vacate tenant for selling but now want to change mind

Riverside, California
General Landlording & Rental Properties
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vacate tenant for selling but now want to change mind

Peter Sik
Los Angeles, CA · Member since 2016 · 134 posts · 15 votes

Hello all, this is regarding property in Adelanto, CA 92301.

Sent 60 days notice to tenant and told them the property will be selling. But now I see the market is going down a lot also days on market increased, what if I change my mind and after their vacate then post the property for rental. Is it going to cause any legal action? The date of their vacate will be on 12/20. Thank you

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    3y
    Quote from @Peter Sik:

    Hello all, this is regarding property in Adelanto, CA 92301.

    Sent 60 days notice to tenant and told them the property will be selling. But now I see the market is going down a lot also days on market increased, what if I change my mind and after their vacate then post the property for rental. Is it going to cause any legal action? The date of their vacate will be on 12/20. Thank you


    The market hasn't changed that much in the last 60 days. It gives the impression you just used the sale as an excuse to get rid of the Tenants and then rent to someone else at a higher rate or something.

    I'm not saying that's true; I'm just telling you my impression from what you've shared.

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  • Will Fraser
    Real Estate Broker · Salt Lake City & Oklahoma City · Member since 2018 · 3k+ posts · 2k+ votes
    3y

    I'll add to Nathan's thoughts above this . . . 

    Your best bet is likely to talk to the tenants and let them know.  It is generally within your rights as a landlord to end a lease at the end of it's term and 60 days notice is usually plenty and kind.   So, you can end the lease assuming it is at the end of a term, BUT if the tenants feel like they were outted under false pretenses they may take the transition rougher than otherwise.  

    So, if the tenants CAN stay then let them know that you may not end up selling it and have an honest conversation with them about it.

    If they CAN'T stay, then be honest with them about why you aren't renewing the lease.

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  • Nicholas Coulter
    Real Estate Agent · Southern California · Member since 2019 · 681 posts · 281 votes
    3y

    @Peter Sik my next step would be to ask if he tenants want to stay. Can you prove that you had full intent to list the property? Talked to a local agent or anything of that nature? To Nathan's earlier comment the market actually got better in the last 60 days since there was a slight drop in rates...

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  • Peter Sik
    OP
    Los Angeles, CA · Member since 2016 · 134 posts · 15 votes
    3y
    Quote from @Nathan Gesner:
    Quote from @Peter Sik:

    Hello all, this is regarding property in Adelanto, CA 92301.

    Sent 60 days notice to tenant and told them the property will be selling. But now I see the market is going down a lot also days on market increased, what if I change my mind and after their vacate then post the property for rental. Is it going to cause any legal action? The date of their vacate will be on 12/20. Thank you


    The market hasn't changed that much in the last 60 days. It gives the impression you just used the sale as an excuse to get rid of the Tenants and then rent to someone else at a higher rate or something.

    I'm not saying that's true; I'm just telling you my impression from what you've shared.

    Yup, I do agree with your comment for that impression. The tenant's lease is by month to moth. This is consider the lease is ended anyway. 

    My idea is to list the property for 3 month to see if it will be sold, if not then back to rental market.  Don't want to stay for too long with no rental income. If the property market is better then I am happy with that, cuz my intention is to cash this property and put it in US bonds or CD, then receive 4.5% return... Why not.. good liquidity too.

    Thank you all the comment.

    @Nathan Gesner

    @Will Fraser

    @Nicholas Coulter

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