Do you have any suggestions on how to explain to him every room in the house needs some kind of repair and quite frankly his offer to sell at the highest price possible is unprofessional. We had the property inspected as well and the cost of repairs in in the thousands. Is this common? Any feedback would be welcomed.
2007-07-19 05:16:26 · 7 answers · asked by Shells 4 in Business & Finance ➔ Renting & Real Estate
By the way we have been in this condo for over 8 years ... this is our home.
2007-07-19 05:17:08 · update #1
Once you have your heart set on something you lose all negotiation power. So what if you have been there for 8 years - if you move out the landlord will have to paint patch and repair in order to get full market value and will most likely need the service of a Real Estate agent for 6% commission - so there is some room to negotiate.
My suggestion is to look around at real estate - have an agent show you what is available so you have a solid idea what is out there - heck, you might find something that is better. Remember that there are condo fees - taxes and insurance that you will be responsible for once you own this place.
2007-07-19 05:31:15 · answer #1 · answered by justwondering 6 · 2⤊ 0⤋
Unprofessional to want to get top dollar? Goodness, what a capitalist! :-) What he wants and what he gets may be two different things, though.
IF you really want to stay and think that the value is inflated, the most professional way to handle this is to hire a residential appraiser to do an appraisal of the property. (You may even be able to split the cost with your landlord) Your landlord may not be aware of how much the needed repairs are affecting the value of the condo, but may only be looking at capital gains, etc. With an appraiser, you have a third-party giving an unbiased opinion. He might not accept it, but at least you aren't arguing vague "what ifs"
(PS: Check with a couple of local banks/mortgage companies and ask them to recommend appraisers that they use.)
If the value just isn't there, you may not be able to get the kind of mortgage you need on the property, anyway. For example, if he wants $200,000 for the condo and you agree to pay $200,000, but it only appraises at $150,000, then the bank will only loan you a percentage of the $150,000, which means you will a) nullify the contract (most good ones have an escape clause if the property doesn't meet appraisal) or b) pay the difference (stupid move, IMHO).
Another poster had it right, though: If the condo needs so much work, why DO you want it? Do NOT get emotionally wrapped up in this transaction. The minute you start sighing "Oh, we've been here for 8 years!", you're dead in the water and the landlord has you by the balls. There are LOTS of other condos out there with people desperate to sell, and in this market, you can almost assuredly do better.
Your landlord would be well-advised to work with you on this, because the one thing that he DOESN'T want to do in this market is have an empty condo on the market. Yeah, he might lose a couple of thousand here or there -- but his carrying costs will very likely end up being much more.
2007-07-19 13:48:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
He has every right to sell his property for the highest value and he has no obligation to sell to you just because you lived there for 8 years. You should make him your best offer. If he thinks it is worth more, he should get his own appraisal. If his appraisal is higher, maybe you should compare the information. If he won’t work with you, tell him to put it on the market. After a few months of not getting any offers he may take your offer. If he can find someone who will pay him his price, he should take his or her offer.
By the way, this is what happens when you rent. You have no control over the property. Just think of what it would be like if he decided that he wanted a relative to live there and refused to renew your lease.
2007-07-19 15:44:44 · answer #3 · answered by J B 3 · 0⤊ 0⤋
Your best bet is to show him the inspection sheet from the house inspector. Otherwise pack up. Be sure to show a copy of the inspection sheet to the Realtor (don't let them keep it or copy it unless they pay for it). The landlord will have to include the information on the listing since it can't be claimed as unknown.
I sympathize, but while it is your home, it is his property. Find a new home. It's what 20% of Americans do annually.
2007-07-19 12:20:26 · answer #4 · answered by CarbonDated 7 · 2⤊ 0⤋
Selling at the highest price possible is unprofessional? You have got to be kidding! Why should he sell for less then possible?
You are really out of line telling him what he should sell his property for. If you want to buy it make an offical offer and see what he says. But, he is in business, selling under the market value would be foolish on his part if he can get full value for his investment.
2007-07-19 12:21:05 · answer #5 · answered by Landlord 7 · 2⤊ 2⤋
It would appear that your landlord does not wish to sell, and that is his prerogative. I suspect he's holding to his value because he knows you do not want to move.
Your choice is to continue to rent or to buy elsewhere.
2007-07-19 13:02:53 · answer #6 · answered by acermill 7 · 0⤊ 0⤋
if you didnt have a contract for rent to own all bets are off.
2007-07-19 12:25:44 · answer #7 · answered by j-v 3 · 1⤊ 0⤋