Sort-Term Lease in Springfield

[pastorandprof]

FOR RENT, MONTH-TO-MONTH--Beautiful 5 BR, 3 BA historic home in Springfield for rent at reduced rate to trustworthy individual(s) while property is on the market for sale. Could be 2, 3 or as long as 6 months. Tenant(s) responsible for utilities (JEA) while living here as well as upkeep of low-maintenance, energy-efficient home. House always has to look good! :-) Available 3/1. Please send pvt msg if interested. Security deposit + references required.

http://www.watsonrealtycorp.com/Search/SearchResultsBasic.aspx?ID=d27f1d0c-c8ca-4560-b305-85930bf7c13a

[ben says]

Have any pictures of the interior?

[pastorandprof]

Yes, we have plenty of photos.  Check out this link for "For Sale" pics of the property as it was furnished and decorated by us.  These 24 pics will give you a good idea of the rooms: 

http://www.watsonrealtycorp.com/Search/SearchResultsBasic.aspx?ID=d27f1d0c-c8ca-4560-b305-85930bf7c13a

[ChriswUfGator]

I don't get who takes these deals. They're not that cheap, and as soon as the house sells you have to move.

[Debbie Thompson]

It's a small market, but it can come in handy at times, ChrisUFGator.  When we were moving to Springfield, we had the lucky circumstance of selling our existing home in one day.  But, the new owner was Navy and wanted to close in three weeks before he deployed with the Kennedy.  We couldn't close on our choice of Springfield home that fast.  Fortunately for us, we had a rental property that was vacant at the time, and we camped out there for a couple of months.  Lacking that, this would have been just the ticket for us. 

Florida Proton patients would be another good option.  JaxPastor, you could contact them. They may have someone who needs a home for a couple of months while here for treatment.

[ben says]

I don't get who takes these deals. They're not that cheap, and as soon as the house sells you have to move.

I agree, Chris. Seems like a lose-lose for the guy moving into the house. These kind of "deals" happen all the time in Charleston. "Move into our home until it sells"....ok, so I spend a few grand, move in, and then get booted when someone decides to buy? What a mess...

[tufsu1]

I don't get who takes these deals. They're not that cheap, and as soon as the house sells you have to move.

often someone who isn't interested in making a long-term committment...maybe a family that is leaving here temporarily and would rather have a home than an extended-stay hotel room

in the Springfield area, people being treated at the UF Proton Therapy center (and their families) are perfect candidates.

[ChriswUfGator]

I don't get who takes these deals. They're not that cheap, and as soon as the house sells you have to move.

often someone who isn't interested in making a long-term committment...maybe a family that is leaving here temporarily and would rather have a home than an extended-stay hotel room

in the Springfield area, people being treated at the UF Proton Therapy center (and their families) are perfect candidates.

They'd be a terrible target demographic, can you imagine being in the middle of cancer treatment and some realtor calls saying "too bad, the house sold, now you have to move out..."? It would be a disaster. This isn't a short-term lease, it's a by-the-seat-of-your-pants thing, they boot you as soon as the house sells, and there's no way to know when that will be.

[ben says]

Exactly....the issue here is 'certainty'. I understand the whole "need a quality place for _____ months." What I don't understand is "here's a place, and I get to give you notice whenever I want."

[pastorandprof]

