Tenant in place, well below market rent. Options?

[Andrew O.]

Hi all,

I need the brains trust together on this one. I am looking at a rental. The owner who inherited the house awhile back wasn't quite sure what to do, so she leased it at $500 a month, market is $1400-1500 a month. The lease is for a year, just signed a month ago.

Apparently tenant says they will vacate for $2000, I just don't see why they would. Is there any recourse for a ridiculously low lease on a house that was sold soon after? The house is a great deal, but I don't want the tenant dramas to ruin it for me. Even if they signed an agreement to be out by a certain date, how enforceable is that in CA? Would I still be in for a full eviction if they changed their mind? Could they just reneg on the agreement to vacate?

Thoughts?

Andrew

[Fran Flanagan]

Tom Goans, I think you may have mis-read the direction that the $2000 would be flowing. Andrew would be paying the tenant to leave so that he could re-list the property for closer to market rent with a new tenant.