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4 reasons buying a home from your landlord makes sense

Posted on July 2, 2015 by Ray Williams (NMLS #216267).

The Denver Real Estate Market is the top in the nation.  Being one of the top 10 states for business in 2015 could be one of the main factors.  There is no denying that Denver is the most desired place to live and being a native I can understand why.  With this, it makes for a very tough and tight market and finding a home to purchase becomes more difficult.  If you haven’t already heard the purchase prices are going up and many buyers are over bidding on the homes.  If you are currently renting a home have you considered offering to purchase from your landlord?  Even if you don’t know that your landlord is wanting and/or willing to sell the home, wouldn’t it be worth asking?

Recently I’ve been noticing an increase in calls looking to get pre-approved to purchase the home they are currently renting.  This is a huge advantage, here are four reasons why buying a home from your landlord makes sense:

  1. Your landlord is going to give you the first opportunity before putting the property on the market and making available to all buyers.
  2. Your landlord may be more willing to assist with closing costs and/or using your deposit as earnest money, or even better, both!
  3. Could have high possibility that they will be selling below market value and could walk in with some equity
  4. If any upgrades or repairs need to be done they will be willing to negotiate on price and/or funds towards closing costs or lowing purchase price.

To sum it up if you are in the market to purchase maybe the first place to start is talking with your landlord!  **Note:Talk to a lender to get pre-approved first!!! Better to know if you qualify before offering to purchase!!

Give us a call if you have any questions and get pre-approved!

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