We have a situation with our rental property. Our renters, who have been great renters with us for 7 years, are behind 5 months in their rent. He's a realtor and hasn't had any income. They are now saying they want to buy our house.
How realistic is it for someone who has a bankruptcy (from 7 years ago) in their past, bills piled up, etc, to get financing? They say they have a family willing to help them.
We don't want to evict them, especially since they have kids in high school. But, we think they may be stalling for time.
What should I ask for from them to show they can get financing and how long should I allow them to come up with it? We want to give them a fair chance, but we can't afford to let them continue missing their rent payments.
Five months is more than enough time. Give them one month to come up with a down payment and paperwork on a preapproved loan or all of the back rent. You can only do so much without thinking about yourselves. If they have family that can help, they will work it out with them. I think you are being fair.
I would check the local laws first. In the city of Chicago it's really really difficult to actually evict someone. If you legally can, though, it sounds like 5 months is plenty of time. I'd give them a month's notice and then they're out (if you can legally do this)
That doesn't make sense to me...if you can't pay rent how are you going to afford your mortgage? I don't get it...regardless, I can see how it is tough for you. I would personally have a talk with them and say ok, enough it enough, we have been patient all of this time. You need to pay us something for now, and when business picks up you can pay the back rent (I would set a time frame like 6 months or a year). If this works for you, I would make some hand written contract between you and the tenant. I don't know how much they pay, but say they pay 1,000 a month, ask them to pay 500. It may not be so daunting on them and you may actually get money with the prospect of having everything repaid eventually.
Ask them for the name of the mortgage company and call the mortgage company.Ask the mortgage company how long. If they think this is priveleged information then ask to see the papers documenting the loan. What is this family going to do for them?
And if the real estate market is this bad perhaps you should urge the gentleman to get another job.
It is your house and if you can rent it people who actually pay for it, you should do so. I am the same as anyone else. We could lose our jobs and discover that we are under foreclosure even if the bank people love us. If they can't pay the rent how could they pay the house payments?
