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Updated about 8 years ago on . Most recent reply
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Premonition of a challenging tenant
Hi, I'm new to the forum but not to land-lording. Something has come up that I've never dealt with before. My rentals rent very quickly so I don't have to qualify more than a couple of tenants within a couple of days of posting my rental.
I have a pushy yet highly qualified new prospect tenant from out of state who I've verbally agreed to rent my property to. She applied with great reports and has sent me the full security deposit and first month's rent but she will not sign the lease until she arrives in town because the lease says that she has seen the property. I rent this to people sight-unseen all the time. I'm concerned because I have no agreements regarding the disbursement of the money if she doesn't sign once she arrives. I've asked her to please sign and that I'd be glad to amend that portion of the lease if only to have something binding and she has not responded. If she changes her mind when she arrives in town then I am stuck without a tenant (and I'd have to return her money). She moves in on 2/15/17. My gut is telling me that she's going to be controlling and that I'm not going to have a pleasant experience with her as my tenant.
After writing this and reading it over I answered my own question and moved forward but would like to see your comments!
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We don't accept funds without the lease. That solves the problem. The two have to exist concurrently (within 48 hours). I would put it straight to her - lease signed within 48 hours or deal is null and void. She is trying to hedge her bets, locking up your place and then when she gets around to seeing it, if she doesn't like it, demanding her money back because she hasn't signed anything. Don't get sucked in!
- JD Martin
- Podcast Guest on Show #243
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