Tenant approaching landlord to buy the property?
Looking for some ideas on how to approach this situation.
We have been renting for almost 3 years, and really like the area and the home we are in right now. From one of the conversations with our landlords they have mentioned that as soon as we move out the home will go on the market. They don't want the hassle of finding new tenant as they are working abroad.
For the time that we have rented, we managed to collect enough funds to put down a 20% down payment, and will soon be either looking for a place to buy or approach landlord to buy this property.
From what I understand we might get a better deal from buying this home for the following reasons.
1. Seller will save on commission almost 50k
2. Seller will have no hassle of preparing and renovating property for sale.
- this home is about 12 years old and was originally build with basic features that are showing wear and tear. Probably will need at least 50 - 100k to bring it to the top sellable condition if they want to get top dollar.
Where would you start this process? I understand we will need to get an appraiser to get the property evaluated. Would you suggest for each party get an appraiser? Or should we get home evaluated before approaching landlord with this idea?
How about the agreement of purchase and sale? Would that be done by a lawyer?
Also like to get some input from landlords, if someone approached you to buy property that you plan to get rid of anyway, how would you handle the price considering savings on renovations and re commissions, time to list and sell the home?
If location is important this is in Richmond Hill Ontario
Thanks for any input