I am renting a property and have done for the past 6 years. It has now been on the market for 3 years. We have always admired the propery regardless of the amount of work that needs doing[alot]. Any advice on how to approach the landlord with maybe Rent to buy situation or vendour finance would be great. i feel i need to think outside the square and exaust all options before i can move on. Obviously this has arisen because we cant traditionally lend that sought of money. Its on the market for 400+. does any one reckon there is any hope of them considering this?
find out exactly how much you can borrow to the nearest dollar ,take all the paper work with you and show that that is the maximum you can afford and make that your offer,you may be surprised !
i have a friend who bought the house he had been living in for many years for way under market value , all the owner really wanted was enough to buy a unit in a retirement home
especially if it has been on the market for a while and needs repairs they may decide to take the money offered rather than put the hand in the pocket
any thing you can do to build a deposit ? garage sale, sell your jetski , deliver pizzas for a couple of months ?
the universe apprieciates small and silly gestures
good luck !gully wrote:I am renting a property and have done for the past 6 years. It has now been on the market for 3 years. We have always admired the propery regardless of the amount of work that needs doing[alot]. Any advice on how to approach the landlord with maybe Rent to buy situation or vendour finance would be great. i feel i need to think outside the square and exaust all options before i can move on. Obviously this has arisen because we cant traditionally lend that sought of money. Its on the market for 400+. does any one reckon there is any hope of them considering this?If you offer them the asking price, they may consider your offer. But what are comparable properties in the immediate area selling for right now? Not the asking price; the sold price.
Think about it from the Landlord's perspective; he wants to sell the place, no one's buying it (maybe it's too expensive?).
If you offer low, you are just like all the other hopeful buyers who have been rejected by the Landlord, and you are hoping to delay payment. There is no real hope of getting the deal done that way.
But if you offer the full asking price, this is more attractive to the owner, even though the payment is delayed.
It needs to be a win-win, so think about structuring a written offer that will hopefully make everyone happy, and then present it.
It will also need to be formally written up in a Contract by a Solicitor if the offer is accepted, to protect you.
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