House is being offered FOR RENT (Watchung, Franklin: lease, mortgage, townhouse)

[azwildcats70]

Originally Posted by monack

That sounds like a LOT of money for that area.

I wholeheartedly concur... I was thinking

I was thinking... $2600 per month... 1 month sec deposit.... NO broker fee (not sure why we would pay one... I found the house, I did the comps, I did the research... all the agent did was unlock the door and forward an email) or the landlord can pay the broker fee... she buys the appliances... we do yard maintenance... if anything breaks... it's up to the landlord to repair...

Well, I guess the owner can continue to pay two mortgages. Not my problem.

[Sergio M]

Originally Posted by azwildcats70

I wholeheartedly concur... I was thinking

I was thinking... $2600 per month... 1 month sec deposit.... NO broker fee (not sure why we would pay one... I found the house, I did the comps, I did the research... all the agent did was unlock the door and forward an email) or the landlord can pay the broker fee... she buys the appliances... we do yard maintenance... if anything breaks... it's up to the landlord to repair...

Well, I guess the owner can continue to pay two mortgages. Not my problem.

If you like the home that much, make the offer that you want and let them decide if they will accept. You may want to ask for an option to purchase, at which time there should be an incentive to get part of your rent back toward the down payment. The appraiser will decide if the home is overpriced, Your agent should be able to comp it out. Good Luck.

[Bill Keegan]

Everything's negotiable. Make an offer. Be prepared to defend that offer with facts & information to show the landlord that he will not do better than you are offering.
And BTW, in NJ, it is illegal to require a deposit of more than one and one half months rent. That means TOTAL deposit, including any pet deposit. The landlord can call the different parts whatever he wants, but the combined total can't legally be more than 1.5 months rent.

[JerseyG]

Originally Posted by azwildcats70

I wholeheartedly concur... I was thinking

I was thinking... $2600 per month... 1 month sec deposit.... NO broker fee (not sure why we would pay one... I found the house, I did the comps, I did the research... all the agent did was unlock the door and forward an email) or the landlord can pay the broker fee... she buys the appliances... we do yard maintenance... if anything breaks... it's up to the landlord to repair...

Well, I guess the owner can continue to pay two mortgages. Not my problem.

A month and a half of security is pretty much standard in ANY market. Renter's market/buyer's market or otherwise. Same as, with a single-detached house, upkeep of the property (lawn). Appliances (other than washer/dryer and fridge) are also pretty much standard. If anything breaks, that you didn't have a part in it breaking, yes, it is the landlord's responsibility to repair.

If it wasn't YOUR broker, I have no idea why you would be paying a fee other than the agent promised the owner that he'd/she'd work it that way.

I had a house listed for $2300/month to rent. Got a call from some wacko realtor who told me she "had good client" and I would never get $2300/month, not in this market! "It's BUYER market.". Which is fine, but she wasn't trying to sell my house. DUH? She offered me, through her client(brand-spanking NEW everything 3 bed 2 bath on an acre in Warren) $1700 a month. I hung up on her. Two weeks later I have a renter who is paying $2300/month. Who would have thought?

People aren't going to give their stuff away just because the market and the window shoppers think they should.

[wileynj]

Originally Posted by azwildcats70

The house is also for sale. The house is over priced both as a sale and as a rental. Owner won't budge on the sale price, so we are considering renting it. Anyone have any tips for negotiating the rental price?

I thought you and huby purchased a home in Union??? Did that fall thru? Is the rental a rent with option? Typically they give you a percentage of the rent toward the purchase... it's typically not alot.

[azwildcats70]

Originally Posted by wileynj

I thought you and huby purchased a home in Union??? Did that fall thru? Is the rental a rent with option? Typically they give you a percentage of the rent toward the purchase... it's typically not alot.

The house in Union ended up being so much grief. Everyone was dragging their feet. Our mortgage brokers, the seller, their attorney, etc... The appraisal was in question and then the mortgage broker was insulting and rude when we pushed to get the loan completed faster. We actually canceled the contract. The whole thing became so convoluted, that nothing felt right anymore.

[azwildcats70]

Originally Posted by JerseyG

A month and a half of security is pretty much standard in ANY market. Renter's market/buyer's market or otherwise. Same as, with a single-detached house, upkeep of the property (lawn). Appliances (other than washer/dryer and fridge) are also pretty much standard. If anything breaks, that you didn't have a part in it breaking, yes, it is the landlord's responsibility to repair.

If it wasn't YOUR broker, I have no idea why you would be paying a fee other than the agent promised the owner that he'd/she'd work it that way.

I had a house listed for $2300/month to rent. Got a call from some wacko realtor who told me she "had good client" and I would never get $2300/month, not in this market! "It's BUYER market.". Which is fine, but she wasn't trying to sell my house. DUH? She offered me, through her client(brand-spanking NEW everything 3 bed 2 bath on an acre in Warren) $1700 a month. I hung up on her. Two weeks later I have a renter who is paying $2300/month. Who would have thought?

People aren't going to give their stuff away just because the market and the window shoppers think they should.

Basically, we called a listing agent to go look at a home for sale. We showed up and got to talking and I mentioned a home that I saw for rent on the internet. He called the listing agent and asked if he could show us that house as well. For that, he thinks he deserves $1400.

Everything on this house is over-priced. No one in their right mind would pay that kind of money for a rental in the Van Wyck Brooks area of Plainfield.

[azwildcats70]

I must be a different breed of human.... people keep telling me... if you love the house... if you really like the house... if you truly want the house.... I'm not the type of person that gets emotionally attached to purchases... I just don't. I have no problem turning my back and walking away from a deal if I do not think I am getting a fair deal. I can't tell you how many times I have walked out of car dealerships. To me, a house is the same thing.

[monack]

Originally Posted by azwildcats70

I must be a different breed of human.... people keep telling me... if you love the house... if you really like the house... if you truly want the house.... I'm not the type of person that gets emotionally attached to purchases... I just don't. I have no problem turning my back and walking away from a deal if I do not think I am getting a fair deal. I can't tell you how many times I have walked out of car dealerships. To me, a house is the same thing.

I was getting emotionally attached to the house we almost bought - which is probably why it took a day longer than it should of for us to realize that the deal wasn't going to happen. But there comes a point when business and logic take over from emotion - and if a deal isn't meant to be, it isn't meant to be.

[azwildcats70]

Originally Posted by monack

I was getting emotionally attached to the house we almost bought - which is probably why it took a day longer than it should of for us to realize that the deal wasn't going to happen. But there comes a point when business and logic take over from emotion - and if a deal isn't meant to be, it isn't meant to be.

Too true.