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Not to be rude...but why do you care if it's being rented or not, if the renter is a respectable person? Better a good tenant than a vacant place, IMO. Although I see your point about not wanting just "anyone" to rent next to you. Tough choice.
In this particular case, my main beef is that the owner has done nothing to improve the place to make it marketable. As long as she has a tenant, she treats it like a rental property. When it's vacant she sticks a for sale sign up and thats it (as far as I can tell).
As for the tenants, yes it's fine when they are good neighbors. But now the tenant is a single mom with two noisy kids (with nothing to do because this isn't a kid-friendly complex). This family would not be likely to purchase here,imo.
There are many such condos in my area as well as many with limits on the number of units that can be rented, at any one time. Owners bought into these places with the understanding that their neighbors shared the same values.
Some buyers look for this kind of stability and others shun it. There are pros and cons to each side of this.
There are many such condos in my area as well as many with limits on the number of units that can be rented, at any one time. Owners bought into these places with the understanding that their neighbors shared the same values.
Some buyers look for this kind of stability and others shun it. There are pros and cons to each side of this.
I tend to agree that there are pros and cons. As a seller, I feel for the guy if he had to move and couldn't sell his home. Yet, I understand that neighbors want to know that they are living amongst other homeowners and not random renters. Recently, a neighboring HOA lifted the "no rent" rule and now they are having to deal with questionable tenants and their questionable activities. Nice....
Postprime, why does it matter if the owner rents out HER place? I understand that she is not abiding by the rules but in the end the unit is not vacant. I agree with the other poster who stated that the place could be foreclosed. If the place forecloses your property value will take a hit when the foreclosed property sells for thousands under market value.
If renters start to out number the live-in owners at least you can get out without the fear of competing with numerous foreclosed properties. Yes I know you never said that there were foreclosures but that could have been the owner’s only option rather than foreclosure. We do not know why she had to resort to renting her condo.
I say as long as the current tenant is not being a nuisance to neighbors, leave it alone. You never know it may be you someday who needs to apply the entrepreneurial spirit and rent out your place. Think of it this way, knowing what you know you can approach the owner and talk to her first. In the end it would be your word against her's because unless you are cashing his “rent” checks, it’s just your observation. I doubt the renter will side with you because that would mean they would have to move out and be on the streets. Talk to the owner.
Postprime, why does it matter if the owner rents out HIS place? I understand that he is not abiding by the rules but in the end the unit is not vacant. I agree with the other poster who stated that the place could be foreclosed. If the place forecloses your property value will take a hit when the foreclosed property sells for thousands under market value.
If renters start to out number the live-in owners at least you can get out without the fear of competing with numerous foreclosed properties. Yes I know you never said that there were foreclosures but that could have been the owner’s only option rather than foreclosure. We do not know why he had to resort to renting his condo.
I say as long as the current tenant is not being a nuisance to neighbors, leave it alone. You never know it may be you someday who needs to apply the entrepreneurial spirit and rent out your place. Think of it this way, knowing what you know you can approach the owner and talk to him first. In the end it would be your word against his because unless you are cashing his “rent†checks, it’s just your observation. I doubt the renter will side with you because that would mean they would have to move out and be on the streets. Talk to the owner.
This is great advice. I think a gentle hint to the owner would go a long way towards making sure that they keep thier tenants in line. They can mod their rental agreement such that certain activities are grounds for termination of the lease, etc.
Work with them towards a win-win. This is business, after all.
Postprime, why does it matter if the owner rents out HER place? I understand that she is not abiding by the rules but in the end the unit is not vacant. I agree with the other poster who stated that the place could be foreclosed. If the place forecloses your property value will take a hit when the foreclosed property sells for thousands under market value.
In this case, it's been going on for 4 years.
Foreclosed property does not usually impact the value of near-by resales unless the substantial number of comps are foreclosures. It all depends.
In this particular case, my main beef is that the owner has done nothing to improve the place to make it marketable. As long as she has a tenant, she treats it like a rental property. When it's vacant she sticks a for sale sign up and thats it (as far as I can tell).
As for the tenants, yes it's fine when they are good neighbors. But now the tenant is a single mom with two noisy kids (with nothing to do because this isn't a kid-friendly complex). This family would not be likely to purchase here,imo.
how do you know the seller has done nothing to improve the place? have you been inside the condo? is your condo on the market? is the single mother of two your direct neighbor - could understand why you would be bothered if they are your direct neighbor? do other people in the complex know the single mother with two children are renting? maybe others (the older retired people) living in the complex know she is renting but have decided to let it slide because she is a single mother.
if you feel reporting them is the best thing to do then report them. you also said the seller has rented for 4 years, guessing you knew about the renting 4 years ago. why did you not doing something back then? why now?
how do you know the seller has done nothing to improve the place? have you been inside the condo? is your condo on the market? is the single mother of two your direct neighbor - could understand why you would be bothered if they are your direct neighbor? do other people in the complex know the single mother with two children are renting? maybe others (the older retired people) living in the complex know she is renting but have decided to let it slide because she is a single mother.
if you feel reporting them is the best thing to do then report them. you also said the seller has rented for 4 years, guessing you knew about the renting 4 years ago. why did you not doing something back then? why now?
I agree!! If the owner has been renting for 4 years and it didn't bother you. Why now? What is the real reason for your concern?
how do you know the seller has done nothing to improve the place? have you been inside the condo? is your condo on the market? is the single mother of two your direct neighbor - could understand why you would be bothered if they are your direct neighbor? do other people in the complex know the single mother with two children are renting? maybe others (the older retired people) living in the complex know she is renting but have decided to let it slide because she is a single mother.
if you feel reporting them is the best thing to do then report them. you also said the seller has rented for 4 years, guessing you knew about the renting 4 years ago. why did you not doing something back then? why now?
Quote:
Originally Posted by middle-aged mom
In this case, it's been going on for 4 years.
Foreclosed property does not usually impact the value of near-by resales unless the substantial number of comps are foreclosures. It all depends.
I don't remember reading about the number of units in the property but believe me, there is NEVER just one. I am sure that there are other renters in other units or soon to be renters on the horizon.
In reply to Workerbee: You make some good points, but there are two I disagree with. First, If I chose to violate the rules and collect rent instead of working to sell my property, I would hardly call that "applying the entrepreneurial spirit"; I'd call it laziness and dishonesty. Second, as for proving the case, home sales, are the lack there of, are public record.
I agree with other posters that the rule may need to be re-considered, but that is another issue.
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