Profile picture for smiggles

Posting a home for Rent and Sale Simultaneously?

Help! My family just moved across the country and have a home that has been for sale in a slow market on the opposite coast. We would like to re-post the house for sale and rent simultaneously. Can this be done? If so, what type of agent or specialty would we look for?

If a house goes for rent instead of for sale, what would the typical financial reimbursement be for the listing agent?

Can anyone recommend a reliable agent who would be willing to list the house for sale and rent in the Silver Spring, Maryland area?

Any input is greatly appreciated! Thanks!
  • August 01 2007 - US
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Answers (15)

I think you're less likely to accomplish either if you try that.

Who is going to want to rent if they think you're selling?

Someone would be more likely to make an offer to buy than rent, since they could make that contingent on your not renting.
  • August 01 2007
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Profile picture for smiggles
Excellent point to consider Kary. I never thought about the perspective of the renter.

Thanks!
  • August 01 2007
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We've seen some scenarios with short term leasing that has worked well, but you'll have a very limited pool of takers.

Good luck!
  • August 01 2007
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Profile picture for smiggles
Let me clarify: if we were to find folks who were willing to rent the property, we would be willing to rent for 2.5 years and then re-list the property for sale, hopefully when the market gets better in the future. The house would be taken off the market for sale completely in the immediate future.

Would this fact change the scenario? If an agent were to find long-term renters, what what the financial exchange be? First months rent? A portion of rent each month? Etc.

Thanks!
  • August 02 2007
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Folks,
Once the home is rented the "For Sale" must come off the MLS.
The tenant has a bonafide lease which is either for a period of 1 year or six months.
They aren`t required to show the owners home, nor should the landlord expect them to,unless written in the lease.
The landlord/tenant act protects them both.
  • August 02 2007
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If the renter came before the buyer, and you took your house off the market immediately, there isn't anything wrong with what you are suggesting. I have done that for clients before. The agent usually receives a portion of the annual rent as "commission". In my area it is about .025.
  • August 02 2007
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Profile picture for chasmader
More than once I have suggested to sellers that they rent a slow moving property for a year and remarket it when conditions improve. I then manage the rental for free as I know the seller will re-list with me.
  • August 02 2007
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Scott wrote: "Folks,
Once the home is rented the "For Sale" must come off the MLS.
The tenant has a bonafide lease which is either for a period of 1 year or six months.
They aren`t required to show the owners home, nor should the landlord expect them to,unless written in the lease.
The landlord/tenant act protects them both"

That might be the law in Florida, but it's not the law everywhere.

In Washington you can have a month to month.

The tenant has to allow showings, but on notice (either 24 hours or 48, I forget).

And, you can always sell a house subject to a lease.

But that said, it is harder to sell a house that has a tenant in it.
  • August 02 2007
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kary,
who would advise doing a month to month? A lease if in writing can clearly state all terms and conditions for both parties to adhere to...
  • August 02 2007
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A month to month can have terms and conditions. It's just a matter of not having a clear term. It continues until one party terminates it on 20 days notice.

Here in Seattle many/most rentals were month to month, with a provision to keep the security deposit if they didn't stay a year. Someone on the city council thought that was a bad thing, so they made the forfeiture of the deposit illegal. That caused everyone to change to leases.

Think about what a favor that was for tenants. Rather than risk losing a $350 deposit, they became obligated to pay rent for an entire year! Not a great benefit for tenants, IMHO.
  • August 02 2007
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Kary,
We have new laws in Florida as well. They tend to favor the landlords...
  • August 02 2007
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Profile picture for smiggles
Thanks so much for your replies! You both have certainly helped to clarify my question!!
  • August 02 2007
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Profile picture for kingston2007
Best place is a local small newspaper Ad, "FOR RENT" linked to private Web Page, for full discription of you property, Lease with option to purchase, no Agent needed. pick a Shopper Newspaper, Ad as little as $20.00, tag with Web Page at www.best-rents.com new web service $19.95
  • September 01 2007
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Profile picture for Jim DeCesaro
Chasmander,

I have a client that is interested in doing the scenario you are describing and I'm interested in helping them, but this goes into unfamiliar territory (property management). If you'd rather not say here, would you please send me information on what tasks you cover, fees you charge etc.

If anyone else has similar scenarios, I'd appreciate any information you'd like to pass along regarding property management for clients/friends/family.

Thanks,

Jim
jdecesaro@wruh.net
  • September 02 2007
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Profile picture for Pacita Dimacali
I have offered a property both for sale or for lease with option to buy. If someone were to lease but not buy the property, there are provisions in the lease that you can incorporate if you want to continue offering the property for sale while the tenant lives there.

For example, take a look at the provisions of the Civil Code. This can be downloaded from the internet.

The Right to Civil Code 1954 Compliance
Your right to possession is subject to a very narrow exception, identified in Civil Code 1954. At first, these seem like petty quibbles, but their strategic value will become apparent. Here's the actual statute, highlighted:
ยง1954. Entry by Landlord
(a) A landlord may enter the dwelling unit only in the following cases:
(1) In case of emergency.
(2) To make necessary or agreed repairs, decorations, alterations or improvements, supply necessary or agreed services, or exhibit the dwelling unit to prospective or actual purchasers, mortgagees, tenants, workers, or contractors or to make an inspection pursuant to subdivision (f) of Section 1950.5.

HOWEVER: It if also my experience that tenants tend to turn prospective buyers off. Therefore, if you accept a tenant's offer to lease before you find a buyer, you may want to take it off the market during the term of the tenant's lease --- or until you decide you'd like to offer it for sale again.

I am a proponent of lease-purchase option during these times. Why don't you explore that and see what kinds of inquiries you receive? The last time I did this for a condo I had a lot of serious inquiries --- but ended up selling it to an agent who was representing herself as a buyer.

Good luck!

Pacita
  • September 06 2007
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