So - any news? Are you getting more showings?

Not really. Showings were never our problem. In 7 months, we've had over 60 showings. The issue is that the people who like it and come back for a second showing always end up going with another house. UGH!!!

3 days after we listed with the new agent, we had a showing and the buyer LOVED the house - she loved everything about it. She scheduled a second showing and came back on Sunday. But the feedback was that her parents talked her out of it because they wanted her closer to them (and so they talked her into buying a house in a different town, 10 miles north of us). UGH!!! We can't catch a break.

So, as of last night, we are listed for sale AND for rent. Out of nowhere, we are bombarded with showings for this weekend - but they're all for the rental part of it The realtor called me and said the response is so overwhelming (to the rental listing) that they're holding an open house this weekend to accomodate all the showing requests.

Sounds like we'll probably rent it for a year or two and then try again to sell it later. Maybe at a better price (and recover some of the money we've already lost on it?) - I can hope, can't I? LOL

Thanks for asking!

Hang in there, Daughter and Son-in-Law have been a two mortgage family for one year next month. Scheduled to close next week but they have been this close twice before. I keep you both on my prayer list.

matches, lighter fluid, problem solved...

I'd recommend that you get a larger-than-you-think-you-need security deposit before you rent it out. I've heard just recently of a couple of cases where sellers rented when they couldn't sell and the renters have trashed the place, so now they'll have to spend big bucks putting it all back together before they'll be able to sell it later. It might also be worthwhile to have a lawyer look over the lease document for your protection. Keeping you in my prayers that something good happens soon. Good luck!

also make sure to check out the tax consequences of renting, and the impact of taking depreciation on the rental property and gain/loss on its eventual sale....

still think the following is a viable alternative...

Is the barbque for the Real Estate people or the potenial buyer.

Free steak with every purchase?

Ugh, I think I'm going to be sick... The stress is killing me!

We have potential tenants that really want the house and they indicate that they want to do a lease-to-own and buy it in a year or two. They want a 2-year lease. It sounds good on paper, but I can't help but think of the worst case scenario! Ugh...

Wouldn't that be a Section 8 violation?

Have you considered offering a land contract?

Talked to my realtor about the land contract thing earlier today. He doesn't like the idea. He said that with a land contract, if they default, I have to file foreclosure v. eviction, and it's more costly and time-consuming. The state of Indiana has some good laws regarding eviction - I could file as soon as the tenant is 10 days late on rent and then it usually takes 30-45 days to get them out - at the most.

He says he spoke to the couple who applied to rent my house. I've reviewed their app and it actually sounds pretty good. They've never paid rent late anywhere in the last 10 years. They have one son who is autistic and they really want to live in a good school district for him (we have the best schools) and this house is everything they're looking for.

The one red flag is that they had a bankrupcty filing a while back. It's been settled and everything and everything else on their credit (aside from that, LOL) is current. I guess it was due to medical expenses. The guy has a good job (provided pay stubs), the wife is a stay at home mom and they have the one kid. Non smokers, no pets. On their app, they indicated they want a 2 year lease and they want to buy it as soon as they can. My realtor says they are really serious about it and have been doing everything "right" since their bankruptcy to get their lives back on track.

They're willing to practically give us the entire balance of their savings account to get our house. I'm so torn! I really want to go ahead and do it, my husband is really hesitant because he's only thinking of the worst case scenario (they don't pay, they destroy the house, etc.)

UGH!!! I need advice from BOL geniuses!

Nessie - it sounds like it's worthwhile looking into. A friend of mine is doing this - they worked with their attorney to draw up an agreement so they could retain all rights to the property during the lease stage that would terminate once the couple was able to purchase. It sounds like they may be on the up and up.

If your Realtor is going to be your property manager it should work ok since you are so far away. They can check up on the property for you from time to time and handle making arrangements for repairs as needed.

Never trust a realtor for any type of advice. Actually never trust a realtor. They are the biggest group of clueless dirty scammers out there only looking out for themselves and their 6% commission. It blows my mind some of the things that come out of their mouths at a closing table sometimes.

I am guessing he does not get his full commission with a land contract

Secure a good real estate attorney and see what they have to say about a land contract, and the pros and cons of it.

What he said ^^^^^^^^^^^

I understand that the bankruptcy is a red flag for you...but remember that there are lots of paths to bankruptcy and not all of them involve financial irresponsibility.

Work with a good attorney and draw up a lease to own...they will have benchmarks to meet....and if they are not serious, you'll know pretty quick.

For as much as you've been hoping for your situation to work out...this family has probably been looking for this window of opportunity...it may be perfect that you'll be the answer for each other.

I can't give advice on the real estate part....but, if you and your husband have agreed to rent the house because this is a buyer's market...then the people you are going to see who are wanting to rent probably are unable to buy right now. In line with what Layers said, having a bankruptcy on your credit report doesn't guarantee bad things any more than not having one guarantees good things. I would probably be inclined to ask for references from previous landlords and that would be a better indicator of how well they will take care of the property. JMHO, but this may be the answer to your prayers. God bless!

We decided to give that one family a chance. They are really excited about it and really do have long-term goals to buy it from us in 12-24 months. I asked for 2 months deposit and also I did not want to sign a 24 month lease, so we're doing a 12 month lease instead. They want long-term, but I didn't want to be stuck in a long-term lease if they ended up not paying on time, etc. At the end of the 12 months, if all is well, we will renew for another 12 months (if they still are not in a position to buy).

They're making the security deposit today and we'll be getting a copy of the signed lease tonight. They're moving in July 1st. So, starting July 1st, I don't have to worry about all those utilites and my mortgage payment. Our rent (minus 10% fee that our realtor is taking for his company to manage the lease) will cover everything but $60. $60 per month is easily made up - all we have to do is go out to dinner 2 times less per month and we're even. Plus, with my husband being done for the time being with his physical therapy (which was costing $80-120 per WEEK), we'll be ok.

Hallelujah!!!

Now I'm just hoping that my gut feeling about these people is right. Worst case = they don't pay rent and destroy the house. Best case = they pay rent on time and buy the house from us in 1-2 years. My gut it telling me these people are going to be good tenants, so I choose to focus on the positive.

Thank you ALL for your support.

Congrats...but really? a whoel new thread for an update???

Oops, sorry - I thought I was posting it in the other thread. I think QCL already moved it for me.

Did it send you a message?

I tried to get the move function to send a message, did it work?

Yep, it did! Thank you! I didn't mean to have yet another thread - I appreciate the merger

No problem and congrats!

I personally love being able to look back at my thread and rereading all the prayers from everyone over the years. Now you have it all in one place

::speechless::