For Rent Sign in Window of Listed Property - Posted by bh

Posted by Bill Scott on November 10, 2000 at 04:25:30:

A homeowner or investor with a property listed can rent out that property while the property is listed. The new buyer takes subject to tenants rights. Often, renting a vacant property is good for the seller as it keeps the homeowners insurance in force and provides a stream of income to attract an investor.

The problem is that you are talking about L/O—and that means that your option to purchase would come before a buyers. So, a buyer who comes along and purchases this home that you have l/o’ed and will have to wait and see if you (or your assigns) are going to exercise the option. Most buyers aren’t willing to do this without a big discount on the price—which is where the seller and realtor start to balk.
So, your idea probably won’t work from this angle…

Now, if you want to purchase the property–and that’s understood going in, you may be able to work out a deal with both the seller and the realtor. You won’t know unless you contact the realtor…

For Rent Sign in Window of Listed Property - Posted by bh

Posted by bh on November 10, 2000 at 24:28:44:

A house on my street has been listed for about three months now. It’s a cute little house, but not worth near what the listing agent is asking for it. The elderly couple who used to live there have moved out of state and now their son stops by every so often to check on the place. I guess it was during one of those visits that he put the “For Rent” sign up.

My question is… is it ok for me to approach him about Lease Optioning the house? Has the realtor given up hope on this house, or will she want a part of the deal?

What should I do?


Re: For Rent Sign in Window of Listed Property - Posted by Anne-ND

Posted by Anne-ND on November 10, 2000 at 08:16:25:

Call the number on the for rent sign rather than the realtor to discuss a lease-option deal.

good luck,