The owner of the home in Maine relocated, has to rent the house out to help subsidize the property they carry here.
To be able to buy a place in the new location. Or just to help with bills because they too are renting on the other end.
Until the place, home in Maine sells. But there is a problem, a kink, a wrinkle.
The renter tells the owner he is going to buy their home in Maine.
So the owner figures here we go. One loose end tied up. But months go by.
No purchase and sale agreement. No talk even on the price the property is going to be selling for to see if they can even afford it.
Often the renter is not going to buy the Maine home. Knows it. But they don't want the owner to list and sell to another buyer ready to purchase. Because that means the renter has to move, end of the movie. The lights come on and we don't care where you go but you can not stay here happens. See ya.
The owner is strung along by the Maine home renter, with no intention of buying.
Or the renter does want to buy. But a little session with a local Maine banker and rut rho.
No way this renter is a buyer. Not today, not a year from now.
But they fail to share this with the owner of the Maine home.
Because it is survival, doing what is best for the renter.
To keep this roof over their head no matter what for their family. Moving is expensive.
Homes to rent in Maine don't grow on trees either.
Because a single family home rental does not make money, will not break even. You need two rental units to do that. Three units or more to make money as a rule.
Often the Maine home owner gives the renter a deal. Below market rent on the premise he is buying the place. Renter said so. That's good enough for the owner. Problem solved. He thinks, hopes.
When a real estate professional is involved, he understands we need a Maine home renter to help subsidize this dog and pony.
To keep the finances healthy for the owner. So easy does it with the renter. Give him a day's warning to show the place when listed.
Make sure showings are to qualified buyers because they are a hassle.
Let him know what is happening with the sale process and showings so he does not worry for nothing.
Gets put on yellow, orange and then red alert as the sale process moves along.
And right up front, hopefully because we are involved with finding the renter, we set the expectations early.
You are a renter, month to month tenant. Tenant at will. I will keep you in the loop on how the sale is going.
The new buyer could want to keep you as a renter or gotta go. A move and I will help find you a place.Or you can at any time be the buyer. But not both, not a straddler. You're in or out as far as in the renter or the buying, driver's seat.
I have had one renter help me sell three places, Maine homes.
She was better than all three owners in keeping the place ship shape. It happens. Renters who make your property listing, the Maine home with my sign out front look like Stephen King made a movie there happen too.
Or the renter who tells everyone we are buying the place so don't even think about getting too interested.
Or they can make up things about the kids are sick a lot and maybe it's the water, or the place is haunted, etc.
When I don't get to help find the Maine home renter. To ask questions about where the renter lived before, make the calls.
Or collect the first, last and extra month rent for security deposit when we do pick one.
To set it up right to have a sale of the Maine house happen.
So the renter who tells the owner I am buying your Maine home.
And they think great don't need a real estate agent, broker. Not so fast, a year or more can fly by before the seller realizes no they are not buying my home. For lots of reasons. And like any prospect that shows interest, there is a process to determine if "they are the one".
A Maine real estate agent, broker will help that renter line up financing, overcome obstacles on a home purchase.
Or determine, nope. Just a house renter, not a buyer today or even six months, a year from now or longer.
Lots of time wasted in the rent to own, option to buy Maine homes that don't end pretty.
Because of credit, debt ratio problems, loss of job, middle of a divorce, legal battles, terminal health problem.. all kinds of problems that derail real estate sales.
Renters, buyers of Maine homes but the rent with option route, all kinds of problems. A can of worms.
Get a real estate professional, a Maine agent, broker, REALTOR on board early on to find the easy way to a closing.