{"id":6299,"date":"2023-02-05T12:46:27","date_gmt":"2023-02-05T17:46:27","guid":{"rendered":"https:\/\/dreamhomefinancing.com\/?p=6299"},"modified":"2023-05-03T20:52:10","modified_gmt":"2023-05-04T00:52:10","slug":"landlord-offered-to-sell","status":"publish","type":"post","link":"https:\/\/dreamhomefinancing.com\/landlord-offered-to-sell\/","title":{"rendered":"My Landlord Offered to Sell Me the House – What You Should Do"},"content":{"rendered":"

\"my<\/span><\/h2>\n

My Landlord Offered to Sell Me the House<\/span><\/h2>\n

There are many renters who find themselves in a situation where the landlord lets them know the home is going up for sale and they are offering a chance to purchase before it goes on the market.<\/p>\n

If you received a call from your landlord offering to sell the house, you may have been surprised and unprepared to make the purchase. We will take you through your options and help provide you with some guidance and also get you pre-approved for a mortgage.<\/p>\n

Click to Get Help Buying the Home From Your Landlord<\/span><\/strong><\/a><\/p>\n

How to Buy a Home From Your Landlord<\/span><\/h3>\n

You have a few options in how you approach the purchase of the home from your landlord. Regardless of which one of these options you go with, understanding the true value of the home without overpaying is critical.<\/p>\n

Buying from your landlord without a real estate agent involved will provide you with some negotiation power and we will cover that below.<\/p>\n

Rent to Own<\/h4>\n

You can enter into a rent to own contract with your landlord. This option can work great for you but may not work for your landlord because they are looking to sell the house now.<\/p>\n

With a rent to own contract, you agree to a purchase price today, then a portion of your rent payments during the lease term is applied towards the down payment of the home. It is critical that you have a formal\u00a0rent to own contract<\/a> reviewed by an attorney.<\/p>\n

The typical rent to own contract term is 1-3 years. You would have an opportunity to accumulate some of the down payment money through your rent payments.<\/p>\n

You can see if this option will work for you, but we believe your landlord will be looking for the sale to happen sooner.<\/p>\n

Seller Financing<\/h4>\n

If your landlord offered to sell you the house, you could buy the home with seller financing. In this situation, your landlord would be the bank providing you with the mortgage. The landlord will most likely want a down payment and the interest rate may be higher than what you can get with a conventional or FHA loan.<\/p>\n

The benefit of using seller financing is the terms are negotiable and likely more flexible than what you will find with a lender. The down payment may be lower and you can negotiate the interest rate with fewer fees and closing costs.<\/p>\n

The major benefit to you here is landlords typically do not have lending guidelines that you must meet. No credit score or income requirements. So, this is perfect when you cannot get approved for a traditional mortgage.<\/p>\n

This option will work when your landlord does not need all of the proceeds from the sale of the home today.<\/p>\n