Home Buying in New Canaan>Question Details

Tammycc, Home Buyer in Atlanta, GA

If a home has been on the market for 180 days, how likely is it that the seller would be willing to enter into a long term lease? Thank you.

Asked by Tammycc, Atlanta, GA Tue Oct 19, 2010

My family is moving to CT early next year. My husband will work in midtown and we're looking to rent 2-3 years in an area like Greenwich, New Canaan, or Westport so that the commute isn't unbearable. I've checked out the rental market and it really leaves a lot to be desired. So I was just curious whether it would be waste of time to look at homes for sale if we're only interested in leasing. FYI: we're really not wanting to pay more than $8000/month. Also, feel free to recommend other towns in CT that offer comparable commutes to NYC because I'm not very familiar with the state. Thanks for any and all responses.

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16
George Bakes’ answer
Tammycc:

How about leasing with an option to purchase? You may also wish to consult a good local real estate broker in Westchester County, NY? We have many local offices in various towns throughout Westchester (which will be much closer to NYC), and I would be happy to refer a great local Coldwell Banker agent/broker to assist you with whatever real estate need you may have.

If you are interested, please contact me at george.bakes@cbmoves.com.

Thank you.

George Bakes.
Web Reference: http://georgebakes.net
0 votes Thank Flag Link Thu Oct 20, 2011
there is also white plains, ny which is right near the train station, and close to Connecticut.. but the lower Fairfield county can be looked into. The price range which you want to pay is not hard to find a home, in the , White plains, Harrison, and new Rochelle area, and they all are close to the train stations that go to midtown.
0 votes Thank Flag Link Thu Jun 5, 2014
Hello Tammy,
If a property has been on for over 180 days is may be very likely that the owner may consider renting. I
as your realtor would conact the properties that you are interested in and would try to negoiate a possible rental for you. I actually know of a very nice rental in your price range in Greenwich. As you may know Greenwich would be your closest commute. I can send you information on the compute info if you would like and also info on the towns your are interested in, I cover all of the mentioned towns. Pleae feel free to contact me at lynne.carriello@cbmoves.com
0 votes Thank Flag Link Tue Oct 18, 2011
Tammy,
My clients ask me this question often.
It's best to ask your agent to call about your interest in renting a property.
Every seller has a different motivation.
Feel free to call me I have a few rental properties coming back on the market soon.
Good Luck!
Hannelore Kaplan
CHAIRMAN'S ELITE TOP 10 CT AGENT
914-450-3880
hannelore.kaplan@raveis.com
0 votes Thank Flag Link Mon Oct 17, 2011
If a house is listed for 180 days and is vacant then your chances of getting a rental are stronger. Your agent would simply need to call the listing agents of the properties you might have interest in and find out if they are open to the idea of renting before you preview the property.. I have been successful with this strategy in the past. Greenwich is by far the best commute to NYC compared to New Canaan and Westport. Darien is just a bit longer. The rental market in Darien is very strong and you usually will not get as many options as Greenwich. With that said you should spend at least part of the day with the agent you end up working with to give you a tour of New Canann, Darien, and Greenwich and decide for yourself. I would be happy to do this for you. Good Luck!

regards,

Richard Breglia
Coldwell Banker Residential Brokerage
0 votes Thank Flag Link Mon Oct 17, 2011
Hi Tammycc,

If you are concerned about commuting to Grand Central the place to reference is the Metro North website. On this page you can click on any station on the red line (New Haven) with commute times to Grand Central:

http://mta.info/mnr/html/mnrmap.htm
0 votes Thank Flag Link Sun Jan 23, 2011
Hi Tammy - Welcome to Connecticut - I would suggest a tour of the area especially comparing commute times for your husband since he will be commuting ie: train, driving etc. Once you tour the areas you will see and feel what makes sence for you and your family and be able to compare prices and amenities offered in each of the areas. Making a decision like this is tough enough rushing into something is even worst. A great way to get knowledge of the market is to take a tour with a realtor and pick a few rentals in each of the areas. Know that rentals are not on the market for long so if you see something you really like - jump on it - If you need any assistance in your move - I am happy to help - Call me - Kerri Curtin 203-219-1123 or email me at kerricurtin@raveisre.com
0 votes Thank Flag Link Thu Jan 20, 2011
The other consideration when making an offer to lease on a property that is for sale is to have your Agent complete research on whether the seller is under water with the loan or not on the property. It would be a nightmare if you rented a property and later found out the rent does not cover the mortgage and you have to move or go to litigation to recover monies paid if they go into foreclosure. Real Estate Agents have access to records to answer those concerns.
0 votes Thank Flag Link Wed Oct 27, 2010
Hi Tammy -
I may be gilding the Lily here, but……….. many residential rental properties in Greenwich, Darien, New Canaan, etc. are never listed publicly. Instead, many owners prefer to use their local real estate agent to “quietly rent their home”. As such, I recommend contacting an agent in the town(s) you are considering and simply dive-in to see what is available – most of this initial search can be done via email to save time.
Hope that helps – cheers.

Stephan von Jena
REALTOR®
William Pitt / Sotheby’s International Realty
1057 Post Road
Darien, CT 06820
(W) 203-655-8234 ext# 303
(F) 203-655-4046
(M) 203-434-8472
svonjena@wpsir.com
http://www.wpsir.com

Proudly servicing the Darien, Rowayton and New Canaan markets.

