Skip to main content

Considering making my landlord an offer to buy at the end of our lease

I’m about to move into a rental house that I am already so excited about, I’m thinking about making the owner an offer to buy it when our lease ends, and want some suggestions on the best way to do so.

For background, I sold my condo in 2020 and moved into a rental. My plan had always been to buy again in mid/late 2022, but my current rental is unexpectedly going off the market which left me scrambling to find another place sooner than I hoped.

However the new rental I found is almost exactly what I’ve been looking to buy for our ideal 10-20 year home, in terms of size, layout. And it gives me a chance to test drive the neighborhood. We’ve signed a 12 month lease, but are thinking if we end up really liking the house and neighborhood we want to make the owner an offer to buy.

I’m not seeing a sale history for the house on Redfin, if that means anything. Also the owner has the property managed by a property management company so I probably won’t be interacting with him at all directly.

It’s a detached SFH in a neighborhood where comps have sold for $700-800k (Washington DC) which is my target budget, and at that price we can do 20% down.

What do you guys think? Do we make our intentions known early, or wait until it’s time to renew the lease next winter? How do we figure out the best offer price? Do I write the owner a personal letter or go through the property manager? If any of you have sold a home to a tenant in the past, what influenced your decision?

submitted by /u/three_a_day
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/r5nzlx/considering_making_my_landlord_an_offer_to_buy_at/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Pool fill without engineer oversight

We are in the process of purchasing our first ever home in CA and we just discovered in the disclosures that the new build property we are purchasing previously had a swimming pool which was filled without an engineer onsite to approve the work (details from disclosure below). Is this something we should be concerned with or not? Is it something we should have additional inspections conducted on? We are originally from the UK and not really sure what to do with this information and if it is concerning or not. A POOL DID EXIST PREVIOUSLY. COPING, TILE, GUNNITE AND REBAR WERE ALL REMOVED AND DIRT AND CLEAN DRAIN ROCK WERE USED TO FILL IT IN. COMPACTED FILL WAS NOT USED AND NO ENGINEER APPROVED THE DIRT AND DRAIN ROCK FILL IN submitted by /u/tommot82 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/dpyzw8/pool_fill_without_engineer_oversight/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more