When renters become buyers

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Q: We've been renting a single-family home that we would like to purchase if the owner decides to sell. Our lease is up for renewal. Can we use a lease clause to put us in the best position to purchase if the property goes on the market? --Brad H. A: Like you, lots of renters become very comfortable with their rental and dream of making it their own some day. It's often advantageous for both landlord and tenant to become seller and buyer.Though many of the usual home-selling conventions are honored -- for example, the seller may use a broker simply to help with the details, and a thorough inspection should be required by even the most familiar of tenants -- other steps, such as staging the home and open houses, are thankfully skipped. There's a psychological component as well. Many owners (particularly those who are not simply investors) want to sell their house to someone who will love and appreciate it as they did. When they've had a good relationship with the renters, an...