Buying the Home You Are Renting:
A Client Case Study
Buying the home you are renting sounds like an easy thing, right? Not always. Here is how The Goodhart Group helped a recent client navigate this process and secure their dream home.
THE CLIENT
The G’s are an adorable young family with two active and growing boys. They had been eager to buy home but the timing was not right for them. We helped them find a rental and stayed in touch over the course of a year.
THE PROBLEM
The G family decided it was time to buy a home. After a few months of searching, they realized they couldn’t find a home they liked more than the one they were already renting. Fortunately for them, their landlord decided it was time to sell. However, the landlord had unrealistic expectations on the pricing of the home.
HOW WE HELPED
Since the relationship had changed from landlord/tenant to seller/potential buyer, the G’s really needed a Realtor to step in. We served as the go-between between the G’s and their landlord. We ran the comps for the G’s and helped them see that the price the landlord was asking was quite high. We then suggested an appropriate offer price and strategy.
There were several rounds of negotiations with the seller, but in the end, we helped them get the house at a price that was fair to all.
END RESULT
The best part of buying the home you are renting? There’s no move involved, which is especially nice when young children are involved! Our clients were able to stay put in a home and neighborhood they already loved.
THE BOTTOM LINE
While buying the home you are renting may seem like a very easy real estate transaction, it’s still very important to have a trusted Realtor on your side. An expert who knows the current market and the ins and outs of your neighborhood will have insights your landlord will not.
Thinking about a buying? Contact us today. It’s never too early to get the process started. Or download our free First Time Buyers’ Guide today.
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