"Artfully uniting extraordinary homes with extraordinary lives!"
0 votes Thank Flag Link Wed Oct 27, 2010
Tammy, below you will find a link to the Department of Banking concerning the rights and obligations of Landlords and Tenants. Regs are different in states and whether you go the route of renting directly from a landlord or use an agent, it's important you know the "Rules." For example many landlords will require a pet deposit in addition to 2 monhs security. The max for any required security deposit is 2 months total. Funds must also be held in escrow. So read and be careful. I presently have a client who had rented a property through someone else before I met her who charged an outrageous pet deposit in addition to the 2 months security. I was able to get her pet deposit back after informing the other party about the error. They are now in court over the security deposit. So below is a copy. Although my client was not given this before her last rental, it's because of this document that she recouped for now the pet deposit. I am just using this as an example. Also, are you on Listingbook? It's a search tool that mirrors our MLS and has a Rental search. Let me know if I can be of further assistance.

http://www.ct.gov/dob/cwp/view.asp?a=2247&q=299050

Candace Lipira
Keller Williams Platinum Properties
candylipira@optonline.net
203-856-8501
0 votes Thank Flag Link Tue Oct 19, 2010
Hi Tammy,
I cover all the towns you mentioned above and $8000 a month should get you a very nice home on a yearly rental basis...This is the perfect time of year for your agent to approach unsold listings of your liking to see if they are interested in renting....It is really a hit or miss as far as the owners motivation and ability/desire to accomodate a lease. This year I dug up many rental opportunities by calling on behalf of my clients and getting the other agent on board. If you have a creative and energetic agent that is helpful as well! If you are not under contract with a Realtor, feel free to call me anytime. Best of Luck, Lisa Jones 203-218-6664
0 votes Thank Flag Link Tue Oct 19, 2010
Carl is right, you just never know til you ask. Everything is negotiable. The seller may not want to tie up his/her capital (the house) in a long term lease. The seller may love the idea of having cash flow from a tenant for 12-24 months. You just don't know unless you ask the question. In terms of towns along the main New Haven rail line, you've got Greenwich, Stamford, Darien, Rowayaton, Westport, all withing an hour, give or take a few minutes. New Canaan lies off a spur line from Stamford, so sometimes you have to change trains in Stamford, but during rush hour you don't have to.
0 votes Thank Flag Link Tue Oct 19, 2010
Tammy,

Most sellers enter into such a venture because they need to separate themselves completely from their property. There is generally no interest in entering into a rental(lease option" agreement unless there are unusual circumstances.

The best way to deal with identifying a "lease option" opportunity is not to generalize but to deal directly with an agent(s) who may have the best understanding of the seller's personal needs and considerations.

Because of the large numbers of people experiencing damaged credit, "lease options" are growing in popularity and will likely continue to do so. At the current time the best way of identifying a long term lease-purchase agreement is through a real estate professional.

Best wishes,

Bill
0 votes Thank Flag Link Tue Oct 19, 2010
Tammy,
I just relocated a family from Atlanta GA to New Canaan CT. My client is very happy in New Canaan.
You are correct... a great rental is tough to find in any of the towns you mentioned. If a good rental comes on the market it is often rented the day the home is listed. One way an agent can help you find a good rental is to go through the rented listings on the MLS system and find all of the rentals coming off lease in the time frame you are planning to relocate. I have a few other ideas as well. Please call me to discuss.
Most sellers need to sell. Often sellers willing to consider a rental will list the property for sale & rent simultaneously.
Darien CT has an easy commute.
Please call me if you need my help.
Hannelore
203-653-6619
0 votes Thank Flag Link Tue Oct 19, 2010
Hi Tammy, I work in those towns you are looking into. Possible other town would be Wilton as well.

What you need is a Realtor who will make calls to the agents of properties as well as look at already rented properties to see when the lease is up. With that budget, you should be able to find something lovely. By early next year there should be more rentals available. Right now many owners are looking for winter renters, knowing they could possibly get more for a few months during the summer. This past year was disappointing for summer rentals. Some may just take that long term lease. So, making some calls would be worth a try. You will get a bigger bang for the buck in Westport. I could help you if you are not contracted with another agent. Some properties may not work, especially if the property is in distress. Again, worth a shot. Agents have access to the listing history of properties. So if in need of more information, please contact me at the information below and share what your specific needs are.

Sincerely,

Candy Lipira
Keller Williams Platinum Properties
candylipira@optonline.net
203-856-8501
203-544-9786
0 votes Thank Flag Link Tue Oct 19, 2010
Hi Tammy - you never know a Seller's situation!

If your working with an agent, have them contact the listing agent of the desired home and ask. It never hurts to ask, and you won't know until you try!

Many sellers are looking for anything that can help them. Although they may not be looking to lease long term, they may look at it as an opportunity to cut their losses for a few years then try to sell again when the market rebounds. Of course, that is IF they can afford to do that.. You never know a sellers situation!
Web Reference: http://www.CarlGuild.com
0 votes Thank Flag Link Tue Oct 19, 2010
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