Advice re: a potential rental home (long)

[nannersp]

The year-lease on our current rental home is up at the end of October. We LOVE our neighborhood, but the layout of our house, as well as amenities, aren't ideal, particularly with us expecting our second kid in February.

The house next door is for sale and has been on the market for 175+ days, and we think it's waaaaay overpriced compared to other comps. They've reduced it 2 or more times, and still no offers. We don't know the owners very well -- it's a family with two kids and we *think* they might be divorcing. They don't appear to live there anymore, but we seem them there on occasion, doing yard work.

From what I've seen on MLS, the layout is perfect -- 3 bedrooms on one floor, as well as a 4th guest room, and the amenities we want (A/C, central heat instead of oil furnace).

We don't want to buy anything yet as we've only recently moved here to Portland and still aren't sure it's our "forever city." We also had to pay out of pocket to sell our LA condo, so we're content being renters for now.

Recently the house next door has been advertised for rent on Craigslist. However, they're asking for 150% of what we're paying on this house. They posted it last week, apparently didn't get any bites, and then listed it again yesterday at $100 less than their original ad.

I was thinking that we'd approach them sometime next month and see if they'd negotiate. My thoughts on timing is that if we wait a little longer, maybe they'll be more desperate and willing to come down in rent more. But I worry if we wait too long, they'll find someone else and we'll lose our chance. We're expecting to pay a little more for whatever rental we end up in next, but not nearly the price they're currently asking.

So, what say you? Should I reach out now (via the email on Craigslist since we rarely see them home) or wait a couple more weeks?

[Susie]

I'd probably do it sooner rather than later. They aren't going to get that much more desperate in the next couple weeks than they already are after 175+ DOM, and you will need to find something by October, right? I'd want to know fairly soon if this could work out or if I needed to start hunting.

[rosiedozie]

Its worth it to make them an offer now - what do you have to lose?

[nonsenseabound]

I'd walk over tonight and make an offer for rental. They are probably getting desperate!

[nannersp]

Thanks for the feedback, gals! I'll reach out soon. Hopefully they'll come down enough for us and will be willing to wait until at least mid-October. Our lease is up at the end of October and we'd rather not pay double-rent if we can avoid it.

[kershnic]

I'd talk to them now, but be prepared if they're not willing to hold it for you or accept your price. Any chance you could get out of your current lease and move early if the neighbors did bite? They probably are desperate now, but it's possible with better layout and amenities they can get a tenant for more than you're willing to pay.

[nannersp]

Aug 29, 2012 13:54:36 GMT -5 kershnic said:

I'd talk to them now, but be prepared if they're not willing to hold it for you or accept your price. Any chance you could get out of your current lease and move early if the neighbors did bite? They probably are desperate now, but it's possible with better layout and amenities they can get a tenant for more than you're willing to pay.

Yeah, that was the other reason I was thinking about waiting a couple weeks -- timing would work out better for us giving notice, etc., if the owners were willing to rent to us. Don't think our current landlord would be willing to cut our lease short, and I don't know that we'd want to pay for two rents for too long. But maybe the housing planets will align and work in our favor.