Learning and Burning 11 Report post Posted February 4, 2015 I have a l/o that is due this month Feb. Problem is tenant has not moved out and tells me today due to circumstances she might have to stay a bit longer. I have marketed like a mad man and got a viable tenant/ buyer who wants to meet tomorrow and set up monies and move in dates. So the WTFlip? How do i adjust for such.? Am i responsible for payment if shes has not moved out? Can i make her move based on our agreement? I am hoping to find a happy medium for all on this one but need to know what i need to C.O.M.A on this one and not be responsible for the payment promised per our agreement? Easy going seller but i am the one holding the bag right now right now, is how i feel...`Good grief Charlie Brown......... On a side Expiration date. What happens when my date is due seller and sale does not happen and tenants are still in the property? Do i give back to seller with tenants and i am out of the deal? What am i responsible for with such a scenario and what can i do to C.O.M.A? cover my arse..... Share this post Link to post Share on other sites
MichaelC 160 Report post Posted February 4, 2015 The existing tenant wants to stay longer? It's not her call. What does the agreement between you two state? The lease has expired, it seems, and becomes a month to month agreement only if you accept rent. If not, she needs to vacate. Of course, that's on paper. In the real world, if she hasn't paid additional rent and simply needs another two weeks or month with no plans of paying, all you can do is begin eviction proceedings. I'm guessing California is a tenant friendly state, meaning by the time this winds through the courts she will have probably left and you're out the additional expense of the eviction process.This is a sandwich lease, Mike? Then, yes, regardless of what occurs between you and your t/b, you are under contract with the homeowner and obligated to adhere to those terms. Pros and cons with this type of deal. More profit potential, but also additional risk.As for your prospective t/b, unless she is desperate for housing, surely you can take a deposit and put her off for another month or some additional time as needed. Share this post Link to post Share on other sites
<Steve> 82 Report post Posted February 5, 2015 Hey Mike- It is common for my SLOs where the term of the lease with the seller and the term of the lease with the tenant/buyer do not expire on the same date. Typically I want to keep the house and will ask the seller for a 12 month extension. Or, if I want to give the house back, I will ask the seller to extend to the end of the tenant/buyers lease term; in-addition, I will also mention that I would like a week or two after the tenant moves to make sure the house is in good shape when giving possession back to the seller. Share this post Link to post Share on other sites
Learning and Burning 11 Report post Posted February 5, 2015 The main one here is one i drew up mid December to start this month. With the owner living in the house and saying she would move out as soon as i get a viable t/b. They have been gone the last two weeks and has made it easy to show. I say this cause when they were in town it was not so easy to show. I got a strong t/b that is pushing to move in by months end that i feel strong about. I have worked hard to get this one filled and about $200.00 into it with marketing and cleaning the yard. The seller texts me today saying she will need to stay in the house for the next few months. I have not responded cause i am not sure what to say. Do i push to do anything different then what they want? Don't know what the flip.. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted February 5, 2015 Color me confused. Is there a tenant in the house, or the homeowner? Either way, you don't have much leverage. Real world: how are you going to boot out the homeowner? All you can do is appeal to her sense of fairness and remind her of the agreement you two have, and tell her you have a tenant ready and willing to go. If she willingly vacates, problem solved. If not, it's your call. Do you want to begin the process anew to find another t/b? Do you want to cancel the agreement? Ask for financial compensation for your time and marketing? Share this post Link to post Share on other sites
Learning and Burning 11 Report post Posted February 5, 2015 The homeowner is the one in the house now. And as expected i do not have much leverage in getting her to vacate. So per our agreement i have no obligation to her seeings she is not moving out? So the plan will be to keep good standing with her for when she will really move out. Do i cancel the agreement then redo it when the time comes? Then market for another t/b and my now t/b will have to also be put on hold and make the connection if she is ready at that time. First time i had the seller put me through this were staying. were moving not knowing what the heck shes doing. So i will keep the peace lick my wounds and get back to work......God is great beer is good and people are crazy...... Kinda how im feeling with this one. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted February 5, 2015 Mike, if the homeowner is changing the terms, in this case the lease start date, I would tear up the existing agreement and rewrite it to reflect the current reality.As for the t/b, if she is legit, and it sure sounds like it, find out what she's looking for and see if you can accommodate her with another Rent to Own.Never a dull moment in this business, and there is always an unexpected curve in the road.Beer is great sometimes, too. Sam Adams Cherry Wheat comes to mind. . . Share this post Link to post Share on other sites
