Expiring Option-Tennant not getting financed - Posted by Buddy Schultheis

Posted by William Bronchick on January 28, 2002 at 10:22:40:

First, a notice to vacate, then the proper notice of eviction.

Expiring Option-Tennant not getting financed - Posted by Buddy Schultheis

Posted by Buddy Schultheis on January 25, 2002 at 08:24:39:

A little background. I have a SFR sold on a L/O that expires on 2-28-02. The tennant buyer is a mortgage brokers so I thought this would be a slam dunk when it cam time for him to finance. I am more than willing to be flexible on helping with his financing; ie. carry a second or pay more towards closing with an adjusted purchase price. I gave the TB a favorable price a year ago because the house needed some work, which the TB has done. The details: Purchase price 113,000;4,000 option consideration;I will pay 3,000 towards closing; FMV 140,000.

Now the problem: I offered to work with the TB and sat down with him in December. He was supposed to get back with me and I have not heard a word from him. He has been about 3-4 weeks behind on rent payment since May of 2001, but has always paid. I want to sell him the property at the agreed upon terms, but I cannot force him to cooperate. I have a feeling he is just avoiding the issue and will expect an extension of the option, (which I told him in December I would not do unless he kept me informed of his situation) and he has not been returning my calls. I have plenty of room to be flexible on this deal, but I am not going to be strung along by the TB.

Now finally the question: What should I do as far a filing a pay or quit notice or eviction if he does not let me know what is going on very soon (by the end of this month)?

Re: Expiring Option-Tennant not getting financed - Posted by William Bronchick

Posted by William Bronchick on January 27, 2002 at 20:39:02:

File a notice immediately.

Do not wait! I have had this happen to me several times.

Re: Expiring Option-Tennant not getting financed - Posted by Buddy

Posted by Buddy on January 28, 2002 at 09:26:03:

Mr. Bronchick,

Thank you for your reply. One more question. The notice I file, should it be for eviction or notice to vacate the property.

Thank you again,
Buddy