I'm selling, tenant wants to stay longer. What do I do?

[Victor Noriega]

We have a investment property in Austin. The current tenant has been there for 2-1/2 years. We had told the current tenant last year that we intend to sell the property and had offered it to them at a discount. They said they needed to fix their credit but they also wanted a bigger home. 

Prior to the lease ending, they said they wanted to stay another 3 months. We gave them a verbal approval and sent them the 3 month lease to sign. They did not respond for three weeks and in the middle of May, they asked to meet for the signatures. By this time my wife and I noticed that the economic conditions had changed and the CMAs were a lot higher then we had anticipated. We confirmed with a realtor. 

Well the lease is up on May 31st and we allowed them to go month-to-month with the lease ending on June 30th. We are placing the home on the market on June 2nd. 

The tenant has been approved to buy a home. This is great news, I thought. Now the request from the tenant is to stay until August 10th because that is when their new home will be ready. 

I want to sell it as soon as possible. What are some options?  

[Greg H.]

I would send notice rescinding both the offer to discount the price(Could be interpreted as an option ) and the 3 month extension of the lease(It is not valid until signed by the tenant and delivered back to you). The lease would then continue as month to month unless your lease has language to the contrary

Summertime is usually the best time to sell and I would want the most flexibility  as a seller. Explain to the tenant that once a buyer is secured you will be issueing a 30 day notice. Feel free to reach out if you need any help