My husband and I moved to our city last fall and decided to rent because we weren't sure if his job would move him elsewhere after a year. We recently found out that we'll be here for the long haul, and we've come to love the area and would like to stay where we are.
The area is ripe for builders and flippers – our house and many others are 1950s (some 40s), and about half in the immediate area have been sold to builders and replaced with much larger homes. Comparable older-but-renovated homes are listed in the mid-$400s (2-3br/1-2ba), and the newer builds are $800k-1.2M (5br).
When we moved in, the house (3br/1.5ba) was listed for sale and for rent. Our landlord is a realtor himself and owns the house free and clear. He had the house listed at $400k. It's in fine rental condition but could use some work (e.g. roof is great but needs new gutters, HVAC is great but needs some electrical work, etc).
When we came to look at the house as a rental, the landlord told us adamantly that he refused to sell to a builder and wanted to sell to a family that might renovate but would actually live there. We are that family! We have excellent credit and will have a decent downpayment.
I'd like to bring up the idea of buying the house next month when our lease extension needs to be filed. What should I have in place before having the initial conversation? I want to appear prepared and organized. Since he is a realtor, should I also consult a realtor so we have someone representing our interests equally?
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