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Hi, so tell me what you all think of this.
Prop Mgr called to ask of possible early term of lease (ends 12/31 anyway).
She knows we are planning to move from Maui, HI to Santa Cruz, CA at end of lease.
Possible purchase of our rental is requesting 45 day escrow which would put us
out 30 days earlier than planned. I sent her a very rough
est of airline fares/rental costs/car shipping/household shipping etc with a final
cost 'cash for keys' at $10,000.00, she about fainted. I had to remind her that we
we not moving around the corner but across the ocean and that the monies to move
were not yet in the bank. I don't think that is an unreasonable amount. Do you?
Considering the unit is selling for $261,000.00 would seem worth it rather than loose
the sale.
Koale
Prop Mgr called to ask of possible early term of lease (ends 12/31 anyway).
Possible purchase of our rental... which would put us out 30 days earlier than planned.
She knows we are planning to move from Maui, HI to Santa Cruz, CA at end of lease.
I sent her a very rough est of airline fares/rental costs/car shipping/household shipping etc
with a final cost 'cash for keys' at $10,000.00, she about fainted.
How much of that $10,000 was not a part of the plans you mentioned?
Quote:
I don't think that is an unreasonable amount. Do you?
When we wanted to buy a tenant-occupied house (to live in ourselves) we had a sale price dependent on how soon the renters would move out. If they moved out at the end of the month, we'd pay x for the house. If they moved out ten days earlier, we'd pay y. Fifteen days early, we'd pay w. I don't remember the exact amounts, but it was more than enough for the seller to offer the tenants a large chunk of money if he chose to. Our deal was completely with the seller, and we left it up to him to see what the tenants would do. He ended up trying to change an unrelated part of the agreement before signing the contract, and we ended up buying a different house.
We did buy a tenant-occupied house to use as a rental. We knew that the renter came with the house and that we needed to honor her lease. I assumed that was true whenever a leased house was sold - that the buyers either waited until the lease was up or paid the tenant to go early.
In your case, you have a lease, and they shouldn't be able to push you out without compensation. Obviously the sellers knew when they put the house up for sale that this might happen. But do you need that much? Will you ever need a reference from this landlord? Does your lease say anything about what should happen if the landlord breaks the lease? Just as it's not your fault the landlord wants to sell before the lease is up, it's not his fault that your move is such an expensive one.
Let me make sure I am understanding you ... you want to make $10,000 for moving 30 days before you originally planned to?
I would say "outrageous" too. Why on earth should your LL be paying all your moving expenses if you would incur them 30 days later?
I keep thinking I must be misunderstanding your OP because no one could rationally ask for what it sounds like you are asking for.
I would get a 75-day escrow and say goodbye to you and your greediness at the end of it (which would be the end of your lease term). Pay your moving expenses yourself! Good grief!!
When we wanted to buy a tenant-occupied house (to live in ourselves) we had a sale price dependent on how soon the renters would move out. If they moved out at the end of the month, we'd pay x for the house. If they moved out ten days earlier, we'd pay y. Fifteen days early, we'd pay w. I don't remember the exact amounts, but it was more than enough for the seller to offer the tenants a large chunk of money if he chose to. Our deal was completely with the seller, and we left it up to him to see what the tenants would do. He ended up trying to change an unrelated part of the agreement before signing the contract, and we ended up buying a different house.
We did buy a tenant-occupied house to use as a rental. We knew that the renter came with the house and that we needed to honor her lease. I assumed that was true whenever a leased house was sold - that the buyers either waited until the lease was up or paid the tenant to go early.
In your case, you have a lease, and they shouldn't be able to push you out without compensation. Obviously the sellers knew when they put the house up for sale that this might happen. But do you need that much? Will you ever neeod a reference from this landlord? Does your lease say anything about what should happen if the landlord breaks the lease? Just amas it's not your fault the landlord wants to sell before the lease is up, it's not his fault that your ve is such an expensive one.
Well, actually, our expenses to move are maybe $500 or $700 less than the $10,000.00 we estimated.
We have excellent rapor w/owner and prop mgr, reference would never be a problem. Like I mentioned it's only an estimate for them to consider. We have vehicles/household goods to ship earlier than anticipated also includes airfare for roundtrip/hotel/rental car to secure residence refirst/last to secure residence. Thanks for your thoughts on this. Doesn't seem unreasonable to me if it means selling the place or not at listed price. If I were to weigh the two options I'd transfer the funds needed by my tenant today and get the ball rolling. We've been very accommodating w/owner and LL for three years. We'll see what it's worth to her.
I'll let you know.
Koale
Reasonable Cash for Keys = Return of Security Deposit (whole amount unless there is lots of damage) + 1.5 months worth of rents to get out early.
Since you are moving from HI to CA, the costs to 'change' thing to move early (airline change fees + any increase in fare). If there is a change fee to move car early.
Btw: Why are you moving your car? The Cost to ship is it worth the cost to ship? Be without a car and have to rent one for week or two while it in transit. Just buy a 'new' car in Calf. (Can you HI car even pass Calf High smog standards when its inspected)
MrR, did you read the link? OP's situation definitely does not qualify. OP has a legal agreement with landlord. Landlord would like to change that agreement. I think OP's price is high, but it does not come close the definition of extortion.
OP, I am still confused ... why on earth should your LL have to pay ALL your moving expenses for you? I can understand change fees & the like for an earlier-than-expected departure, but it sounds like you feel like you hit the jackpot and should be able to get your LL to pay for things that you'd be paying yourself anyway ... like the ENTIRE MOVE!
You ignored my first post, which makes me think I WAS understanding you correctly ... I am flabbergasted.
It is VERY high. The EXCESS beyond a reasonable compensation for their admittedly modest bother
to make a reasonable accommodation **by the threat of hindering the owners transaction**
at considerable cost is what makes for extortion. Not just hyperbole... it could be actionable.
Stay to the end as the lease allows if it's about being petty... OK.
Accept a reasonable bonus for helping them make the sale... OK
Hold them up for Ten Grand? No.
Quote:
Originally Posted by flyonpa
Reasonable Cash for Keys = Return of Security Deposit + 1- 1.5 months worth of rents
^^Something in that range.
Which still raises the question of damages that I'm inclined to suspect may be substantial.
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thanks...
