What To Do With Tenant/buyer?
I currently have a tenant/buyer that tried to exercise his option to buy my property 2 times within the last 2 1/2 years, but hasn't been able to get financing. The current lease is already expired...should I renew another contract with them or stop wasting my time? Or if I renew another contract with them do the rent credits and option payment carry over to the new contract or just lost because they weren't able to buy by the expiration of contract? Any opinions or comments will be greatly appreciated.
my lease option contract clearly states that if they fail to exercise the option within 30 days of the expiration they forfit all rent credits and option money. Read your contract. It is the only way to know in your situation.
I agree, if they lease/option has expired they have lost their downpayment and any additional amounts paid. They are now just renters.
If they want to purchase the property I would tell them fine, but none of their payments apply to the deal as they are in default of their agreement.
Remember, this is a business, not a charity.
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