Market Conditions in 89145>Question Details

711711, Renter in 89145

is my rent fair market value?

Asked by 711711, 89145 Thu Jan 5, 2012

the usual rent was $700.00 but the last tenant stole all the appliances and landlord couldnt afford to replace so he compensated me $100.00 a month off rent to provide my own, he also gave me 2 months free as an incentive to sign 2 year lease as well as keep property in show condition, just in case any realitors had potitial buyers, instead of taking the free months at one time he took $25.00 off rent for 24 months, making my actual payment $575.00 is this ok

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Answers

6
Suzie Marquardt’s answer
If you are getting reduced rent to keep the house from being vandalized you should be OK. If you want to check on the home to know what the status is as far as a pending foreclosure here is a great site. http://www.RentalForeclosure.com It is easy to set up. Just so you don't get any surprises.
Thank You
Suzie Marquardt
702-234-7653
Fahrnyteam@yahoo.com
0 votes Thank Flag Link Thu Jan 5, 2012
It sounds like both you & the owner were aware that the house was being sold AND that payments were not being made so foreclosure was also a likely outcome.

Because of the situation (short sale, possible foreclosure) you were given a reduced rent and special incentives.

So to answer your question:
No, you are probably paying well under market value for your rent. I'm guessing the new owner or bank will not honor your lease.
0 votes Thank Flag Link Thu Jan 5, 2012
Sounds like you are babysitting the home until a short sale occurs- and that is ok- the question is could you put yourself in a position to buy the home yourself- we help people do that-
Web Reference: http://Www.mayteamlv.com
0 votes Thank Flag Link Thu Jan 5, 2012
Ask yourself, if I was to give you $10,000 today would it be the same as giving you $10,000 spread out over the next 10 years? You probably don't notice $25.00 off each month, but you certainly would have noticed the first two months free, right? So no, that part is not the same, however, if $575 is what you are paying and the average rent for your unit is really still $700 compared with all the units that are now for rent in your neighborhood, you getting a great deal. If you don't mind being a renter and being in your two year lease, the give yourself a thumbs up, you did a great negotiation. When the time comes to buy, please visit my website http://www.LasVegasRealEstateConnection.com. My resume is under "About Us" at the top.



Sincerely,



James Bellile
0 votes Thank Flag Link Thu Jan 5, 2012
It sounds like the landlord did a few things to try to make things work for both of you. I don't see a problem with it and if the terms are something you are able to work with and make sense, everything is negotiable as long as they don't violate anyone's rights.

These appliances you are providing would be yours when you move out, right?
0 votes Thank Flag Link Thu Jan 5, 2012
It sounds like you have a jewel for a landlord, and a good situation.
Good luck and may God bless
0 votes Thank Flag Link Thu Jan 5, 2012
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