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Upstate NY Babies
Beyond stressed...
It's so hard renting our house being so far away. Our tenant called yesterday to tell us he was moving out because he cannot afford the rent anymore now that he's been ordered to pay child support (should've thought of that before you cheated on your fiance!) His lease isn't up until July. Apparently, he sent the rent this month, but warned DH that checks have been bouncing. Nice. Now he won't answer our calls. I have no idea what to do. We've contacted our realtor there about maybe just selling it, but the estimate sale price she gave us is about 15K less than what we owe. DH has a call into a lawyer to find out what our options are in that regard. I have this gut feeling that this is going to turn out really bad and just cause us more debt. I've been up since 3:30 because I'm so worried. Just needed to vent...ok, time to wipe the tears away; Gavin is asking me why I'm crying.
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Re: Beyond stressed...
I'm sorry. Having been a Realtor myself, I know how much this can all suck.
I would definitely talk to an attorney in the area where your rental property is. I would also consider a hiring a mediator and try to work out some sort of binding deal with your tennant. Like we will accept the prepaid amount of $X for the next # of days and he agrees to be out by X/X/2011. It may seem straight forward, no rent = get out, but there is a long process for evicting someone. And selling with a tennent can be its own issue since the tennent goes along with the sale, so if they occupy the property at closing it becomes the buyer's responsibility to restart the eviction process all over again :-( And the worst part is what happens to your property in the meantime, I know it is terrible to think about but if this guy is quickly spiraling into debt and bouncing checks, suing him for damages may just put you in the back of a long line of debt collectors. And he also may be reluctant to actually leave when he says he will because he may have no where to go. So you can see how making a deal could be in everyone's best interest. Good luck! I hope it all turns out for the best.
Yikes, that is stressful! Hopefully the tenant moves out on his own and you don't have to persue any further action!