My vacation rental is for sale---what happens

[dunelover]

Hey guys---I just noticed while looking at homes for sale that the home we have rented for 10 days in August is for sale. What happens to the renters if the house sells? I know the chances of selling and closing before then are slim, but what if?

There is nothing mentioned about it in the contract, nor was the house listed when we rented. I imagine we will be ok, if it stays on the market. Any ideas?

 

[Smiling JOe]

Any rentals which are contracted, will convey with the sale and must be honored.

 

[dunelover]

thanks SJ, I knew I would get a good answer on this board. If an owner purchases for a full time residence, and it is booked up for months what do they do? Does that just not happen? curious.....

 

[Smiling JOe]

thanks SJ, I knew I would get a good answer on this board. If an owner purchases for a full time residence, and it is booked up for months what do they do? Does that just not happen? curious.....

Rentals are something that the buyer needs to be aware of when purchasing. A Realtor will point out the rentals and there may be deposits which are transferred via the title company, too, if a management company is not holding the money.

That said, some people do whatever they want to and are willing to suffer the consequences. What are you going to do to the new homeowner if they are living there? Are you going to file suit against them for your deposit?

It would be a good idea to talk directly to your rental company and share your concerns.

 

[Beachlover2]

This once happened to us in Key West - the rental company just transferred us to a nicer house for our week at the same rate. I am sure if this happens to you - especially in August they will be able to find another place to suit your needs and keep you happy.

 

[Smiling JOe]

Is the rental a by owner rental or is there a rental agency?

 

[TooFarTampa]

Great advice so far. Here's my theory:

If you have a reasonable owner, he or she will do everything possible to accommodate you.

If you have an unreasonable owner, the price is probably going to be too high so the house won't sell anyway.

And by the way, if the home is rented through a management company, they will probably be able to find you something else comparable or better. But it would not hurt to call to find out the status of the house and what would happen to you if it did sell.

 

[Smiling JOe]

One other thing to note, is that while you are in the rental unit, if a potential buyer wants to look check it out, you might have buyers interrupting your vacation time. I know that happend very often back in 2004, and if a buyer comes along now, you can bet that the agent will be jumping through hoops to show that house.

 

[dunelover]

Our rental is actually through a small agency, I think... I found a reference to it on this site once. However, they are percentage owners as well, not sure if it is of our cottage that they are % owners of. I will call them and check it out.

For me, I look for a long time to find the "perfect" place location, interior, porches, etc. I would be extremely dissapointed if we were "moved" and /or our vacation interrupted, but I do understand the need to sell. Thanks for your input... I 'll let you know what I am told.

 

[Smiling JOe]

The new buyers might be interested in keeping you as a rentor.