The sign says FOR SALE- not for RENT!

By
Real Estate Agent with Keller Williams Greenville Central

Are you sick to death yet of getting that call? Will your seller lease/purchase, bond for title, rent? I know I am although I've been told that this is the next "wave" to come. As agents we can put this information in the remarks section of MLS so that agents showing do know if that property meets the criteria. But I've had buyers agents try to beat me up over the fact that my sellers (who are flip investors for the most part) will not even consider these options.

No, my sellers want to SELL the property. If they don't sell, they can't continue to flip and create cash flow as well as improving the subdivisions where these houses are falling into ruin by just sitting there empty.

I personally have never done a lease purchase...close a few times and I know it can be a lucrative industry if we collect our "portion" on the front and back side of these deals. But the paperwork is overwhelming. I'd just as soon list/sell and represent buyers on a purchase side. Realizing that there is much need for lease/purchase in today's market, we have specialists that can take care of these thing and give us a referral as well.

But again I recently had a leasing agent call me and browbeat me! What do you mean he wont' consider leasing it? It's been on the market for 2 months..what's he gonna do..just let it sit there?" Geez dude you're right..it's only been on the market for 2 months and for goodness sake IT"S SPRINGTIME. The buyers are out in droves. What would YOU do Mr. Leasing agent if the prospect of selling vs. lease on your own home came forth? I bet you'd wait out the spring at least!

Do we need now to put extra riders on signs that say "for sale ONLY?". What's a good agent to do? Just weather the storm I guess and take it in stride and pray for the buyers to get qualified.

Good hunting!

Comments (6)

Melissa Polce
ERA, Wilkinson Real Estate Charlotte - Huntersville, NC
Lake to Land, I've Got It Covered!

that is so funny and we get the calls here as well...thanks so much!

Mar 15, 2010 07:49 AM
Anonymous
linda franks

Doesn't matter- when people are out looking they will call on a "For Sale" sign or read an ad..call and ask "Can the property be rented?" This has become a dailey way of life. I have seen it more and more since 2008. However You can sometime convert a potential renter into a buyer. Some of these people do not have a clue they can buy.

Mar 15, 2010 07:50 AM
#2
Catherine Chaudemanche - Edison & Central NJ
Metuchen Keller Williams Elite Realty / Middlesex County, NJ - Edison, NJ
Full Time, Informed and Involved- Results Driven

and don't forget the calls you receive from Craigslist scams with scammers scrapping listings and asking for first month rent to be mailed to them, etc...

Mar 15, 2010 08:04 AM
Barb Van Stensel
Chicago, IL

People don't pay attention to signs and they should.  I love it when an agent walks into your listing and browbeats you or tells you you are in there "turf".   Hang in there, it will sell!

Mar 15, 2010 11:30 AM
Mark Brian
Silver Star Real Estate LLC - Anderson, SC
Anderson SC Realtor

My favorite part is when you ask how much do they have to put down and it is less money than a qualified tenant would pay in security deposits to do a normal lease!

Mar 16, 2010 01:45 AM
Janie Diggs
Realty Executives Liberty - Hinesville, GA
ABR, ASR, GRI

The things you wrote are so very true. There is so much that can go wrong with a Lease Purchase. I say if you cant buy now, rent until you can buy.

Mar 26, 2010 01:43 AM