Rent to Own Tenant walks away

July 2008 we put our home up as a Rent to Own.
It is a 3 bedroom Cape Cod on an acre of land, about 15 minutes from town.Nice family area.
Advertised and received loads of interest.
Picked a number out of the air for a price and daughter suggested a higher rent than I thought possible.The family we accepted never blinked an eye.

This family had problems starting when they moved in. Seems the husband didn't move in. Now wondering if they had agreed to this house as a settlement of sorts.Shortly after the wife moved her "girlfriend" in.
Husband has gone on and had a new baby with his new love.

The wife and family struggled financially and defaulted a couple of times.We permitted the contract to continue, only because it was in our best interest at the time. They made some minor improvements, and they also did damage.

Yesterday she notifies us they are moving in a couple of weeks and is giving her notice. She is on a Fixed Term lease and there is no notice, but we will allow them to leave. It is in our best interest. Unless it is a Rent to Own, we do not want them. Repairs and maintenace and all that !!!

All the extra Option money and downpayment will now be considered rent.

Yesterday I started advertising the house again and the response is phenomenal.I increased the rent and price, and we have a very interested party. Keeping fingers crossed.

We need to ask the husband of our current tenant if he wants to take over the Option, as his name is still on the contract. I don't think he will.
 
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