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Updated almost 7 years ago on . Most recent reply

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Jack B.
  • Rental Property Investor
  • Seattle, WA
1,046
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Aaccept new tenant while house is selling?

Jack B.
  • Rental Property Investor
  • Seattle, WA
Posted

So I had a buyer and his financing allegedly fell through. Left me holding two vacant units I gave that I gave notice to and moved on before deal fell apart, now thanks to novice buyer I'm left holding the bag.

I have a new buyer but also a new prospective tenant ready to move in Saturday. If sale goes through the tenant would have to move out by end of March. Notice would need to be given a week after moving in.

If the sale falls apart and I let this tenant slip away under assumption that deal will close I'll really be mad. On the other hand, the appraisal will occur after they move into the apartment just days before I'd have to give notice anyway. Should I just cancel the holding deposit for tenant and risk more vacancy if sale falls through again or move forward with them just in case?

Most Popular Reply

Account Closed
  • Specialist
  • Paradise Valley, AZ
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Account Closed
  • Specialist
  • Paradise Valley, AZ
Replied
Originally posted by @Jack B.:

So I had a buyer and his financing allegedly fell through. Left me holding two vacant units I gave that I gave notice to and moved on before deal fell apart, now thanks to novice buyer I'm left holding the bag.

I have a new buyer but also a new prospective tenant ready to move in Saturday. If sale goes through the tenant would have to move out by end of March. Notice would need to be given a week after moving in.

If the sale falls apart and I let this tenant slip away under assumption that deal will close I'll really be mad. On the other hand, the appraisal will occur after they move into the apartment just days before I'd have to give notice anyway. Should I just cancel the holding deposit for tenant and risk more vacancy if sale falls through again or move forward with them just in case?

 You seem conflicted in what your goals are. If you want to sell, then SELL IT. Don't complicate matters. If you want to rent it the RENT it. A man of two minds loses one. I smell a lawsuit brewing on misrepresentation to either the buyer or the renter. You should be careful.

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