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Hi. FIrst time posting, so please bear with me. Also unsure this is the right forum. Feel free to instruct the newbie.
Family of 5, immigrants, high earners, young kids. We rent a condo in a 2-family house in a very affluent suburb. We have been here for 3+ years and have an excellent relationship with the landlords, to the point that we decided to hire our landlord as a real estate agent. They know the area well. They own multiple properties that they rent out. They are rich. So I figured that was a good way to gain time and also keep the rent stable, as they would make way more with a broker's fee than the classic inflation adjustment +$250 monthly increase on my rent. So they know I am looking for a house, our wants and needs. Even how much we are pre-approved for (not a great move in hindsight- I know).
The lease is coming up in two months. We are also interested in buying a 2F and developing an owner-landlord model. We would buy our current house if the price was within budget.
Part of the reason why we decided to use them as brokers is that we would have had time to ponder about our property search, buying, and potentially renovating, given that we are great tenants, we pay a fair price, and I didn't expect them to kick us out anytime soon. The market in the area is extremely competitive, and we are pretty tied to the zip code, given kids settled in the school system and moved around quite a bit over the past few years.
Now, the plot twist. We got notice today that we have to vacate the house by the end of the lease in 2 months because the house will be put on sale. Unknown why. The asking price has not been decided yet. We should let them know if we are interested. Our lease won't be renewed.
What do you think we should do? They are probably leveraging our situation. Fortunately, I can buy another less good property out there today, but I don't like being cornered. The price might be slightly higher than I would like to spend. However, by selling to us, they would have no vacancy and no brokers involved if the fee is still a thing. So, could I potentially use this to my advantage somehow?
Of course, if we cannot make a deal on our current house, I wouldn't want to use them as agents for the one I will buy. Are there any risks with that, as the understanding was keeping the rent price fixed given that we would have been clients on a future house purchase?
Thanks for all the suggestions.
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Landlord/agent selling house where I am renting
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Family of 5, immigrants, high earners, young kids. We rent a condo in a 2-family house in a very affluent suburb. We have been here for 3+ years and have an excellent relationship with the landlords, to the point that we decided to hire our landlord as a real estate agent. They know the area well. They own multiple properties that they rent out. They are rich. So I figured that was a good way to gain time and also keep the rent stable, as they would make way more with a broker's fee than the classic inflation adjustment +$250 monthly increase on my rent. So they know I am looking for a house, our wants and needs. Even how much we are pre-approved for (not a great move in hindsight- I know).
The lease is coming up in two months. We are also interested in buying a 2F and developing an owner-landlord model. We would buy our current house if the price was within budget.
Part of the reason why we decided to use them as brokers is that we would have had time to ponder about our property search, buying, and potentially renovating, given that we are great tenants, we pay a fair price, and I didn't expect them to kick us out anytime soon. The market in the area is extremely competitive, and we are pretty tied to the zip code, given kids settled in the school system and moved around quite a bit over the past few years.
Now, the plot twist. We got notice today that we have to vacate the house by the end of the lease in 2 months because the house will be put on sale. Unknown why. The asking price has not been decided yet. We should let them know if we are interested. Our lease won't be renewed.
What do you think we should do? They are probably leveraging our situation. Fortunately, I can buy another less good property out there today, but I don't like being cornered. The price might be slightly higher than I would like to spend. However, by selling to us, they would have no vacancy and no brokers involved if the fee is still a thing. So, could I potentially use this to my advantage somehow?
Of course, if we cannot make a deal on our current house, I wouldn't want to use them as agents for the one I will buy. Are there any risks with that, as the understanding was keeping the rent price fixed given that we would have been clients on a future house purchase?
Thanks for all the suggestions.
submitted by /u/Connect_Ad_6405
[link] [comments]
Landlord/agent selling house where I am renting
Continue reading...