Prospective tenants Offered 16 month lease with optional 6 months

[Rick Lucette]

Hi guys,. I could use some help to run something through more experienced minds.

I will be moving out of a townhouse I bought to move to a different state. We put the house on the market at what we thought was an average price and have been getting a lot of hits the first week (5 offers out of 6 showings). One offer from a very nice couple we met came above the asking price ($50/mo) and offered to do a 16 months lease with a 6 months extension to increase their chances to secure the lease. Are there any pitfalls I should be aware of for us to sign a deal with them? We actually got an offer $100 above asking price but that first couple that made us the offer felt pretty good and their background checks out. Any recommendations, words of caution? Thank you!

[Shaun Patterson]

Just focus on your screening guidelines. That would be the biggest area in your current situation.  I wouldn't start with a 16month lease on new guys. ( I love term leasing but its based on the situation) . You can do a simple 1 year lease. You will be able to raise the lease every year instead of every 16months. Don't go that route unless its a lease Option type deal. Seeing the money that you can get might blind you to the lack of screening that your doing.