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Door 1, 2, or 3?

June 5th, 2012 at 06:23 pm

The next chapter in our continuing saga with our For Sale/Rental house.

Last July we rented our house out. The renters were interested in buying, but just "not yet". They figured they might be ready in a year. DW never believed them, and I wanted to. So, the deal we struck was to charge them an extra $100/mo. above our rental fee. Their "cost" for us taking the house off the market for them to save up a down payment, and line up financing.

We're getting near the end of the year, so we began a "where do we go now" conversation with them. When it became clear to me that they had no intention of buying the house, I gave them 3 options:

1. Let's negotiate a price, and you buy the house, as we had planned.

2. Pay monthly what we are paying for our mortgage, and we'll keep the house off the market for another year. That would be about $150 more than they are paying now.

3. Pay us the original rental fee ($100 less than what they had been paying), and we'll list the house for sale again. We'll need to give them 30 days notice to move out if/when the house sells.

Our rent check showed up in the mail yesterday. It was for $100 less than they have been paying. They chose door #3.

We're working on getting the house listed again. Hopefully by the end of this week.

It's nice, at least to know what direction we're heading.

Oh yeah, we dropped the price $20K from our previous listing.

Anybody need a house in beautiful N/W Michigan?

2 Responses to “Door 1, 2, or 3?”

  1. creditcardfree Says:
    1338917349

    Fingers crossed this can be a quick sale this time for you. I assume you have to give the renter's notice before showing it? Will they keeping it clean and tidy? Good luck!

  2. pretty cheap jewelry Says:
    1338933425

    This is similar to what happened to a friend of ours with a weekend house up the road from ours in the country. He had renters who wanted to eventually buy. They didn't end up buying but had their reliable (if a bit but not much under value rent) check for many years. And good will between the renter/owner for several years. If you can let it ride out like this for awhile, it is not a bad situation.

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