I need financial advice!

leechesBleechin

leechesBleechin

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Hello internet strangers! There is none more valuable to give advice than a bunch of anonymous internet users obviously, So here's the question.

My long-term landlord wants to sell all his properties and retire. We've lived here for 5 years and he wanted to give us the first offer on the house. Fast forward 4 months, he's spoken to his lawyer and bank because he's been selling off his other properties, and he started discussing a deal he made with the bank for his own son where he deducted the entire down deposit from the rent already being sent to him. He asked if that kind of thing would work on long-term tenants and the bank said yes.

So he made me an offer, He said he would cover the entire down deposit, taking it from the last 5 years of rent we paid instead, and he's offering to cover lawyer fees since he already has one on retainer for his other properties.

The house itself isn't insanely valuable, it's also got a few issues here and there, but landlord is very open about those issues. I've been living here for 5 years now so I know all the ins and outs of what's wrong with the house, nothing too terrible.

I asked him directly, Why are you doing this for us, And he said he's not doing it for us, He's doing it for himself because he wants to dump everything and fuck off to retirement bliss.

My question is, Is this a good idea? I don't know anything about this sort of thing.
 
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Its a good deal.
Take it.

Don't look a gift horse in the mouth, just take the deal.
Thank him later.

He is a motivated seller, he knows your a solid person and will pay the mortgage, so he's willing to give you a good deal so he can have less stress.

TAKE THE DEAL.

Note: This is not financial advice, I don't know how to read or write, I am just hitting the keyboard and these words and sentences are random.
 
leechesBleechin said:
Hello internet strangers! There is none more valuable to give advice than a bunch of anonymous internet users obviously, So here's the question.

My long-term landlord wants to sell all his properties and retire. We've lived here for 5 years and he wanted to give us the first offer on the house. Fast forward 4 months, he's spoken to his lawyer and bank because he's been selling off his other properties, and he started discussing a deal he made with the bank for his own son where he deducted the entire down deposit from the rent already being sent to him. He asked if that kind of thing would work on long-term tenants and the bank said yes.

So he made me an offer, He said he would cover the entire down deposit, taking it from the last 5 years of rent we paid instead, and he's offering to cover lawyer fees since he already has one on retainer for his other properties.

The house itself isn't insanely valuable, it's also got a few issues here and there, but landlord is very open about those issues. I've been living here for 5 years now so I know all the ins and outs of what's wrong with the house, nothing too terrible.

I asked him directly, Why are you doing this for us, And he said he's not doing it for us, He's doing it for himself because he wants to dump everything and fuck off to retirement bliss.

My question is, Is this a good idea? I don't know anything about this sort of thing.
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Yeah, that sounds like a good idea should the appraisal of the property come in over the asking price and the numbers work for you and your family as to it being inside your budgets.
 
Sounds to me like he's offering a good deal because he knows you as a tenant and wants to live out the rest of his days in peace. Best kind of seller to work with under these circumstances! If I were you, I would be seriously considering taking him up on his offer
 
If it saves you time and money in not having to uproot yourself as you already settled then great. Even if not, you could get the property yourself, and rent it out worst case!
 
Well before you take the deal consider this -

1. Do you want to live in this house in the future?
2. Does buying this house align yourself with your/your family goals
3. Are you financially stable to buy this house and be able to pay the interest?

These should help you make a better decision.
 
we're seriously considering taking it. Basically been asking everyone to come up with some sort of reason why this might be a bad deal. I've always lived by the "if it's too good to be true" motto, But this one seems to be the few that might actually be good!

Captaintj said:
Well before you take the deal consider this -

1. Do you want to live in this house in the future?
2. Does buying this house align yourself with your/your family goals
3. Are you financially stable to buy this house and be able to pay the interest?

These should help you make a better decision.
Click to expand...
We did the math and with insurance, water, taxes, etc it's still cheaper than what we're paying now in rent, Which is great. Goal-wise, Our goal is to become filthy rich, doesn't matter where I park my ass to do it :P
 
leechesBleechin said:
Hello internet strangers! There is none more valuable to give advice than a bunch of anonymous internet users obviously, So here's the question.