Alas, houses in Springfield (still) aren't selling that quickly.  Especially the "nice" ones that have been renovated and are in move-in condition ... which can be on the market 60, 90, 120 days or more, not to mention all the foreclosures out there at pennies on the dollar.  Today's seller is a victim of the entire system: You finally get an offer; agree to all the buyer's terms; schedule and pay for WDO and property inspections, then fix whatever the bank calls for BEFORE the mortgage financing has been approved.  Yeah, it's not supposed to work that way but the bank is calling all the shots these days.  Then, after you've given notice at work ... put deposits on everything from the moving company to hotel accommodations en route to your new dwelling ... and have everything packed and ready to go to settlement, per the contract, you learn that the loan has fallen through because the buyer messed up his/her credit by making two late payments.  Since, with most contracts, the "deal" is contingent upon getting financing, the buyer loses little to nothing and is refunded his/her minimal ($1,000) deposit being escrowed.  Adding injury to insult, you then are told by your homeowner's insurance agent that it's cancelling your already expensive insurance (historic homes in historic district, remember?) because it doesn't cover "homes for sale or vacant properties."  Close to your wits end, you scramble to work with Realtors to relist your property, while trying desperately to find a company that will insure your place--if not for the exhorbitant sum it estimates rebuilding the house just like it is will cost  (> $300K), then -- at least -- for enough to cover the mortgage, should something tragic occur.  You learn that probably the best "deal" you can get is paying $150 per month for $150K of protection which covers ONLY fire and tornado damage.  But you have no choice.  As the expenses mount and you're really not thrilled about leaving your home -- in Springfield! -- vacant and unattended, despite your great neighbors and Realtor, someone suggests that you try to rent it on a month-to-month basis, pointing to a bunch of Craigslist postings from people considering a move to Springfield but reluctant to plunk down their savings before "testing the waters" here.  Or people that are going to be here for a few months for whatever reason.  Or people who need a place because theirs has sold and their new/next one isn't quite ready for them to move into yet.  Or for whatever reason.  Trying to be fair to all concerned, you promise to give your prospective tenants a minimum of 30 days' notice ... and get your Realtors to promise the same.  That's really not too big of a problem since, from the time you have a ratified contract until you go to settlement and closing, six to eight weeks are typically required.  Yes, it's a conundrum and a complicated mess, but one does what one must to survive in these turbulent times--especially where real estate is involved.  So, anyone out there want to rent our beautiful property?

[ChriswUfGator]

Alas, houses in Springfield (still) aren't selling that quickly.  Especially the "nice" ones that have been renovated and are in move-in condition ... which can be on the market 60, 90, 120 days or more, not to mention all the foreclosures out there at pennies on the dollar.  Today's seller is a victim of the entire system: You finally get an offer; agree to all the buyer's terms; schedule and pay for WDO and property inspections, then fix whatever the bank calls for BEFORE the mortgage financing has been approved.  Yeah, it's not supposed to work that way but the bank is calling all the shots these days.  Then, after you've given notice at work ... put deposits on everything from the moving company to hotel accommodations en route to your new dwelling ... and have everything packed and ready to go to settlement, per the contract, you learn that the loan has fallen through because the buyer messed up his/her credit by making two late payments.  Since, with most contracts, the "deal" is contingent upon getting financing, the buyer loses little to nothing and is refunded his/her minimal ($1,000) deposit being escrowed.  Adding injury to insult, you then are told by your homeowner's insurance agent that it's cancelling your already expensive insurance (historic homes in historic district, remember?) because it doesn't cover "homes for sale or vacant properties."  Close to your wits end, you scramble to work with Realtors to relist your property, while trying desperately to find a company that will insure your place--if not for the exhorbitant sum it estimates rebuilding the house just like it is will cost  (> $300K), then -- at least -- for enough to cover the mortgage, should something tragic occur.  You learn that probably the best "deal" you can get is paying $150 per month for $150K of protection which covers ONLY fire and tornado damage.  But you have no choice.  As the expenses mount and you're really not thrilled about leaving your home -- in Springfield! -- vacant and unattended, despite your great neighbors and Realtor, someone suggests that you try to rent it on a month-to-month basis, pointing to a bunch of Craigslist postings from people considering a move to Springfield but reluctant to plunk down their savings before "testing the waters" here.  Or people that are going to be here for a few months for whatever reason.  Or people who need a place because theirs has sold and their new/next one isn't quite ready for them to move into yet.  Or for whatever reason.  Trying to be fair to all concerned, you promise to give your prospective tenants a minimum of 30 days' notice ... and get your Realtors to promise the same.  That's really not too big of a problem since, from the time you have a ratified contract until you go to settlement and closing, six to eight weeks are typically required.  Yes, it's a conundrum and a complicated mess, but one does what one must to survive in these turbulent times--especially where real estate is involved.  So, anyone out there want to rent our beautiful property?

As you doubtlessly know, being in the business you're in, this isn't a "lease"in the traditional sense, that term is a misnomer. It's a short-term month-to-month rental where the tenant will ultimately be left having to move out with no way to know when that will be. You get the money, but the tenant gets no security, and if it's like any of the other ones I've seen, will be required to meet an extensive laundry list of requirements for keeping the house in show-ready condition, and have to be ready to show the house at any time.

It's ludicrous. I already advised one client against one of these "deals" (if you can call it that). You have someone staging your house for you using their furnishings, keeping it clean and ready to show for you at all times, and forcing them to pay for the privilege of being your b!tch, and then when all is said and done at least they'll have the benefit of being forced to move out on short notice whenever the house sells.

It's ridiculous. But then again I guess a sucker is born every minute.