How much should I ask for, in a lease buyout, from the owner wanting to sell the house we are renting.?

Asked by Ashley, Dallas, TX Tue Oct 21, 2008

The owner of the house we are renting wants to sell our house with 6 months left in our lease. We pay $1,350 a month for rent.

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5
Tony Grech, Mortgage Broker Or Lender, Southfield, MI
Tue Oct 21, 2008
Hi Ashley,
So it sounds like he wants to get you out because he's selling the home? I would first take a close look at your lease agreement to see if there are any provisions allowing either party to break the agreement. If not then try to work with your landlord to come up with a fair compromise.

For example if the going rate for a comparable rental in the area is $1450 then I think it would be fair to ask for $600 (6 mos remaining X $100) plus a portion of your moving expenses. After all, you'd probably have to move anyway once the lease is up right? I think that would be fair. Do some number crunching and figure out how much expenses you would incur because of this inconvenience (you'd also want to maybe add a few bucks in for your troubles) then present it to the landlord. Depending on your landlord's situation he might be able to monetarily compensate you or do some sort of a tradeoff in the form of reduced rent til you leave.

If your landlord is unwilling to work with you on a settlement then your next step would be to speak to a lawyer.

Good luck
1 vote
T.E. & Naima…, Agent, Dallas, TX
Fri Oct 24, 2008
Since you don't have to move, unless you agreed in writing that you would move out should the owner sell it, you are in the driver's seat. If you cannot negotiate a reasonable settlement to help you move out and into another place, then you could just stay until your lease is up.
How much is always a sticky question, since people have different feelings about what is fair. If your monetary cost to move earlier than you planned is $500, then you should ask for at least that. The inconvenience to you is worth something as well.
Try to find another place and see what it would cost to move. If the new equivalent place is higher in rent, then add that to the moving cost. Add some for your inconvenience, and then go to the owner to ask if he will pay that to get you moved out right away. Don't forget you have a deposit with him and one to make on the new place. Ask if you can get your deposit back in anticipation of moving, too. He might do that, too.
Web Reference:  http://www.SumnerRealty.com
0 votes
Viktor Taush…, Agent, Dallas, TX
Wed Oct 22, 2008
If you would like to stay, the lease move with the property.
0 votes
Bruce Lynn, Agent, Coppell, TX
Wed Oct 22, 2008
Interesting....

Do you want to stay if he sells the house? That is possible. Your lease could transfer to the new owner. Chances are it won't sell for another 3-4 months anyway.

If you do want to move, then I would want all moving expenses including utility change fees, my full deposit, and perhaps 1 months rent or a fee equal to the amount he planned to charge you if you subleased the home.

Probably the best thing is to be reasonable to have a chance of getting some of these items back.

Do you need any assistance finding a new place?
Web Reference:  http://www.teamlynn.com
0 votes
Chuck Fleisc…, Agent, Richardson, TX
Wed Oct 22, 2008
Hello Ashley,

First, the lease runs with the property as long as you are current and in good standing. A new owner will be required to honor the remaining term. If you have an interest in buying the house now would be a good time to investigate getting a mortgage ;) Talk to the owner and find out the facts about the sale so you can inform your Loan Officer. Secondly, my company has owner financing programs that might help you.I live and work in the Dallas area.Feel free to call me with questions.
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