Ethical question for you all!

[efete1 0]

SO: ethical question: have a house I had as a LO. Owner was getting desparate to get filled so we found a tenant and just signed her up (she signed her lease and gave us deposit); the next day we find a tenant/buyer. Assuming he is good to go, do we take him and tell the tenant we have to cancel? The owner does want to sell the house (that was his intention) so I am going to discuss with him and have him decide as well. Thanks for any input!

 

 

Have a good weekend all!

 

Eric

[MichaelC 160]

Quite the conundrum, my frazzled friend. My first question is whether or not you even have the luxury of breaking the signed lease with the tenant? Signed lease, deposit. Sounds like a deal to me.

[ErikOk 10]

SO: ethical question: have a house I had as a LO. Owner was getting desparate to get filled so we found a tenant and just signed her up (she signed her lease and gave us deposit); the next day we find a tenant/buyer. Assuming he is good to go, do we take him and tell the tenant we have to cancel? The owner does want to sell the house (that was his intention) so I am going to discuss with him and have him decide as well. Thanks for any input!

 

 

Have a good weekend all!

 

Eric

 

Unless the tenant is set on living there (really likes it), and assuming the tenant-buyer has a good chunk for option money, maybe you can offer to pay all or a portion of the tenants rent in another rental (assuming they haven't moved out yet) and maybe for a moving truck if in-town. I guess it might not hurt to explain the fact that the homeowner is really wanting to sell, but hopefully the rent/moving "bribe" will help.

[pilot76180 51]

MC is right...you break that lease and it may very well come back to bite you, all so you can make a little extra $$.

It sucks, but if you have the deposit AND the docs signed, it's a done deal.

[MichaelC 160]

MC is right...you break that lease and it may very well come back to bite you, all so you can make a little extra $$.

It sucks, but if you have the deposit AND the docs signed, it's a done deal.

Wow. John Jackson talking ethics. What's next? Lindsay Lohan preaching sobriety? What a crazy, mixed up world we live in.

[pilot76180 51]

Screw ethics...I just didn't want to see Eric get yelled at....

[BTI 7]

If you really wanted to be ethical you would have offered the renter the money you were going to make and also give the owner what he wants, but i don't find that many ethical investors in this as long as I get mine world everything is OK.

[djbusch 2]

If you really wanted to be ethical you would have offered the renter the money you were going to make and also give the owner what he wants, but i don't find that many ethical investors in this as long as I get mine world everything is OK.

 

I'm curious...what would be so ethical about giving your profit to the renter? What did he/she do to earn it? Apply for a rental? Put down a deposit? People do that every day, and none of them are rewarded with thousands of Dollars. Forgive me if I'm getting this wrong, but handing your profit in the deal to the renter being "wronged" (while they haven't even moved in yet) doesn't sound ethical, it sounds foolish.

 

You can offer them incentive to break the lease or you can just honor the lease at the expense of the purchase deal. It's perfectly ethical either way.

 

Just my $0.02, of course.

[pilot76180 51]

Here's another take...tell the renters..."It looks like it's going to be a few days to get the last bodies out of the back yard, but I think they are going to resod the backyard anyway.......you all know it's on an Indian burial ground..right?"

They back out...you go to your LO peeps...BAM!!!

Living life like J.D. (Jake Duvall)

[MichaelC 160]

Here's another take...tell the renters..."It looks like it's going to be a few days to get the last bodies out of the back yard, but I think they are going to resod the backyard anyway.......you all know it's on an Indian burial ground..right?"

They back out...you go to your LO peeps...BAM!!!

Living life like J.D. (Jake Duvall)

Creative real estate at its finest.

[BTI 7]

David

 

Spoken like a man who thinks with his wallet. I learned most of my ethics from my grandfather where a man's word was his bond, rare in this world today but it was still alive when I was involved in million dollar deals with Arizona Ranchers, their word was gold and they would step out of the way when it was the honorable thing to do. Never met such a group of honorable people. Other words, do things right and make things right. Full disclosure and and no unearned rewards at some one else's expense.. The way I see it is the first tenant made a deal and intended to keep it, but along comes a TB with option money and the word to the first tenant is just a problem to be taken care of. Yes you can make the noble excuse the seller can get what they really wanted, but the truth is the option money is the real factor, just because there is a TB doesn't mean there is a sale, and at this point the only one with any honor is the first tenant. And shame on your ethics for trying to rationalize any thing else. He earned it, BS, he is just hoping to screw someone for the dollars, and if that is not true then he should be willing to give up the dollars..

[<Steve> 82]

So Eric, what was the result with this dilema?

[MichaelC 160]

So Eric, what was the result with this dilema?

He can't reply, Steve. There are no computers in prison.

[ErikOk 10]

Let's all face it, Eric is just a bad person

 

Let's have a public caning!

[<Steve> 82]

This may require a call into the Attorney General, Eric Holder; but-then-again, those Erics stick together.