Renting a House that's for Sale

August 12, 2009 7:22 PM

Renting houses that are on the market for a discounted rate. Good idea? If so, how to do it?

We're living in LA, but kind of flexible in that we don't mind moving much. I was thinking maybe we could get good deals if we were willing to live in a house that is on the market. Do people know how to get signed up for that kind of arrangement, and does anyone have any experience with it? (We'd like to stay around Topanga / Malibu / Palisades area).

posted by visual mechanic to home & garden (4 comments total)

I don't see much 'upside' in such an arrangement for the seller/owner. Seems to me it would be to the seller's benefit to have the property vacant when the house is on the market. Any buyer would be rightly nervous about a house with tenants. You say you are willing to move, but you would still have some kind of a rental agreement, and most Ca. cities are pretty slow to proceed with evictions should you change your mind for any reason. And like all mefites I'm sure you are upstanding, responsible citizens, but the owner may not be so confident. You will be wonderful caretakers of the property, but there's still wear & tear, the occasional overflowing toilet, wild party, etc. that the owner would be on the hook for subsequent repairs.

So, why not check the MLS listings and approach the seller's boker with your plan, just to test the market?
posted by TDIpod at 7:40 PM on August 12

That's "seller's broker", and I'm not one myself....
posted by TDIpod at 7:42 PM on August 12

you'll have much better luck looking for short-term house-sitting/sublets for houses not on the market but whose owners are away for whatever reason.
posted by otherwordlyglow at 8:57 PM on August 12

It occurs to me, that if you don't mind moving around a LOT, it might be cheaper to rent houses that are headed towards foreclosure. In fact, if you can get a signed lease before the notice of default hits, you might be able to stay for the whole term of the lease under new federal laws. (I am not your lawyer.)
posted by mikewas at 9:47 AM on August 13