“Looked at a place to rent this weekend. Owner is divorcee and moving to the island. She tried to sell it for 6 weeks with no luck.”

“Looked at a place to rent this weekend; looking for a little more space. It looked really nice, reno last year and clearly looked staged to me. Owner is divorcee and moving to the island. She tried to sell it for 6 weeks with no luck. She is so frustrated and doesn’t want to pay for the staging anymore as she has to move soon. Asked of she was still selling and was told no, going to keep it and will sign a lease.
First, she couldn’t sell, I really felt like saying you should just drop the price as holding out will result in a much lower price when you eventually sell. She has never been a landlord before so my guess is lease or not it will get listed very soon in the near future. We said thanks but no, not unless she signs a two year lease that says the new owner cannot move in until the lease expires.
We’re not moving.”

yltnboomerang at VREAA 27 May 2012 6:13pm

7 responses to ““Looked at a place to rent this weekend. Owner is divorcee and moving to the island. She tried to sell it for 6 weeks with no luck.”

  1. Keep in mind that if she signs a 2-year lease, even if she sells the property, the new owner must honour the lease. Long-term leases give a lot of protection to a renter, without giving the landlord substantial advantage.

    If you were to break a long lease after only a few months, then it’s the landlord’s responsibility to mitigate the damages, and they have to advertise and make an honest effort to re-rent the place. Typically the courts will allow the landlord 1-2 months of vacancy. Then they can pursue the renter for those 1-or-2 months of vacancy, plus the reasonable costs associated with finding new tenants (eg, advertising, credit checks). So you could only be on the hook for a few grand.

    The landlord, however, will have a much greater difficulty selling the house when it “comes with tenants”. If she does want to break the lease, the ball’s entirely in your court as to whether you want to stay, or how much compensation you would be willing to accept in exchange for moving out early.

    So don’t scare a landlord by telling them that they can’t force you out during the course of a lease– it’s their responsibility to know, after all!

    • yltnboomerang

      The lack of storage and tiny patio were the deal breakers though I did notice the rent has gone down $200 on Craigslist. I like how she doesn’t bat an eye about dropping the rent 10% to try and meet the market price but dropping the price for sale??? Never! The fear of big numbers makes people forget math.

  2. coffee break … mmm coffee … http://tinyurl.com/7egz8c3
    “American International Group Inc. (AIG) Chief Executive Officer Robert Benmosche said Europe’s debt crisis shows governments worldwide must accept that people will have to work more years … “Retirement ages will have to move to 70, 80 years old,” Benmosche, who turned 68 last week, said during a weekend interview at his seaside villa in Dubrovnik, Croatia.”
    pssst … remember AIG? … why do people like this publicly broadcast such things? … have we solved anything yet? … what kind of pain will it take to get the kind of change that fixes stuff? … are you buckled up?

    • It’s going to be a RockyRoad, Chubster. And not the the Ben&Jerry kind. Google Quantas ‘profits’.

      • 🙂 road? … common_sense would expect something different but worse than 2008

  3. I’m sorry for the capitalization:

    IF YOU LEASE IT, THE LEASE *ENDURES* AFTER A SALE. THE NEW OWNER CANNOT EVICT YOU JUST SO THAT HE OR SHE CAN MOVE IN.

    Look this up. I think that folks are misinformed on this subject, to their own detriment.

    Seriously, if you sign a long-term lease you are *incredibly* secure! The only way you can be evicted is with legitimate grounds; i.e. damage or nonpayment of rent. And if the new owner tries to harass you into leaving, you document it and he or she is fined *big time*.

  4. Why the hell would you pay money for staging? when we sold a condo, I did a consult with a staging company. I was quoted $2500 for setup plus $1200 per month for “rental”. I told them to forget it. If that’s what this lady was paying, she’s nuts.

    For about $500 spent on CL furniture and maybe 8 hours of my time, I was able to stage the entire apartment, and then recouped about $450 by selling the unwanted stuff at a garage sale afterwards. And the place sold in under 30 days.

    Staging companies are a scam.

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