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#180002 - 11/07/07 07:17 AM What do I do with this?
Realty Queen Offline
Member

Registered: 01/15/07
Posts: 155
Have buyers, were sellers first, moving day is in 2 weeks, we don't think the house they were trying to buy is going to be able to close, so they want to look at rentals. I know with everyday joes you can call someone who has a for rent sign up and be able to move in immediately, but with rentals through a Real Estate Company, is it possible to be able to be moved in within 2 weeks? Also, if it is listed, does only the person who listed it for rent get paid? I don't care about the money, I feel these people have been cheated, by the sellers of the house they were trying to buy, and I just want to stick with them until the end. But with rentals I need to know about how much paperwork I'm looking, at how much time is going to be invested, and finally, if there may be any type of commission involved. Is there anything you guys could tell me?

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#180011 - 11/07/07 08:14 AM Re: What do I do with this? [Re: Realty Queen]
Ryan Offline
Veteran Member

Registered: 09/21/07
Posts: 726
Loc: NY
How long do you think it will be until the buyers will close on the house?

I'm currently a party (landlord) to a similar situation. An agent contacted me regarding one of my personal investment SFR rentals that I had advertised on craigslist. We agreed to a 90 day lease, with the option for the tenant to extend the lease on one month increments as long as all other terms of the lease were met. It's simply a month to month lease with an initial 90 day guarantee. If your client needs less than 90 days they are probably better suited to a long-term hotel/motel agreement.

As far as paperwork goes, be prepared to provide all of the standard qualification docs: credit report, proof of income, verification of employment, previous rental history, references, etc. Having all of this information at the initial showing of the apartment will win you some brownie points with the landlord (in my personal opinion). Depending on your market, two weeks is plenty of time to get someone moved into an apartment. Obviously it's much easier if the apartment is currently vacant.

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