Discounts and Disputes: Battle Between Landlord and Tenants Over Property Sales
A Reddit user shares a story of her long-time tenants wanting to purchase the home they have been renting for six years. The landlord entertained the idea and had the property appraised. Unfortunately, the selling price was way above what the tenants anticipated.
Tenants Wanted a Deep Discount
Tenants were furious about how much the original poster (OP) wanted for the property. The tenants pointed out how much rent they paid over time. Also, the tenants mentioned how low the OP originally bought the property.
The tenants wanted a “deep discount” for being loyal tenants. However, OP wanted to be true to the appraisal value and offered a $5,000 discount.
The tenants provided a counteroffer and asked to buy the property for how much the OP had already put into the house total, not making any profit. OP felt disrespected and decided to recant her offer and, instead, list it on the open market.
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Is The Landlord Being Greedy?
Many Reddit users agreed that OP’s actions were valid. One Reddit user commented, “A tenant is not entitled to equity in a property regardless of how much cumulative rent they pay. That’s the whole concept of renting.”
Another user pointed out that OP forgave three months’ worth of rent: “you treated them nice (forgiving three months of rent and such), but they acted selfish.”
Other Reddit users empathize with small landlords, calling it ridiculous how some people call small landlords “evil.” Instead, they said it’s not a hardship to pay rent and not a crime to own a property. According to this user, paying rent is “the cost of having a roof over your head if you can’t afford housing.”
Is OP wrong for not giving her tenants a deep discount? Are the tenants entitled to buy the property for its original purchase price? Have the tenants’ demands forced them to start for another place to live?
This article was produced and syndicated by Parent Portfolio.
REAL ESTATE EBOOK BUNDLE FOR BEGINNERS
Siblings Ernie and Addie embark on a delightful journey to purchase their dream board game. However, they soon realize that they don’t have enough money to buy it right away. With the guidance of their parents, they learn the power of saving.
Kids Can Learn Through Storytelling:
- The power of saving and the importance of financial literacy
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- Tools to teach young readers about the value of setting financial goals
