I have (had) a listing that has been on for over a year! It is modestly priced but the area it is located in is historically depressed. It is now a "rated" County and is a good 45 minutes from a center of good employment opportunities. The Owners are teetering on the edge of a"Short Sale".
The Owners were one of my first Clients. I sold them the house...they made the mistake of a re-finance at the wrong time. They have re-located to NC because of employment changes and are in an apartment. They have been desperately trying to hold on....
Here in New England the smell of Fall is already in the air. The nights have been as low as 40. We are coming into Heating Season.
I had been trying to convince them to bite the bullet and lower the house to where it needed to be. We all knew they wouldn't be able to afford the $1000/month it will cost for oil this year.
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A few days ago I got a phone call from a woman who had been driving around with her husband, in my listings area, looking for rental signs. They were writing down random Realtor numbers and calling looking for a Rental. They were both originally from the area, she was about to have another child and wanted to be back near her family. When she called she repeated her story to me adding that no-one she had spoken to had any rentals available. I told her that my Seller may be willing to rent.(We had discussed rental before but my Clients weren't keen on it and were concerned with the oversite of the property. But now....it was looking a lot more attractive! )
To make a long story short....my husband agreed to oversee the property. We did a credit check on the interested family. They have a few small blips but are still good prospects. They can't afford as much as the mortgage...but will be paying a chunk, plus heat and electric. They are interested in a possible rent to own. I told them which issues they need to clean up and will be setting them up with a Mortgage Broker towards the end of the rental agreement if they have shown a good payment history.
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So...if it all works out, we may have a win win.The burden is lifted off of my Clients, I got a Rental Commission and could potentially have a Buyer for the house in about two years!
Boy, times have changed ......but creativity still works! 
Concord NH Realtor
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Joan Mirantz - Joni is a Realtor® with Keeler Family Realtors, a locally owned, Customer Service oriented Firm.
Joan Publishes a monthly Newsletter "Food For Thought" under the pen name Realtor Sherpa.
(Joan also answers to Miz Maven and Miss Joni.)
Joan works in Buyer and Seller Representation with concentrations in the Merrimack Valley Area and towns surrounding Concord NH - the Capital City.
"I love what I do, and it shows in how I do it"
Joan, I actually had two requests today for rent to own options. It is good that you were able to assist in this situation.
And everyone is happy. As my mother says, you done did good!
Tim and Pam...it really is a win win for all if the tennants are good!
Hey Don....my mother used to say that too (and so do I!)
Hi Joni,
You said it! Up until 6 months ago, I did not work with renters but now I get more calls about rentals than anything else.
Thats very good if you can get it to work out. Good luck with everything.
Joan, I've been thinking that lease options might be an interesting area to completely understand. Where ARE the misplaced homeowners (who prefer ownership) going to go? It's a pretty large crowd of people caught in the wrong place/wrong time; wrong call on that HELOC.
Joan,
That's wonderful news!! You're always thinking many steps ahead of this market and I know that you are one of the rare realtors who goes that extra mile for her clients and the people who reach out to you..this is a prime example.
Jo
Joni - that's terrific! And your clients moved to NC? Really? The same area I'm going to? Now that's fate!
Glad it's working out for them - and you. Sometimes it takes a little longer for the perfect situation to create itself.
Joan
If there is one thing that is important in todays market is being creative
Sincerely
Tom Braatz
Hi Joan,
First I want to say how much I appreciated your heartfelt condolences on my loss. Your sentiments mean the world to me.
You have done something here is may indeed be the win win that will help your clients and your insight and care made it happen. My best wishes for both you and your client that this all works out and when things get back to some level of normalcy, you will have two wonderful clients to work for. Good job in finding a good solution for your client.
Cynthia...we are seeing a lot more of these calls too! I'm thinking this might be a new area to market.
Thanks Shane...I've got my fingers crossed! Thanks for the comment!
Hi Laurie...There are still quite a few rentals in the papers around here. They are expensive and limit people on pets etc. I do think as times passes they will have to loosin up. Housing rentals are ideal for misplaced families...I hope we start to see more of them!
Hi Jo...what a nice thing to say! Some people would be of the opinion that I get too involved LOL...but the relationships are the rewards to me!
Carol..they actually live in Mebane!!! I have already mentioned you to them when I saw that's where you were going! They will probably have to sell the house before they can move on but hopefully within two years you will have a new client. I told her(my strong minded client...) that she would like you because you were up front!
Tom...you are pretty close to being the King of creativity!!
Hi William...I hope today looks a little brighter!
I am so pleased at how this appears to be working out...maybe it was fate? Whatever...I'm sleeping better!
In this market, sellers need to be open to alternative solutions. GREAT JOB! GBU!
I have a listing here (Fayetteville, NC) that I wonder how long before the seller says let's rent. It's been listed for 120 days now which isn't bad, but I would like it to sell.
I'm sorry, I can't get past the $1000 a month for heating oil! Is that common in the Northeast?
They might be able to save money on heat by burning their stocks and bonds..
