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Learning and Burning

SLO and tenant never moved in

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I got this SLO that i got a tenant/buyer for three months ago. They paid option monies and three months rents, but never moved in for whatever reason. Now they give me the house back and say they can not afford it. I have a two year agreement with them. So do i go after them to complete the lease term or do i market for a new t/b? I'v already started marketing. My real question is based on my agreement with the seller i can back out of the deal with 30 day notice and one months rents per line # 21. I'd consider giving it back because the rents the market will bear have gone down in the 6 months that i'v had the house and now no room for me to make money and value had dropped as well. So to give back to seller ill give it in writing that i plan to give back the house. unless i can fill it before then of course and all are happy. can i rescind the 30 day notice once i'v given it? Yeah the numbers have changed a lot form 6 months ago. My goal is to get seller to participate in the payment as to keep it marketable.

 

Another quandry....

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Tenant/buyers can be strange birds, indeed. Option consideration and three months rent before they realized they couldn't afford the place? I'd take the money and leave them alone. They've lost enough already and to go after them legally would be time consuming and expensive and result, at best, in a default judgement against them but you'll never collect a dime.

You should start by contacting the homeowner and explain your situation. Is he/she reasonable? They may be willing to work with you on the rent. If not, you can always refer them to the agreement they signed that allows you to cancel with written notice and payment of one month's rent. They should realize they have more to lose by not working with you. Let's hope cooler heads prevail.

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