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

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more