Ever wish you could test-drive a house before you buy it?
A new trend in real estate is encouraging potential buyers to do just that. They’re getting the opportunity to spend quality time in the home before putting a penny down. It might sound a little odd, but it can also help you make a more informed decision — and possibly save you from buying the wrong house.
In the accompanying episode of Destination Home, we follow Roy Berenholtz, a New York anesthesiologist, who tests out this strategy.
Berenholtz is interested in the one-bedroom, East Harlem apartment in New York City shown in the video. But before he decides to make an offer, the realtor is letting him and other serious buyers spend the day or night in the apartment to put it under some extra scrutiny. Berenholtz jumped at the chance.
Hopefully any Realtor who is crazy enough to put a buyer in a property without a fully executed contract and a closing, has a million dollar liability policy with Lloyds of London.This message has been edited. Last edited by: real estate lady,
Sometimes something similar is called "rent with option to buy"?
Many rental vacation homes are repurchased by prior renters when they finally do go on sale, or an offer presented to the existing owner.
I can see the value in this, as we rented a month the area we finally purchased in for three summers prior. Got to know the neighborhood and many of the neighbors. We did not buy the rental, but loved what the area had to offer. One night in a house full of someones personal stuff would not do it for me though (more like breaking and entering?). Especially if it was a family I was moving in, not just myself and DH.
There would need to be a LONG contract, tight rules and a HUGE damage deposit.
A few visits to the prospective home at different times, and a good inspection prior to purchase would be just as helpful, and chances are, a LOT more acceptable to all considered.
The OP states ~~stay a few days for free..I don't believe she was talking about rent to own...or just renting.
Back in the eighties however Florida developers would hold Orange Juice Seminars up North and select candidates were flown for free to the Florida Community for a free week vacation..in hopes of sales.