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jadeboy
10-27-2008, 09:46 PM
I have been looking for a SFH for about several months. One realtor tries to get to buy a certain house and warn me that if he doesn't sell the house ($629K) by the end of next month, he will help his client rent out the house using a property management firm. He said he was able to rent out a house of one of his client and now they getting $3000 per month for the home. How likely would this happen or is he trying to get me to buy?
barmanjay
10-27-2008, 09:57 PM
so,.. you are dealing directly with the selling realtor in this particular situation?

Does the realtor have any affilliation with the property management firm?
Weapon_R
10-27-2008, 10:02 PM
Probably both. A mortgage on a 629k house would be astronomical, so he's probably going to hold off as long as possible before renting it out to cover some of the costs.
Xtrema
10-27-2008, 10:18 PM
I'll say "fuck you and no thank you" then walk away.

Some of the houses in Hamptons in the $550-$650 range are asking $1800-$2400/month and no takers.

Search rentfaster.ca for yourself.
jadeboy
10-27-2008, 10:18 PM
It was just at an open house... seen the house several times.. I believe it was listed for about 890K but they keep dropping the price... He said the seller will probably rent it out by the end of of November because they will be moving to a new house at the end of November... vacant house after November 31th.

I have no idea on the management property firm. He just said that he helped one of his client out and he was able to rent out the house for about $3000 per month using a property managment firm to manage the property. I was wonder how likely/easy this would be...
Xtrema
10-27-2008, 10:21 PM
Originally posted by jadeboy
I have no idea on the management property firm. He just said that he helped one of his client out and he was able to rent out the house for about $3000 per month using a property managment firm to manage the property. I was wonder how likely/easy this would be...

Unlikely. Even if they do, it'll be short term. A lot of executive prefer short term furnished apartments anyway.
adam c
10-27-2008, 10:22 PM
Originally posted by jadeboy
It was just at an open house... seen the house several times.. I believe it was listed for about 890K but they keep dropping the price... He said the seller will probably rent it out by the end of of November because they will be moving to a new house at the end of November... vacant house after November 31th.

I have no idea on the management property firm. He just said that he helped one of his client out and he was able to rent out the house for about $3000 per month using a property managment firm to manage the property. I was wonder how likely/easy this would be...

if i was dealing with a realtor who didn't know how many days are in a month, i would laugh at him and walk away
jadeboy
10-27-2008, 10:24 PM
Originally posted by Xtrema


Unlikely. Even if they do, it'll be short term. A lot of executive prefer short term furnished apartments anyway.

That's helpful...
jadeboy
10-27-2008, 10:25 PM
Originally posted by adam c


if i was dealing with a realtor who didn't know how many days are in a month, i would laugh at him and walk away

That's my fault... he could have said Nov 30th..
topmade
10-27-2008, 10:26 PM
The real question you should be asking is: IS IT WORTH $629K TO YOU? If yes, buy it, if no, tell them no thanks, but thank you for trying to convince me to buy it. Just think about it, it's a buyers market right now so why the hell would anyone drop $3000/month to rent a house? If they do actually find a sucker to do that, it's going to be a short term for a couple of months or so.