will owners be willing to rent their homes out if its been on the market for a significant amount of time?

Asked by ashtaylor1333, 46321 Wed May 18, 2011

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James Ryan, Mortgage Broker Or Lender, Leesburg, VA
Thu May 19, 2011
Good morning Ashastew,
From your great answers below, I think you can see why it is unlikely a seller will rent. I just wanted to add are you prepared to rent a home for sale, alllow people in at various times of the day to view it, and possibly, if the home IS sold, are you prepared to move in 60 days?
Most renters, even if they love the home, are not willing to put up with it being on the market, or worse, moving with a short notice.
Best wishes, Jim, 703 615 4675
0 votes
Diane Cline, Agent, Schererville, IN
Wed May 18, 2011
Most sellers that have their homes on the market are not interested in renting. Typically, they are needing or wanting to move to another property and need the cash out of their present home to make a downpayment on another home. Also if they have a mortgage on their exsisting home it needs to paid off for them to get another loan for the next home. So, as you can see it's a financial issue. They can't move on unless they sell renting is not an option for them. You need to look for investors that have properties they use for rentals.
Diane Clline McColly Real Estate 219-308-5455
0 votes
Marita Topmi…, Agent, Indianapolis, IN
Wed May 18, 2011

Most people who want to sell their homes don't want to lease. Much depends
upon their financial situation as stated below. Most have repainted, deep cleaned,
repaired maintenance issues and know that if they rent, they'll have to do all that
work again in a year or so to put the home on the market again. And as also stated below, most people don't
want to deal with a leasee - collecting rents, fixing toilets, etc from afar.

Marita Topmiller
Prudential Indiana Realty Group
Indianapolis area
0 votes
David Burnham, , Washington, DC
Wed May 18, 2011
In my experience, most owners who are trying to sell don't consider renting even if it has not sold. Being a landlord has a lot of headaches and complications that most people don't want to get into, so evn if the house is not selling, they don't consider this as an option.
0 votes
Phil Rotondo, Agent, Melbourne, FL
Wed May 18, 2011
It depends on the owners situation and their financial needs.
Web Reference:  http://www.321property.com
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