Securing a mortgage is a significant step in the home buying journey, and avoiding common…
In a seller’s real estate market, many tenants are finding themselves on the hunt for a new place to live once their landlord decides to put their house on the market. While some tenant-occupied homes are sold to other investors who want to keep the house as a rental, many are sold to owner-occupants who plan to move into the house themselves. Here are a few things you can do when your landlord tells you that they are selling your home.
- Negotiate lower rent. If you are in the middle of your lease agreement, you may be able to get a break on the rest of your rent. Your landlord may also offer to help cover some of your relocation expenses. If your landlord is selling at the end of your lease agreement, chances are you will have to uphold your end of the agreement by paying full rent.
- Ask for an extension. Talk to your landlord about the timing of the sale. If you are actively looking for a new rental, they may be willing to work with you to delay their closing until you find a new place to live. This should not be expected, however. If your landlord is willing to delay, make sure that you are diligently searching for your next home.
- Ask for an agent recommendation. Many real estate agents place tenants in rentals as well as handle sales. Ask your landlord if they like their agent and would recommend them to help you find a new home as well.
- Make an offer. If you love your home and are in a position to buy it, you may consider making an offer. Because your landlord knows you and knows that you have a greater interest than most potential buyers to complete the sale, they may be more likely to accept your offer.