Posted by Bill Scott on November 10, 2000 at 04:25:30:
A homeowner or investor with a property listed can rent out that property while the property is listed. The new buyer takes subject to tenants rights. Often, renting a vacant property is good for the seller as it keeps the homeowners insurance in force and provides a stream of income to attract an investor.
The problem is that you are talking about L/O—and that means that your option to purchase would come before a buyers. So, a buyer who comes along and purchases this home that you have l/o’ed and will have to wait and see if you (or your assigns) are going to exercise the option. Most buyers aren’t willing to do this without a big discount on the price—which is where the seller and realtor start to balk.
So, your idea probably won’t work from this angle…
Now, if you want to purchase the property–and that’s understood going in, you may be able to work out a deal with both the seller and the realtor. You won’t know unless you contact the realtor…