Sale in Jeopardy

By
Real Estate Agent with Value Added Service, 602-620-2699 SA5376460000

Sale in Jeopardy - 

A pending listing of mine is in jeopardy of falling Selling a house with solar panelsapart thanks to a Solar Lease.  Having sold homes with Solar Leases before, I'm dumbfounded on this one.  One company sold the panels and the lease is with another company.  The salesman told me that the buyers need only have a 650+ FICO score.  The leasing company wants higher.  

This is just bad business all the way around.  I can say that the leasing company is not in the top 5 in the sale of leased solar panels in Arizona.  Is that the problem?  

The largest leasing company in Arizona is Solar City.  My last sale of a home with solar panels sailed through no problem.  This listing is not with Solar City.  They should take lessons from Solar City!  

If my sale falls apart because of the leasing company, how many others will fall apart because they won't qualify the buyer?  I've heard of this happening but haven't experienced it.  As a NAR GREEN and EcoBroker agent, I can tell you my word of mouth will be HUGE in terms of connections.  This company best get it together if they want more business.

I've already told the salesman with another company via e-mail what is going on as he told me no problem. Well it is a problem for the seller and for their reputation.  

Have you experienced this before?

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Topic:
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Arizona Maricopa County Scottsdale
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Tags:
nrg energy
selling a home with solar panels
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Ambassador
3,092,797
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Good grief!  Sellers being at the mercy of who the solar panel leasing company thinks is qualified?  That's is insanity.

Jun 16, 2014 01:47 PM #1
Ambassador
3,092,797
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Featured in the group:  BARTENDER, MAKE IT A DOUBLE.

Jun 16, 2014 01:48 PM #2
Rainmaker
980,754
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Thank you for the feature Chris Ann. I'm beyond livid!  The salesman said 650+ is okay, but the leasing company declined them.  I'm livid!  Thanks for your support!

Jun 16, 2014 03:24 PM #3
Rainmaker
2,346,102
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Sounds crazy to me Jan, especially since you were told 650+ was sufficient.

Jun 16, 2014 08:11 PM #4
Rainmaker
810,452
Chris Griffith
Downing-Frye Realty, Bonita Springs, FL - Bonita Springs, FL
Bonita Springs Listing Agent

Wow, I've never had any experience with solar leasing (from the sunshine state, no less).  Learn something new every day!  Sorry to learn of your woes.

Jun 16, 2014 08:13 PM #5
Rainmaker
3,633,568
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Jan. This is a new thing for me and I feel your pain. What can the seller do, change companies?

Jun 16, 2014 10:28 PM #6
Rainmaker
790,129
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS

Wow, I can only imagine how difficult this can be when you have a propensity for leased solar panels in your area - pleaes let us know how it turns out, good learning curve. 

Jun 17, 2014 04:14 AM #7
Rainmaker
1,560,731
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Can't they take the solar panels OFF and not "lease" them any longer?  I don't know much about this process since we don't have many of these types of things here.  

Jun 17, 2014 05:57 AM #8
Anonymous
Lisa Sipes

We had a listing with a solar company and it had a lease that had to be assumed by the buyer and TWO buyers could not qualify because of credit issues! They could qualify for the mortgage, but not the solar lease and it was a nightmare!!

Our sellers eventually decided to refinance their home and keep it….they may sell it in the future and the hassles from going in and out of escrow because of the solar issue contributed to their decision to keep their home.

I would not recommend putting a solar lease on any home!

Jun 17, 2014 11:42 AM #9
Anonymous
Lynn Bennett

There's still so much wrong with solar panels! No one ever mentions doing a test on the trusses of the home to see if the roof can withstand the weight of the home. My husband, a contractor, says the older homes are not built to hold that weight, and will cause problems down the road.

Jun 19, 2014 08:07 AM #10
Anonymous
Sharon Johnson-Smith

Gosh, what a terrible situation! For those who do not know how solar leasing works... The homeowner must sign a long-term leasing agreement (commonly, 20 years) which is obligatory for the full term. Therefore, if the homeowner wants to sell the home prior to end of leasing term, the new buyer must meet leasing company's qualifications.

Jun 19, 2014 02:29 PM #11
Ambassador
1,509,412
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Sounds crazy!  I did have a home go into a short sale position because of the water filtration system they put in.  This sounds much different but I find it insane that sale could be held up or thrown into short positions from things like this!

Jun 21, 2014 06:42 AM #12
Rainmaker
980,754
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Roger - You're right, but it's always a good idea to go to the source of information!

Chris - there's always an opportunity learn something new in this biz!

Sheila -No, the seller can't change companies.  They are locked by a financial agreement with the company that leased the panels! 

Carol - A whole nother learning curve for most agents!

Renee - So sorry about that situation. Sounds similar!



Sharon - True!  The lease can get in the way of the sale and expectations must be managed. 

 

Lynn - I'm pretty sure the installers test the trusses, but will leave that answer up to someone else!

 

Carla - No, unless the seller and buyer agree and someone pays off the lease, the panels convey. 

Lisa - Yes, a good lesson for many sellers.  Read the fine print when adding solar to your home. 

Jun 25, 2014 02:46 PM #13
Rainmaker
687,450
Cynthia Larsen
Cotati, CA
Independent Broker In Sonoma County, CA

Jan - I just finished a month's worth of research on leasing vs. buying vs. PPA (Power Purchase Agreement). Hands down, buying a solar system is the way to go. A 20 year contract for a lease or PPA is just nuts and quite the hassle when needing/wanting to sell. It makes no sense to affix $20,000 or more worth of someone elses PERSONAL property onto your REAL property. It's a scam as far as I'm concerned. Good luck with your listing!

Jul 14, 2014 04:04 AM #14
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Rainmaker
980,754

Jan Green

HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN
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