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02-05-2010, 03:22 PM #1
Renter
- Join Date
- Oct 2009
- Posts
- 3
Would like to buy a house that is used as a rental and not currently listed for sale
I nearly rented a house about a month ago. The landlord really grew to like me (she said she was very disappointed when she found out I wanted the house after she had rented it to someone else the same day) and said she wanted me in the house more than anyone. The house was leased starting this February for one year by another tenant. She told me next January she will ask the tenant if they want to renew and if not I am welcome to it.
I have realized I love this house and honestly I would do anything to get it. I am somewhat nervous that the tenant will want to renew and I really want this house. I feel also like it is a smarter time to buy a house than rent.
My question is, is there a good way to tell this woman/landlord that I would be interested in buying this house? She purchased it last year and planned to use it as her own house but decided to rent it instead. From public records I have determined it was purchased for $25,000 and she is currently renting it I believe for $650. I would be willing to offer her a pretty good purchase price for the house.
Is there a best way to do this? Should I set up a time to meet her, call her, email? Most of our correspondence has been via email.
Just FYI it is a 2 bedroom house in Westland, MI. It features a fireplace and a large front porch, central air, built 1942.
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02-06-2010, 09:27 AM #2
Fixer Upper
- Join Date
- Dec 2009
- Location
- Boise, ID
- Posts
- 93
Just because a home isn't listed doesn't mean the owner wont sell.
It can be a bit tricky, so here is my advice...predicated on the fact that you already have rapport with the owner.
Since you like the house and kind of know the owner, you have to be extra cautious. I don't want to assume that the owner would take advantage of you, but in a culture where married couples get divorced after 40 years of marriage, it's possible that anything goes.
So, you should find a very friendly, smart real estate agent who wants to look out for you. Familiarize him/her with the situation so that they don't bombard the situation with their ego.
Make sure that the rapport with the owner goes unharmed or challenged and bring an offer to her that you think is fair and worth paying. This brings me to my next point.
You have already become emotionally attached to the house, whether you admit it or not, and there is nothing wrong with that necessarily, but a good agent on your side will help keep things rational and hopefully prevent you from getting into a bad situation.
Running on feelings is not the way to approach a home purchase and if you do this alone, the seller already has the upper hand.
Also, a good agent will help determine market value which is most likely where this is going to get a bit weird. When the agent says the home is worth less than what the seller is thinking the seller is likely to retract and get somewhat offended (maybe not, she sounds like a business person capable of remaining logical and rational).
In the end, you need to consult with someone who knows more than just how to do a deal, but how to approach this situation carefully.
Feel free to ask me any more questions.
Aaron Catt--o2 Marketing Group
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