Rental Basics in Simi Valley>Question Details

Kim Mcnamara, Renter in Simi Valley, CA

Shoud I avoid renting a house that is also listed for sale ?

Asked by Kim Mcnamara, Simi Valley, CA Mon Jun 18, 2012

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4
You can ask the agent if the house is being listed and sold as an income/investment property, which would allow for a lease. If the agent isn't sure, then pass on it. If after you move in and a buyer purchases for their own residence, the agent may likely be reluctant to decline the offer, giving you adequate notice, yet leaving you to search for another place to rent.

Good luck,

Tim Soto
0 votes Thank Flag Link Wed Jun 20, 2012
I would suggest that you ask the listing agent a couple questions:

1) Is the home that is being sold a short sale or standard sale?

2) If the house that is being sold is a Short Sale, than I would ask a couple of more questions:

a) Are the owners still looking to do a short sale on the home? If the answer if Yes, than you might want to negotiate a reduced rent on the home. Maybe only offer to pay for half a months rents. You could get a very good deal on the monthly rental if a short sale, but you need to be prepared to move in about 3 to 4 months.

If the answers you are given by the listing agent does not sit well with you, I would suggest looking for another rental home. If the listing agent's landlord is paying a commission to rent the home, get a licensed Realtor to help you with the paperwork (It does not cost you anything), the landlord sometimes is willing to pay a commission to the renter's agent.

Best of luck!

Ted Mead
0 votes Thank Flag Link Mon Jun 18, 2012
It depends. What you need to do is read over your lease agreement carefully and even show it to a real estate attorney -- who is the most qualified individual to answer this excellent question. It also depends on your personal circumstances. If you are flexible and you can rent a mansion on the sand in Oxnard that is for sale as a short sale, and only pay $1500/month, then maybe this is something worth pursuing. Technically, a bonifide lease contract will remain in effect even after a property is sold. You, a tenant, have rights as well. Here is an great 100+ page resource for you to reference, directly from the State of California Dept of Consumer Affairs: http://www.dca.ca.gov/publications/landlordbook/catenant.pdf
0 votes Thank Flag Link Mon Jun 18, 2012
That just depends on how long of a lease you are looking for. If the house is for sale most likely the owner will want to have you on a short term lease. Also if the home is for sale you will have to allow prospective buyers who give proper notice to view the house while you are living there. In my opinion I would find a home that isn't for sale but it's totally up to you.
0 votes Thank Flag Link Mon Jun 18, 2012
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