My long-term landlord wants to sell all his properties and retire. We've lived here for 5 years and he wanted to give us the first offer on the house. Fast forward 4 months, he's spoken to his lawyer and bank because he's been selling off his other properties, and he started discussing a deal he made with the bank for his own son where he deducted the entire down deposit from the rent already being sent to him. He asked if that kind of thing would work on long-term tenants and the bank said yes.

So he made me an offer, He said he would cover the entire down deposit, taking it from the last 5 years of rent we paid instead, and he's offering to cover lawyer fees since he already has one on retainer for his other properties.

The house itself isn't insanely valuable, it's also got a few issues here and there, but landlord is very open about those issues. I've been living here for 5 years now so I know all the ins and outs of what's wrong with the house, nothing too terrible.

I asked him directly, Why are you doing this for us, And he said he's not doing it for us, He's doing it for himself because he wants to dump everything and fuck off to retirement bliss.

My question is, Is this a good idea? I don't know anything about this sort of thing.
Click to expand...

Which country are you living in?
 
leechesBleechin said:
Hello internet strangers! There is none more valuable to give advice than a bunch of anonymous internet users obviously, So here's the question.

My long-term landlord wants to sell all his properties and retire. We've lived here for 5 years and he wanted to give us the first offer on the house. Fast forward 4 months, he's spoken to his lawyer and bank because he's been selling off his other properties, and he started discussing a deal he made with the bank for his own son where he deducted the entire down deposit from the rent already being sent to him. He asked if that kind of thing would work on long-term tenants and the bank said yes.

So he made me an offer, He said he would cover the entire down deposit, taking it from the last 5 years of rent we paid instead, and he's offering to cover lawyer fees since he already has one on retainer for his other properties.

The house itself isn't insanely valuable, it's also got a few issues here and there, but landlord is very open about those issues. I've been living here for 5 years now so I know all the ins and outs of what's wrong with the house, nothing too terrible.

I asked him directly, Why are you doing this for us, And he said he's not doing it for us, He's doing it for himself because he wants to dump everything and fuck off to retirement bliss.

My question is, Is this a good idea? I don't know anything about this sort of thing.
Click to expand...
Try to PM @MisterF. He can give you very good piece of advice in this kind of situations.

--

Later edit: Haha. He just commented =))
 
Ricky.Montana said:
Try to PM @MisterF. He can give you very good piece of advice in this kind of situations.

--

Later edit: Haha. He just commented =))
Click to expand...

I'd give common sense advice including seek a free 30 minutes with a lawyer, or even pay for it for 30 minutes to get the paperwork checked over.

Just bought a second house out here in Spain, paid for a specialist property lawyer to check the deeds etc etc and the house is legal with a habitation licence, but the swimming pool even though it has planning permission isn't on the escritura here, so the sellers needed to fix that before we complete next week.
 
Alright thanks, everyone. We're going to do our due diligence but most likely will accept the deal, its just too good to say no to.
 
No matter if you've lived there for 5 years or more, whatever is the deal between the landlord and you, if I was in your place and I'm going for the deal, I would ensure that it is all clearly put in a legal document or legal agreement which is good enough to be presented (admissible) in a court of law, incase anything goes wrong with what is agreed. Why ? Because there is money involved, there is a property involved.
 
Are you going to be buying this freehold outright or getting a mortgage?
If mortgage then workout if you can afford the repayments I guess, or else i’d move somewhere else where you’re paying the same in rent.

I‘d personally be a little bit skeptical of someone else carrying out legal checks against the property on my behalf before he tends to, “disappear” by the sounds of it. But then I have no idea what kind of relationship you guys have with him or what he’s like.
 
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DO YOU OWN RESEARCH. DO NOT TRUST ANY1 or ANYTHING
 
It's pretty common. It's called lease to own.

Usually, the contract is signed upfront before you move in and then the owner converts your rent into a downpayment. If you're happy with the price, it's a good deal. All the best.
 
warriorsam53 said:
It's pretty common. It's called lease to own.

Usually, the contract is signed upfront before you move in and then the owner converts your rent into a downpayment. If you're happy with the price, it's a good deal. All the best.
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We were never on a lease-to-own contract or anything like that. in fact, our actual lease ended years ago. We just still lived here month to month. It was something we looked into at one point but not for this house.
 
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