 Should I buy or keep renting? |
I've seen the calculators. Those are not what I want to see....
Here's the details. My fiance' makes about 50K and I'll be starting a part time gig in Sept. (Like waitress or ... |
|
 Moving out, and starting my life.. Help? |
| I am 18 i havent lived with my parents since i was 15. I live with my boyfriend and his mother. We are both 18 now and we are planning to move out. It is very very scary but also exciting I work a ... |
|
 Is it possible for 2 couples to get a mortgage together? |
| My husband and I have lousy credit but make good money. My best friend and his wife have the same problem. Neither of us can get approved for a mortgage on our own. I am wondering if there are ... |
|
 How do I calculate my monthly payment?!? Plz Help!? |
Hi, I am buying a house for $211,500. I am paying a $30,000 downpayment. I have of pay intrist of 6%. How do I calculate how much I'll have to pay monthly. Thank you.
Additional Details... |
|
 Can seller take house off market after finance approval? |
| We've put an offer on a house which was accepted, but the bank is taking its sweet time with final finance approval, despite us getting all info to them same day. Now the seller says he will ... |
|
| Why dont the Feds reduce the interest rates. And Cap the interest rates of people with bad credit.? |
| The higher the rate the more likely people will lose there home, the more likely banks will close their doors and it is a domino reaction. If the Fed's would come in and regulate the Mortgage B... |
|
 Eviction Issued, but Landlord has the WRONG NAME? |
| Here's the story. Landlord never gave my friend a lease, rental agreement or receipt of payment. He waived the deposit and basically accepted cash under the verbal agreement he would provide the ... |
|
 What's a high real estate commission ? |
What real estate commission is considered too much that would be questionable for lenders?
Additional Details
Have lenders denied the loan coz of higher commission than norm?... |
|
 *Council mansions*? |
I was wondering today. If a family had like 15 kids and the parents weren't working would the council/housing association provide a mansion for them to live in.
Additional Details
... |
|
 Would you do this if you had too? |
| My fiance and I are going to apply for a townhouse today. The only problem is our income. THe rental goes for 1150.00, and combined we only make 2,452.00. We have no debt is only paying off my ... |
|
 Should I refinance an 80/20 50 year loan w/ a 2 yr arm after 8 months? |
| I purchased my first home in September of 2006. At that time, the only loan I qualified for was an 80/20. (50 year w/2 year fixed arm). The first loand is at 6.97% and the second is at 9.9%. At that ... |
|
 Open House a bust...ideas? |
| My home in Northern Mi has been listed since Nov. "06. I haven't had one person look at it, I have dropped the price $80,000, put many improvements, working w/ a realtor (Coldwell banker), ... |
|
 Question about renting a flat? |
If I want to move into a new flat at the beginning of July, when should I start looking?
I will be renting, not buying- I understand the market moves really fast and have been told before ... |
|
 Is it weird to have or even ask for a "apartment" warming party for your 1st apartment? |
| My Boyfriend and i are moving into our first apartment. Finally! I have waited 22 years to do this. Just a few months after my 23rd birthday, my bf and I will be moving into our first apartment. We ... |
|
|  |
Pjgirl | I have a renter who bought a house and wants to move out before the lease is over. What can I do so she pays? |
|
 |
 
Trevor F
|
How long before the lease is up?
My father has been a landlord for years (I have dabbled) and has been in this same situation numerous times. I remember him trying to take a couple of them to court but to no avail - especially for residential leases. He ended up spending more time and money on attorney fees and other costs. It is a headache, as a judge will typically rule in favor of the tenant and in some cases will end up breaking the lease for you.
A good (and fair) lease will typically have a clause about lease termination and a fee for doing so (usually a month's rent), so that the landlord has some buffer time for a new tenant. If you don't have that in your lease, expect a judge to stick it in for you. UGGHGHH!!!
In this situation, it seems like you'll save yourself a whole lot of time, money and frustration by allowing the tenant to terminate the lease. This will allow you to get a [better] renter in without risking a non-payment situation. Don't think of this as giving up, think of it as a smart business decision. You need the revenue, so get 'em out and move on to a better renter! If this was a commercial lease, my story would be much different.
Here is a snippet from a landlord site I frequent:
"Residential situations differ markedly. In the first place, the amounts at stake are almost always much, much smaller than those in commercial ones. This alone removes most of the justification for a lot of legal pyrotechnics. Residential leases are rarely for more than a term of one year, and the monthly rent installments are usually not very large, relatively speaking. For this reason, aside from the moral indignation of having a tenant walk out on his contractual obligation, there is rarely a sound financial reason for not letting a tenant leave early."
And so goes my father's words of wisdom: "You can't get blood out of a turnip."
