Last summer I leased an investment house I own using an option to purchase with a tenant-buyer. The contract is very clear with plenty of disclosures. It states in no less than three places that if the tenant-buyer fails to purchase or terminates the contract in any way, that they are no entitled to the option consideration (paid by seperate check). The terms were for 24 months, $1300/mo base rent and $6000 option consideration which will be placed into escrow and used as down payment if tenant exercises his option.
This was all clearly explained and my tenant literally begged me for the house. I allowed him to spread his $6000 over a six month period and didn’t charge any interest - nor did I ask for a security deposit (will always in the future). He was fine with everything.
One year later, I get the call that “his doctor told him he had to move for respiratory reasons to somewhere like Wyoming or he won’t be able to live”. Apparently, my house is too dusty for him. He also told me he has been smoking inside the house (specifically agreed not to in our contract) and that there has been an ongoing plumbing problem for a couple months. And, of course he wants all his option money back before he moves out.
The market has tanked in the last 6 months and his doing this is really going to cost me as it will be very tough to get another buyer or tenant. I an willing to offer some moving money, but he seems bent on getting the whole thing. Any ideas? Thanks