Anyone here have any experience with a landlord that’s looking to get rid of the house they’re renting?
Thanks to some corporate mergers and whatnot, the company that owns our house apparently needs to get rid of it. We have the first option to purchase the house, but if we don’t buy the place, we have to leave at the end of our current lease this summer. Good news there is we have a little time to get things together. I’m told that other people that were on month to month tenancies have been given two months to buy or move.
We don’t know what they want for the house yet - they’ll discuss price after we get prequalified for a mortgage. Sounds odd and not to our advantage. If we manage to qualify for a $600,000 loan, what’s to keep the price from magically becoming $595,000? (Zillow’s “zestimates” for this area are in the $350,000 - 400,000 range)
I think our biggest bargaining position will be that we’re already in the house. If we walk away, they’ll have to sink money into the place for paint and general curb appeal type work, not to mention carrying the place on the books and paying for property tax and insurance for however many months. They divested the house across the street from us in September and the renovations took nearly four months - that’s over $9,000 of lost rental income. Not to mention, this area’s been a somewhat slow market. A house about a block away has been on the market for several months, and winter is traditionally a lousy time to try and sell a house. Of course, I have no idea if the place around the corner is really an overpriced wreck, but this isn’t the crazy market we had back in 2004-2005 where there would be five-way bidding wars over tarpaper shacks in bad neighborhoods.
How do you put a value on that concept of “We’re ready here and now, so you don’t have to spend a penny on paint, repairs or marketing?”