Home Buying in Mineral>Question Details

Postal, Other/Just Looking in Mineral, VA

Can someone rent a house that is up for sale ?

Asked by Postal, Mineral, VA Thu Apr 29, 2010

A vacant house that is for sale, Rent it until sold or rent with option to buy.

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6
You can absolutely rent a home that is currently listed for sale. You just have to make sure your landlord will negotiate with you on certain terms that will be imperative to you and your lease such as the continuance of the property listed for sale if you occupy the property as a tenant. If your landlord chooses to continue to market the house for sale, then you need to make sure the appointments to view the home by prospective purchasers are made with your convenience in mind, and that an agent or the landlord cannot just come in at any point they want to show the property; they need to check and make an appointment around you first if possible.

Another aspect is if the landlord does sell the property you are renting, you should ensure that in your lease it states the landlord must honor the entire duration of your lease and/or the prospective buyer will honor your lease terms so that way you are not forced to move perhaps 2 months into your lease!

If the landlord or property manager decides to remove the property off the market during the duration of your lease, you should make sure to clarify and specify if there is an opportunity to renew your lease upon expiration, or determine if s/he will re-list the property for sale. That way, you can ensure whether or not you have the option to stay in a longer time frame then the prefixed lease period of 12 months, 6 months, etc. If you are not given the option to renew your lease because the landlord wants to re-list the property, again try to make sure you are aware when appointments are made by prospective buyers and the selling agent, and try to make sure they can accommodate your schedule as to not disturb you at unreasonable times during the evening hours or early morning.

Hope this helps you! Good luck!

Cara Realtors,
Point Pleasant Beach, NJ
Web Reference: http://www.cararealtors.com
1 vote Thank Flag Link Thu Apr 29, 2010
If the actual owner of the house agrees to the rental it can be done, If it is a foreclosure or a short sale stay away. the may be relocating and just need to get out of the expense it could be a second home he doesnt need. If its a foreclosure they will not rent , if its a shortsale its probably real close to being foreclosd then you be evicted,Lenders can but do not have to honor a rental agreement.
0 votes Thank Flag Link Wed May 12, 2010
Hello Postal,

Just make sure that the person you are dealing with is the true owner of the property.
0 votes Thank Flag Link Thu Apr 29, 2010
Yes. Like the others have said it is possible. It is one of the more sticky ways to rent however, since there are a number of things that need to happen to assure your security as the property is sold, and afterwards.

I would ask if they plan to still try to sell it, or if they just need the cashflow. If they would be happy to take it off the market for your lease, that might be great. It would be even better if you had the rights to purchase first, if they decided to sell.
We never recommend lease to buy or rent to purchase agreements. The main reason is we have never seen one close. The renters just never accrue enough to buy it. ( others may have seen different results )

Good luck.
Web Reference: http://TalleyHurstHomes.com
0 votes Thank Flag Link Thu Apr 29, 2010
That is possible if you the renter agrees to give access to the property for showing and the seller to rent it as well. I had a situation like this were the house was up for sale and the owners had it rented with the condition that if the house went under contract and was closing the seller will provide 30 days to the renters to find another home. So it is all in the negotiations and willingness of both parties. Suggestion find a Realtor that can represent you best interest. best of luck
0 votes Thank Flag Link Thu Apr 29, 2010
Yes, it's possible, and it's also possible to work out other arrangements (like a purchase with creative financing).
0 votes Thank Flag Link Thu Apr 29, 2010
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