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Tenants - Should they stay, or should they go.

 Dilemma, What to do with Renters when it's Time to Sell. 

Stay or Go?

Should they stay, or should they go?  There is often no right answer. The owners of a lovely rental home in Camas are moving and need to sell their investment property. The renters, who want to buy the home at a large discount, begged to stay until they get an acceptable offer. The owners ( me too) are worried they might sabotage the sale, consciously, or subconsciously. This recent dilemma reminds me of the Clash song, Should I stay, or Should I Go."  

Should you want a little rock n' roll intermission, here's the Clash song for your entertainment. 

 

The Renters Take Great Care of the Home.

You'll need some history to make a determination in this case. The renters have been in the home for three years. They pay on time, and take excellent care of the property - inside and out. Further, the wife is a great decorator and the home looked staged the day I went to preview it with the owner. 

Mr. Renter was also around that day and made several pointed remarks about their desire to purchase the home. ( At the time, they had  already been given a 60 days notice.)  As I left, he reminded me to let him know what we decided on a sales price. I discussed it with the owners, and they agreed to share the pricing  information with him prior to listing. 

Several days after giving him access to the CMA and countless emails, his agent ( surprise,  he inferred he didn't have an agent) called to discuss either a discounted purchase price  (about $40,000 less than the current market value - because of no hassles ), or allowing them to remain in the home on a month to month basis until an offer is accepted. 

My first inclination was positive, not for the discounted offer, but to keep the home occupied. After all, this couple really takes great care of the home and have an excellent rental history. On the plus side, the house looks great with their furnishings and it won't sit empty during the winter months. 

However, the more I gave it thought, the more concerned I became about their offer. It's quite possible they might become an impediment to showings. After all, in Washington ( and most states ), we have to give any tenant at least 24 hours prior notice to enter the home.  Plus, they have been quite vocal about wanting the home, and weren't entirely forthright with us.  What if that behavior escalates?

The owners also discussed their unhappiness in their tactics to share our CMA when they clearly had an agent to help them make a fair offer. He didn't disclose that at the time he asked for information about the listing price and what the sellers needed as a bottom line.  In fact, he inferred it would be a private sale. ( This is not about dual agency - and I always encourage buyers to seek their own representation. This is about the tenant's dishonesty regarding an agent and manipulation to get information.) 

Bottom line, both he and the agent were shocked when I relayed the owners' desires. There will be no deal, and no more negotiations. They need to be out on January 18, 2015, as previously agreed.  There's another line in the Clash song about the decision to stay or go,  "If I go there will be trouble, if I stay it will be double."   That's exactly what caused our concern. What would you have done? 

 

 

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Debb Sells with Soul

Debb Janes EcoBroker&Realtor®~Sells with Soul

The Carl Group, Serving Clark County, WA
Specializing in Vancouver - Camas - Washougal - Fisher's Landing    

you can always find me at ExploringClarkCounty.com

As an EcoBroker, I combine my love of nature, people and the planet with my job as a Realtor®, that way, I can help you live in a more beautiful, comfortable and healthier environment, and save you money. Let me be your guide.

In addition, my passion for the Northwest lifestyle and our area's many neighborhoods ensure you a great selling or buying experience. Debb Sells with Soul

 

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