If you're not dealing with a solvent tenant, you're better off finding a new one...Hope this helps! Good luck! |
|
mike j
 |
Give her a break you can find new tenants. don't try to get money from her and rent it out also. that's wrong. she probably wont be able to pay you anyways because the cost of home ownership, so what will it do? put a blemish on her credit. it doesn't mater, she still got the new house. |
|
Lance
|
That is why landlords require a month's rent as security. Do you have a signed lease agreement?If so, what are the terms? |
|
CEESONE
 |
Well shouldn't that be in the lease?? There should be something in the lease stating any penalties if the tennant breaks the lease! |
|
Bryn B
 |
Depending on your state laws, you can usually only charge your tenant as long as it would take to rent to a new tenant. I would suggest that you take the fact that you have a little warning time (presumably, she will need time to get into her new home) and use this time to find a new tenant ASAP.
I have a lot of experience in landlord tenant issues, and I have seen where a landlord tried to take a person to court for months and months worth of rent, but a judge will only require a person to pay for the REASONABLE amount of time it would take to get a new tenant in the unit. (usually only a month or two, depending on the condition of the unit at move out)
If a landlord assumes that they have it all sewed up legally, they'll usually end up with an empty unit, AND no rent. It doesn't look good for a landlord who doesn't try to "mitigate the damages", as it's called, by just assuming the tenant owes the entire balance of the lease and doesn't bother to rent to, or find, another prospective tenant.
Check your lease to see if there are any clauses that address early termination. You might either have a set dollar amount that the tenant would need to pay to no longer be liable, or you have the "mitigate the damages" clause. If you have the latter, you'd better get an ad in the paper. Refusing another tenant, or neglecting to help find another to rent limits your recourse.
People need to realize in this always changing economy that people's lives change. People move, change jobs and marry and divorce so much more than just 5 or 10 years ago. It is very difficult to perfectly orchestrate a home purchase with a lease termination date. Most buyers will either get stuck paying for months on a unit that they no longer live in, or will miss out on the home of their dreams because they think they are bound by a lease. You are entitled to get money for the months that the unit is vacant, within reason, but you are not entitled to "make her pay", so to speak. I sensed from your wording that you're more interested in making her pay than you are in minimizing the problem.
A solution is to follow protocol and try to find a new renter.
A reaction is to "make her pay".
You have to decide what it is you're really after. It might be in your best interest to just give her an early out, negotiate a set amount of money, (say, a month or two) work together to get a new tenant, and let it go. |
|
insanatie
 |
Trevor and Bryan are absolutely right. You can only get her to pay so much. A judge isn't going to make her pay longer than it would take you to get a new renter. If you drag your feet, a judge will find for the lady and may not make her pay anything at all if he thinks you're being insolent.
If you spend the time you have looking for a new tenant who WANTS to live there, instead of trying to force her into a position where she'll have to pay or stay, causing possible tension, you'd be better off. One thing you don't want is a person who is being forced to do something against their will having the keys to your property. This isn't to say that she'll do damage, but isn't it better to just find a new tenant you're happy with who is happy with the property? It's a safer assumption that someone who wants to be there will look after the place. Plus, you don't want to have it sit vacant any longer than necessary. If the lady moves out, leaving it empty, you open yourself up to possible vandalism and such.
You're best bet is to spend any time and energy on finding a new tenant and try to negotiate a month or two of rent out of her for the time being.
Also, check your state laws before you try to keep her security deposit. In many states, a security deposit can't be kept because she broke a lease. Especially if she pays up to the point that you get another tenant or you agree on a set termination amount. Landlords who try to keep security deposits when they shouldn't usually end up having to pay additional penalties TO the tenant. |
|
kisha w
|
I say give her a break. She is not going to be able to pay you anyway with all the expenses she will have with the house she's going to buy. Keep her deposit and move on. That is part of the risk in being a landlord. Tell her congrats and wish her well. |
|
Junkie
|
Tell her she is responsible for the rent until the house is re-rented or her lease is over whichever comes first. |
|
ladyravenwing2004
 |
Have you mentioned renters who break the lease in your
lease agreement? Best to check with a lawyer and find out your rights. As an owner of apartments, I had trouble with people
who wanted to do the same, and laws vary in each state, I'm
sure. |
|
brainiac
|
it should be in the lease agreement what they pay for breaking the lease.
if it is month to month then they give you 30 days notice or pay for the 30 days after they give notice whether they live there or not.
you also should have a security deposit that you can use to repair any damages by the renter
don't worry, just get a new renter or if you do not want the aggrevation, sell the property before housing prices fall further or they eliminate the low tax on long term capital gains. |
|
satarnag
|
Butterscotch is correct. The whole purpose of the lease was to protect the tenant from rent increases and to give you a stable source of income.
Tell her that she's responsible for the rent untill you find new tenants or until her lease has ended. You then deduct any advertising cost from her deposit.
I have to disagree with the "give them a break" attitude. You're running a business. She knew she was buying or thinking of buying a house while she was under a lease. She should be held responsible.
Regards |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
11 | 7 minutes(s) ago
| | | |
11 | 43 minutes(s) ago
| | | |
11 | 1 hour(s) ago
| | | |
11 | 4 hour(s) ago
| | | |
11 | 5 hour(s) ago
| | | |
11 | 10 hour(s) ago
| | | |
11 | 1 day(s) ago
| | | |
10 | 5 day(s) ago
| | | |
10 | 1 week(s) ago
| | | |
11 | 3 week(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
