Tenants looking for “good value” aka “low ball offers”

[Jeni Nikolova]

Hi! My husband and I own a home in CA and moved to another state for work but decided to rent it out so we keep the option to go back there some day.

However, our first tenants were a military family and left before their 12 month lease expired (we do not live near a military base).

Recognizing the challenges covid-19 poses, we reduced the rent so it is below the cost to cover mortgage and property taxes.

There is one family that seems to be interested, and quite pushy, but has made an offer that is 10% below our adjusted asked rent.

They gave us a deadline to get back to them, and basically offered a “bonus” payment that offsets their low ball offer a bit but even with that we are looking at 5% discount.

And they insist on the 10% discount for the second year (hence their framing of the “bonus” payment). However, their move in date is 30 days out from the commencement of the lease.

If we accept their offer they require the exclusive right to negotiate the lease and the posts marketing our home to be taken down.

This has given me such a headache.

My husband is almost ready to give in but I don’t feel right about this.

Not only in terms of the 10% discount but also concerned about the maintenance they may require over the duration of the lease.

Has anyone been through a similar experience? Any words of wisdom?