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Old 05-15-2008, 07:08 PM
 
Location: suburban Vancouver BC
13 posts, read 35,657 times
Reputation: 15

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Let me first make a point that the Canadian housing market (I'm Canadian) is not suffering like the States. We are still in a situation where people are moving/selling because they want to, rather than have to. Although my area is undoubtedly considered a buyers market.)

My problem is with the home we would like to purchase. We placed an offer (subject to confirmed sale) about 3 weeks ago, which was accepted. It is a new home, and what was particularly enticing is that it was bought and being sold by an investor, which means that the GST (federal tax) on the home has already been paid. This house is currently vacant.

My realtor called the listing agent (of the house we want to buy) today to see if the seller would be willing to accept an extention since the contract on my sale needs to be extended. She (the seller) is willing.

However...

Apparently she can no longer afford the carrying costs & wants to rent out the house.

This does not bode well with me. It probably sounds rediculously petty, BUT my MAIN reason for wanting this house is that it's new. After going through a ton of crap (and I do mean a ton of crap) with buying a resale with my last purchase, I have little to no interest in living in a house that's been lived in. I want appliances that have never been used, I want a kitchen where I KNOW the countertops have been protected by a cutting board, I want a washing machine that I know hasn't been overloaded & the motor isn't damaged as a result, etc, etc...The list goes on and on. Nevermind the 'dings' left in walls from moving in & out.

Our contract stipulates that the property & home be in the same condition as it was when we viewed it. I can't see how this could be possible, since we viewed the home vacant & now she wants to put renters in there. Used vs. never been used? Big difference!

So what now? Do I...

a) let the current contract expire & wait until the sale on my home is set in stone; submit a major lowball offer, knowing that she's desperate to sell. And just suck it up & accept that if I want this house, I'm going to have to live with dented walls & used appliances?

b) Re-submit an offer at a lowered price, letting her know that we are unimpressed with the idea of having the house being 'used'. In hopes that she will reconsider the idea of renting it out? (Perhaps strong-arming her into keeping the house vacant & contuing with our previous agreed price)

c) extend the contract, taking my chances that renters will not do any damage (right) & will actually be out of the house once it is time for me to move in. And then go after the seller to re-imburse me for the house not being in the same condition as it was when I viewed it? (as per the contract....erm, new & unused?)

d) Walk away & accept that this isn't the house for me & my family?

What would you do?

I have real reservations about buying a house that's a rental. I'm not talking about the average house here, it's BIG bucks (close to $1MIL). And I know, based on experience, that as a renter, ANYTHING even half decent requires at least a 12 month lease. I can forsee so many things going wrong, making it an absolute nightmare!

OY! My head is spinning. Maybe I should just walk away...

Please offer me some perspective on this!
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Old 05-15-2008, 07:29 PM
 
Location: Salem, OR
13,716 posts, read 31,390,569 times
Reputation: 12071
Can YOU be the renters for the house you want, and rent YOURS until it sells?
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