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Picture of ga.karen
posted
Thought this was interesting....

quote:
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.


http://finance.yahoo.com/news/...house-203938950.html


"The soil is the source of life, creativity, culture and real independence." David Ben-Gurion
 
Posts: 4997 | Location: SW Ga. 8b | Registered: Apr 21, 2011Reply With QuoteReport This Post
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This was a show on hgtv for awhile. Didn't last long. Would you really let a total stranger stay in your home alone? For me, there is no way that would happen.
 
Posts: 7215 | Location: North MN & Northern AR | Registered: Oct 01, 2002Reply With QuoteReport This Post
Picture of real estate lady
posted Hide Post
It's TV.
 
Posts: 9281 | Registered: Aug 14, 2007Reply With QuoteReport This Post
Picture of ga.karen
posted Hide Post
Yes, it's tv but not everyone watches those type shows. So, in case some hadn't heard or seen it....


"The soil is the source of life, creativity, culture and real independence." David Ben-Gurion
 
Posts: 4997 | Location: SW Ga. 8b | Registered: Apr 21, 2011Reply With QuoteReport This Post
Picture of real estate lady
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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,
 
Posts: 9281 | Registered: Aug 14, 2007Reply With QuoteReport This Post
Picture of Jewel
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Not a new trend, just a recycled one. I remember that HGTV show, too.
 
Posts: 8201 | Registered: Sep 18, 2002Reply With QuoteReport This Post
Picture of conrad
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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.
 
Posts: 9663 | Location: Plains & Mountains | Registered: Jun 08, 2003Reply With QuoteReport This Post
Picture of rker321
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I wouldn't mind that on a rental property, I would rent that home for 30 days, with deposits etc. and at the end of 30 days they would move out or get evicted. But on my home? no dice no deal.
 
Posts: 5014 | Location: 0 | Registered: May 31, 2007Reply With QuoteReport This Post
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I think a rental, whether weekly or option to buy, is different than letting a person stay in your home one night or day unsupervised.
 
Posts: 7215 | Location: North MN & Northern AR | Registered: Oct 01, 2002Reply With QuoteReport This Post
Picture of zone9alady
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One of my sisters did that about 20 years ago. She let a family move in a rental home she wanted to sell.

It was supposed to be a six month rental and then purchase. Well the single mother with two sons never could come up with the money and wouldn't sign the papers to purchase the home.

My sister had to hire a RE agent and put the home up for sale again after a year. When the "For Sale" sign went up in front the house the tenants finally purchased.

It was a real PITA. Roll Eyes


Life is a great big canvas...throw all the paint on it you can.
Danny Kaye
 
Posts: 7530 | Location: Central Florida | Registered: Feb 12, 2005Reply With QuoteReport This Post
Picture of real estate lady
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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.

It worked.
 
Posts: 9281 | Registered: Aug 14, 2007Reply With QuoteReport This Post
Picture of CJO
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quote:
Originally posted by metwo:
This was a show on hgtv for awhile. Didn't last long. Would you really let a total stranger stay in your home alone? For me, there is no way that would happen.


I don't even like some relatives in my house...actually had one steal from me; nearly broke my heart!
 
Posts: 2904 | Registered: Oct 19, 2003Reply With QuoteReport This Post
Picture of real estate lady
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yea, me too. There is a locked garden gate in front. No knocks on my door. TYJ.
 
Posts: 9281 | Registered: Aug 14, 2007Reply With QuoteReport This Post
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