Help! The House I’m Renting Has Been Sold. What Can I Do?
First of all, my dad rents the house and has lived there for nearly 7 years. A developer bought the house along with all the land around it (it’s in the middle of a field) in 2013 as part of a huge housing development that will be a few hundred houses in our small town.
We are not in contact with the developer (we rent from the old landlord who is in contact with the developer), but we want to try to buy just the parcel of land that has the house on it. This parcel will be the location of one new house if they develop it, but they will tear down this house first. It wouldn’t disrupt their development plans if we bought it because they just plan on putting a new house here, not a road or school.
We have no idea where to start or even if a development company would be willing to sell the old house to us and develop around it, so any help would be great.
P.S. The house was built in 1887, one of the oldest houses in the town. Maybe that gives us other options or an edge in negotiation?
You are more than likely going to have to move, so prepare yourself for this being the end result.
With that said, here is some literature on your rights as a tenant and the obligations of the landlord: https://www.colorado.gov/pacific/sites/default/files/Attachment%2010-Landord%20and%20Tenant%20Rights.pdf.
Give this a read through, and once you have a clear understanding of the contents, give the landlord a call to see what the current plans entail. Let them know you would like to stay and would be willing to buy the property to make that happen, they may be able to give you their point of contact with the developer and a warm intro to them.
Developers are not in the business of charity, and having another property in the middle of their new development could potentially introduce complications and complexities that would make their project more expensive. It’s as simple as, would they have to keep a road clear for you to get in and out of the property? I’m sure you get it.
If the best of all things comes around and they are willing to sell the property to you. Now comes the negotiations and that is for another thread all together!
Best of luck to you and your family! Work with those who earn your trust, and always protect yourself.
Source: The opinion of this licensed real estate broker in Denver, CO.
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