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Originally Posted by Diesel911
Do you view that as a loss of Profit or increasing the value of your the Building?
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I view it as the building is in the red to operate as a rental. Rental income included, we are in the hole 5k on that building once taxes, maintenance, and the series of continuous problems is accounted for on the yearly ledger.
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As long as you did your part legally and have proof of that I don't seen an issue.
I think the worst outcome would be if the Judge decided you had to sell to them. If that happens your Attorney needs to get the Judge to set up a deadline for the now Tenant to start buying or go.
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some clarification is needed, when I said option to buy, I meant that we told them they could put in an offer on the building if they wanted to buy it, and we would consider it. Now we have no interest in dealing with them and want them out.
some more info on the issue-
January 2014 we told the tenants that at the end of their lease in June, the lease would not be renewed as the building needed to be vacated to sell it.
They stated they were interested in possibly buying it instead of moving out.
We worked out a deal where they would go to a month to month while we debated it.
Arrived at a price seller and buyer both agreed to in july, and told them to send us a purchase and sales contract plus deposit and we would sign it.
They immediately went on a 3 week vacation.
Returned from vacation, still no contract, our lawyer sends them a contract instead to review and sign.
End of august comes around, no contract and no contact, so we set september as the final lease date assuming they were wasting our time.
2 weeks till the end of september, sent a notice reminding them that they need to be fully moved out at the end of the lease. Get notice back that they are buying the building and why should they move. Tell them to get us a contract and a deposit. They say we cant do it before another 2 week vacation all of the end of september.
arrive back sept 29th, no contract. First rolls around, notice to quit is delivered by the sheriff. Eviction process begins.
Eviction process proceeds, but tenant continues to affirm they are buying the building and its unfair they should have to move. They are either devious, stupid, or deviously stupid.
3 housing court meetings happen with last minute excuses, tenant sending over preposterous contracts at 9pm the night before, ect. Delay tactic after delay tactic, and the tenant refuses to agree to a move out date, forcing this issue to go to trial eventually.
Where we are now is between that 3rd meeting and the trial date. Realistically, we are looking at sometime 2 to 3 months from now for a final eviction, meaning that these people will have stayed a full half a year past their lease ending, and made us miss at least one sale season. Im hoping to hit the spring market with this house now.