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Old 06-29-2010, 01:30 PM
 
Location: Texas
380 posts, read 585,653 times
Reputation: 227

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Would it be allowable, as buyer, to negotiate a price on a property with the seller, decide on a price, then rent from the seller until the buyer's former property sells, at which time the buyer would make the final purchase from the seller?

Does this arrangement ever occur, and are most sellers receptive to it?
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Old 06-29-2010, 02:24 PM
 
32,494 posts, read 50,965,633 times
Reputation: 18379
not a realtor but don't think that holds much hope unless the seller is out of the house and desperate to get a renter/buyer...
most sellers I think would see that process as fraught with possibilities for problems--
damage to the property while renting
refusal to continue with the sale
the buyer never selling that house so the seller's house is in stasis

sellers want to sell--they have a price they want to sell at
practically, to rent a property that could suffer deterioration in price and/or condition while the sale is waiting to take place is just too tentative...unless they feel they have no choice--

some sellers MIGHT take a contingency contract which means they hold their house off the market at an agreed price and give the buyers of their house a certain amount of time to sell theirs--maybe a month...before the deal is off...and everyone lives where they own usually...

some people will buy a house/close/and let the seller rent it from them for short time while moving out or to make sure the funds transfer and the sale is completed--we had friends buying house in Colleyville a month or so ago who did that with seller of their house--he stayed in for like 3 or 4 days after closing just to make sure everything transferred...
they had already sold their house in Bedford and were living with her mother...so they did not have to find a place to stay for that short a time...

but the rentor laws in TX make it very difficult to get someone out of a house they are renting if there are problems--so allowing someone to move into YOUR house when you want to sell it might be a problem down the line...
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Old 06-29-2010, 03:15 PM
 
Location: Mostly in my head
19,864 posts, read 59,897,193 times
Reputation: 19248
Loves2read has given you good advice. Although not a RE agent, I have bought and sold houses around as I moved. I would NEVER go for what you are proposing!
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Old 06-29-2010, 03:46 PM
 
Location: Texas
380 posts, read 585,653 times
Reputation: 227
Thanks, guys. So the best route if the seller doesn't agree would be a bridge loan I assume?
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Old 06-29-2010, 07:22 PM
 
Location: DFW - Coppell / Las Colinas
36,666 posts, read 40,742,889 times
Reputation: 44124
Do you want to take a chance in having 2 house payments ? Why don't you just lease a home here until the other sells ?

That's very common in todays world with people having trouble selling their old homes.
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