I currently rent a house in the greater Seattle area. I have been Renton for 12 months, on an 18 month lease. They bought the house 2 months before we moved in. The house was listed for 750k and the final sale price was 720k.
I am a general contractor and have noticed several things, which doesn't surprise me because houses don't go for 30k under asking in this market without damages. The house was owned by 1 person and he moved and left the house with his grandkids who turned it into a trap house and there was even a drive by shooting our neighbor told us about.
Things I've noticed: The detached office is sinking in one corner, has sunk an additional 1/2 inch in the last 12 months. One of the fence panels fell last night in the storm. There's termites in the creek nextdoor (lot owner by fish and wildlife). I noticed some swarmers flying around this summer. The crawl space has zero insulation and was definitely infested by rats at some point - when I opened the crawl space hatch I thought there was a layer of gravel on the vapor barrier but it's rat shit. While in the crawlspace i noticed one of the foundation walls inside was wet. Garage on the same side of the house is wet because of poor drainage and I noticed mold on that wall today The carport roof has failed and is soaking wet - it also is not up to code, it's very rickety and I can shake it by grabbing one of the posts - it also had some damage in the storm last night. The siding is beginning to rot - no surprise there it's t1 11 and wasn't installed properly There's a lot of smaller stuff as well like the trex decking wasn't installed with any expansion gaps and is buckling, the ceiling fan doesn't work, there's no screens in any of the windows, the dryer vent cap is broken, and neglected maintenance issues.
Then there's things that are just wrong but not really broken. The slab under the living room floor is uneven (mixed foundation due to a later addition). The foundation is 4x6 joists framed 48 inches on center. The floor is uneven over the crawl space. The roof of the garage is 2x4 framed 24 inches on center.
Does that come to 30k in damages or have i found things that are likely not on the home inspection that caused the price to drop?
But here's what I love about it, twin master bedrooms, 5 bedrooms & 3 bathrooms, the detached office, there's a 20x25 workshop in the back that I've fully set up as my woodshop. It's a corner lot with only 1 neighbor. The location is perfect.
The house has everything I need and I'm more than capable of fixing all the issues. I'm 30 and my parents want to help me buy a house. I would like to buy this house. I live here with a roommate now so half the mortgage would be covered by him.
Does it make sense to propose to my landlord that I buy the house given the number of repairs that are required? They bought the house with the property management company acting as the landlord so I'm guessing they would sell it that way as well. I can see it going well in so far as explaining all of these things to them and if they know these things they have to disclose them in a sale (which i know not everyone would actually do that, but if the property manager knows and is the realtor i think there's a higher chance they would). And that i would still buy the house knowing all the things that are wrong with it.
Is that plan completely crazy? In my mind, my landlord would be motivated to sell and not have to deal with any of the issues. Right?
Edit: or is proposing a rent to own situation a good idea?
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source https://www.reddit.com/r/RealEstate/comments/1ppl1gy/does_this_plan_make_sense/
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