relocating to Las Vegas, but will not be able to purchase home until we sell ours in SF. Can anyone give me?

Asked by REinSF, San Francisco, CA Wed Aug 20, 2008

some advice on lease/ to own or what options may be available. We'd like to buy a place, move in and of course make payments but not close escrow until our place sells...suggestions?

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Ron Johnson, Agent, Las Vegas, NV
Thu Aug 21, 2008
Here is the reality of this situation.

I stongly advise my clients against purchasing a home until their existing home has an accepted purchase agreement.

The area you specified zip code 89135, there are 89 homes for rent with monthly rents ranging from $1,100 to $10,000 per month. There are only 7 homes to choose from that have said they would consider a lease option. Typically the lease option homes are priced above the current market value.
I would rent a house and sign a 6 month lease and hope the property in San Francisco sells in that time frame.
If you need any help at all (including finding a rental) please contact me.

Ron Johnson
Elite Realty
2 votes
Jason Chapin, , San Francisco, CA
Thu Aug 21, 2008
You might want to reach out to an agent in Vegas. I'm not familiar enough with current market conditions there, but I would imagine that if the market is as tough there for sellers as it has been elsewhere around the country, that just about anything is negotiable. Consider for a second your position.

If the market is declining in Vegas there is going to be excess inventory. To a seller whose home has been on the market and whose value is deteriorating, the option to acquire rental income and negotiate a sale price now might be pretty attractive. You'll have to get creative with a local agent, but this is a buyer's market and you hold all the cards.

One place to start could be real estate companies that do both residential sales AND leasing. At Urban Bay here in SF we have a great staff of leasing agents who manage our portfolio of privately owned furnished and unfurnished rentals. A company like ours in Vegas would be in the best position to negotiate an agreement such as the one you are looking for.

Hopefully you've got some time to shop that market...

Good luck - stay away from those black jack tables!

Jason Chapin
Urban Bay Properties
2 votes
NonRealtor, , 23456
Thu Aug 21, 2008
Maybe you should sell your house in SF first. Can you afford both? What if it takes a few years to sell the property in SF? Good luck
1 vote
Damon Bottic…, Agent, Las Vegas, NV
Thu Aug 21, 2008
You could start by looking at lease options that would fit your criteria. There won't be too many...but it really depends on what you're looking for.

If your SF home is in contract you'll have a much better chance of purchasing a home contingent upon your SF home closing.

You could also have your Las Vegas agent contact potential sale listings to find out if the seller is open to the idea of a short term lease option.

If you can't find a lease option you're happy with, perhaps a 6 months lease will give you the time you need to sell your other home.

Click on my profile if you'd like to contact me for help finding your home in Las Vegas.
1 vote
Frank Diaz, Agent, Honolulu, HI
Thu Aug 21, 2008
Your agent in SF will have to prescreen the properties that you like, to make sure that you can do a lease while waiting to close. I strongly recommend against this.
It's best to get a rental, and even store your furniture if you have to, until the first one closes or is close to that point.
There are too many variables:
1. If the place you buy has defects, such as broken plumbing, a bad water heater, etc.
2. Your first place my not sell right away.
3. You could have to move due to job changes.
4. You may change your mind and like a different neighborhood better.
5. What if the new home is involved in a dispute, domestic, bank or otherwise?
And so on....
1 vote
Aap, , 89135
Fri Aug 28, 2009
We live in Red Rock Counrty Club and are actively looking for a larger home within the same neighborhood, to accomodate extended family. We, too, would like to sell our home before committing to a new one. We have been unable to find a lease option in our neighborhood. My personal advice would be to sell your home, first, if possible (our come lease our's until you do so!!).

Best of luck.
0 votes
Joseph Rugge…, Agent, Las Vegas, NV
Thu Aug 21, 2008
I agree with Bill in that the homes that are willing to do a lease option are usually somewhat difficult to find in the area you specified. I would recommend a short term furnished listing that is located close to the area you would like to make your permanent home then you can really narrow down the homes you are interested in so when you home in the the Bay Area sells make an educated offer in a rapid manner. I happen to have a totally furnished rental listed that is located in the Vistas village in Summerlin (89138) that may work well for you. Click on my website below for more information!

Joseph Ruggeroli
Web Reference:
0 votes
Bill Johnson, Agent, Las Vegas, NV
Thu Aug 21, 2008
Lease option has its advantages and with good negotiation you can lock today’s prices in. In this type of transaction you must be sure that the property you pick is the one that you are going to be happy with. There is a large option deposit that is not refundable. I am working with a family that is looking for a 5 bedroom lease option and we are not finding the choices of larger homes as easily as the 3-4 bedrooms in their desired area of the valley. If I can be of assistance you can reach me on 702.553.6543 and good luck!

Bill Johnson
Realty America
0 votes
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