be nice to know why the tenants chose another house over yours, forfeited their option consideration and agreed to reimburse you for the marketing costs of securing a new tenant. If the real reason was some problem with your property, you need to be aware of it.
If the reason is that the other property is a better fit for the tenant, in a better school district, closer to work, or any number of other lifestyle factors, then bank the income you have already received and put another tenant-buyer in your property.
Lick your wounds and move on. Be glad they moved out and you did not have to go through a 3+ month eviction process, which you would probably get 0 rent. I had a similar situation, tried to bring them to court, which they never showed up for. Also put a mark on their credit. Doubt it did any good. This person knew what they could get away with and taught me a lesson. Unfortunately for the next tenant, who might have a valid hardship story, I will not be as easy going.
Time to move on like Ken suggested. Maybe next tenants you will be a little more proactive on on-time rent payments and making sure the place is kept within reasonable standards. This has happened to me MANY times. I moved my rents to weekly and bi-weekly and collect rents myself. Not much should happen within a week or two.
Thanks for your respones. Think im gonna give up on this one house and fix it up for sale.. Anyone interested in durham nc area give me a call. I let it go cheap. **Please See My Profile**
Maybe the tenants got a better offer on another property. Maybe a transfer is forcing them to move. Maybe they discovered a defect with the property and now they no longer want it.
Maybe you should ask the tenants why they are terminating?
[ Edited by jimh634 on Date 09/27/2005 ]
The tenants bought another house...even though they still had an unexpired option to purchase your house? The fact that you took over direct management of the property does not affect the terms and conditions of the lease that was already in place.
I think it might be nice to know why the tenants chose another house over yours, forfeited their option consideration and agreed to reimburse you for the marketing costs of securing a new tenant. If the real reason was some problem with your property, you need to be aware of it.
If the reason is that the other property is a better fit for the tenant, in a better school district, closer to work, or any number of other lifestyle factors, then bank the income you have already received and put another tenant-buyer in your property.
[ Edited by jimh634 on Date 09/27/2005 ]
Photos, photos, photos! These are great to use at court.
Go get em!
Lick your wounds and move on. Be glad they moved out and you did not have to go through a 3+ month eviction process, which you would probably get 0 rent. I had a similar situation, tried to bring them to court, which they never showed up for. Also put a mark on their credit. Doubt it did any good. This person knew what they could get away with and taught me a lesson. Unfortunately for the next tenant, who might have a valid hardship story, I will not be as easy going.
Boy does this sound oh so familiar!
Time to move on like Ken suggested. Maybe next tenants you will be a little more proactive on on-time rent payments and making sure the place is kept within reasonable standards. This has happened to me MANY times. I moved my rents to weekly and bi-weekly and collect rents myself. Not much should happen within a week or two.
Just my two cents worth.
Thanks for your respones. Think im gonna give up on this one house and fix it up for sale.. Anyone interested in durham nc area give me a call. I let it go cheap. **Please See My Profile**
I may be interested, what is your asking price and the spces of he home to including the address.
Thank you,
Bornfree12
Ps. I am currently selling all my properties do to some the things you menioned in the original posts. I understand .
Why are you giving up? Because you had a bad tenant? out of money?