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Updated over 11 years ago,
Tenant in place, well below market rent. Options?
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