Property Rental Help

[Chloe Jackson]

Hello,

I’m renting a home and now the landlord wants to sell. It is priced more than I want to spend. I started bidding at a loess than half the amount but they do not want that. It needs several repairs(kitchen, bathrooms, HVAC). Any suggestions on how to negotiate to my advantage? Thanks!

[Christine Kankowski]

Unrelated to how much you want to spend, how much is the property worth to the open market.  IF you can't come close to that amount, the owner will sell to someone else.  

Alternatively, you could propose a lease-option- in this case you put down a non-refundable deposit, pay for any repairs yourself, and buy within the time frame you discuss.  In the meantime you continue to pay rent, and owner cannot sell to anyone else, allowing you the time to get some financing, etc.