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I am looking to see if a home owner that has a sale would be willing to rent instead. or rent to own

I found several I am very interested in but they are for sale only. How would that negotiating work from realtor to home owner? Does this ever happen? Thank you!
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June 15 2011 - North Barrington
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Answers (4)

Wordsmth is correct, generally homeowners with equity have more options and may consider seller financing options. Talk to your Realtor about some of the options and have them handle the negotiation for you.
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June 22 2011
Just ask.

Sure it happens. Happens all the time.

Keep in mind that it'll only work if the seller doesn't need all the equity out of the current home. So if someone's selling in order to buy another home, they're not likely to be open to the idea.

You can either try for a straight rental or you can propose a lease-option. Your "pitch" on a lease-option is: "Mr. Seller. I see that you want to sell your home. And I want to buy your home. However, unfortunately I'm not in a position to do so right now. What I'd like to do is rent your home for a while and then--when I'm able to--buy it. The advantage to you is that you immediately solve your problem--you get someone in your home, taking care of it, and paying. And you have found someone who'd like to buy your home in the future."

Whether proposing a rent or a lease-option, it also works best if the house has been on the market for awhile. If it's only been listed for, say, 30 days, the seller still has high hopes of selling. But sellers will become discouraged after awhile--maybe 60 days, 90 days, etc.

One more tip: As has already been pointed out, Realtors make a lot more money from a sale than from a rental. While commissions are fully negotiable and the sales price vs. rental price will vary, let me give you an example. In an area near me, homes that rent for $2,200 a month sell for about $500,000. The commission on the rental might (again, it's negotiable) be around $2,200, while the commission on a sale might be around $30,000. So you'll find that a lot of Realtors aren't too enthusiastic about doing a rental versus a sale.

Hope that helps.
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June 18 2011
Generally people that want to sell, do not want to rent, but as Phillip says, it doesn't hurt to ask.  If you have a Realtor, have him/her contact the various other Realtors and ask the question.  Commissions are typically based on the rent price, and are paid by the landlord.  There is a clause that could be activated which would allow for a purchase in the future, in which case the Realtor would get a sales commission.  Yes it does happen, but not often.  If you need help with this, feel free to contact me.
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June 16 2011
All you can do is ask. Obviously most people sellin want to just sell, but many many owners just cannot sell and some of them have the option to rent and wait for things to change so they might entertain an offer to rent. The odds probably are not great or it woudl also be listed as a rental, but it does not hurt to ask.
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June 16 2011
 
Related Questions
I am looking to see if a home owner that has a sale would be willing to rent instead. or rent to own
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Latest answer by Antonio Lombardo
June 22 2011 | 4 answers
  • Asked by JLMonaco
  • In Rentals
  • June 15 2011
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