All Forum Posts by: Matthew Russell

Hi - I have a single family home under contract (as the seller) in North Carolina (it is a cash buyer so no financing contingencies). We have been under contract for a few weeks and have completed inspection negotiations and passed the due diligence date. The closing is in 4 days, and the buyer reached out today wanting to terminate the contract due to cold feet and “the volatile stock market”. There are no remaining applicable contingencies. Obviously we are passed due diligence period so I have long deposited that check and will be pursuing the earnest money. Is there any other recourse I can take against the buyer to recoup any costs or decrease in eventual sale price?

thanks. 

Hi All!

I own a SFH rental in the Charlotte, NC area and I am currently working with an applicant interested in my rental. For some background I have already received a rental application and performed my due diligence and the applicants check all the boxes (income, credit, rental history, etc) and then some!

As we were working out the details of the lease, he asked me the following question: "Could they pay the 12 month lease upfront with cashier's check for a 5% total discount?" 

I am considering this since it would give me security over the term of the lease and I could use this funds to invest elsewhere.

My main question to the BiggerPockets community is: What happens if they voluntarily break the lease after 6 months, then it take me 2 months to rerent (so previous tenants are on the hook for 8 months). Am I obligated to pay the additional 4 months of prepaid rent back to that tenant?

Thanks!!