Great story about creative thinking! Congrats, Joan!
Hooray! I'm happy to hear this is hopefully going to turn out pretty well for all involved.
Creative is the only way to go in this market. Congratulations on getting them in the home and helping your sellers get through the cold NH winter.
Now how cool is that??! A referral from my new area and I'm not even there yet! LOL But I will be in a few weeks. I'll check with you after the move and get their info. I can introduce myself and let them get used to me. LOL
You're the best, lil Miss Joni!
Joan- What a great win-win. thanks for sharing that creativitiy can and does work :)
Hi Joan,
I love your story and talk about timing! :) ps. it's getting cold down here too.
We get creative and change with the ever changing market...and by doing so....we survive :) Good job Joni!
Joan you are the Best! That is why I had one of my colleagues in MA give you a call when they were looking for a CREATIVE AGENT! You did a great job and it is important to think outside the box in this challening market!
Hi Joan... WAY TO GO! I am impressed with the creativity... but not surprised after meeting you! You are definitely on your game and have your finger on the pulse of your market.
Joan, Great post and very creative. It seems like everyone was a winner.
Joan ... you are awesome and Creative!
Joan, our manager tries to convince agents to do rentals so that they can convert some of them to sales too. Your story is great.
Hi Elizabeth...I think a lot of Sellers will be getting to that conclusion! Sort of like plugging the hole in the dyke!
Latonia...I think the impetus around here is the onset of Winter and heating bills!
Bobby...that's probably low actually. My Broker just pre-bought for our office(a Gambrel style house) and it was $5,000....and the heat is way down evenings and weekends!
Even if you pay cash they won't deliver less than 100gal...that's $400 for less than half a tank!
LOL...that's about all they are worth these days Eric...where the heck have you been?I've missed you!
Thanks "January"??
Thanks Monika...the last few nights are making us all sit up and take notice eh? Brrrrr (but my thermostat if OFF till the bitter end!)
That is pretty cool huh Carol. I'm sure you can give them some great encouragement and advice!
Thanks Kathy...but, I think your virtual open house was one of the most creative things on here!
Jeeze Suzanne...you aren't that far away LOL. Didn't you have more snow than us last year?
Hi Sally...I think this forum acts as a support system for a lot of us! I'm waiting to see what happens when the dues are due...that's in a month or two here!
Aww Joan Thanks for the kudos and the referral...we did sell her place. In a week. She was willing to do what had to be done and it closes end of the month!
Gee Steve all these nice words from everyone are going to keepme grinning all nite!
Thanks for commenting Charles...nice to meet you!
Thanks Pippa...I LOVE your name!
Hi Richard....I think your Broker is on to something!
Joan, that's a great solution to allow your clients to avoid a short sale and relieve them of the heating bills ($1000 a month?, wow!). I forget how cold it gets and stays in New Hampshire during the winter.
Hi Joan - A nice solution and I hope that it works out for both parties.
This is definitely the kind of thinking that gets things done. Way to go! I see you got a gold star to boot.
What a great win for your client. It goes to show, we need to look at all the options.
Rentals are nice options ~SOMETMES~ but if they're not going to be the buyer, it may slow down the selling process... I have a home on the market that is rented and before I show it, I make time to CLEAN it! He's in there temporarily - never moved in real furniture so we finally staged it ...What a deal for him, he came home to a wonderfully attractive living / dining area - It's helped with our showings but I still need to go over before a showing to pick up things... If you're not showing it while it's rented that of course, is easier... Good luck with it!
I think we'll be seeing a lot more of these types of transactions. People are going to have to get creative on both sides of a transaction to make things happen.
The only way to be in this market, creative! Sounds like a win-win for everyone. Not everyone is in a position to do that though. But congradulations! Keep it up!
Joan, You are right on. Today when I go on a listing appointment renting is a big subject I discuss with my sellers. It is a reality that they should all be aware of. Glad for you and your folks that it worked out.
We are beginning to see more seller go for the rent to own method in our market too. ~ Evelyn
Hi Debbie...the heating bills were definately the dealmaker on this one!
Thanks Margaret...."tomorrow is another day"....sorry couldn't resist! LOL
Thanks Rich...haven't had one of those in a while! It feels good!
Christine....they are relieved more than anything else!
Marcia....fortunately for me they are not going to show it for a least a year. That is such a pain trying to co-ordinate!
Diane....see Audreys comment below! I think planting the seed early is probably a great way to go!
Thanks Derek...and you bring up a good point. People in condos or Manufactured housing parks may not be able to rent depending on their "terms"
Audrey...that is a great approach! Plant the seed early! Thanks.
Evelyn....the government may not be able to get their act together....but people know enough to do what they have to do!
Glad that worked out!
Joni, Congratulations on a wonderful feature! I think you did a fabulous job with the way you handled this and even if the rental company doesn't purchase, you've gotten your clients through what is expected to be on rough winter!
Thanks DJ....thank you for commenting!
Hi Carole...Rough winter??? Who said that? Tell me it isn't so!