Imagine you rented a Maine home for ten years.The place feels like "your home". There's the garden. That is where you have hoisted up and torn down the yearly Christmas tree in the corner of the living room. You have a good relationship with the owner. The rental fee each month on a single family home is not a get rich figure, and barely covers the taxes, insurance. And with a mortgage payment, it would be in the red on an accountants ten column ledger. So the seller decides let's sell.
The renter is not in a position to buy. Credit has holes like swiss cheese. Income is a disability and no cash to lock and load in to an owner financed sale. The terms would be like the same limp along rent and to no benefit to the seller if an installment sale was entered in to. That is why she is selling. No longer wants to real estate "tread water". One less thing to worry about or for her kids to tackle when the owner leaves this earth for a better place. So as a Maine real estate broker who has the t-shirt, merit badge, been to this rodeo a number of times, seen the movie, read the book, I warn the seller that a sympathy factor is going to kick in, hang over the sale like a cloud. A dark guilty cloud obscuring the sun.
If a buyer wants the place for the shed out back, the extra land to sell to the neighboring farmer, the renter could stay in the home chugging away with the monthly payment. And life goes along like it has for the last decade. Pretty much. But if the buyer of this Maine real estate wants the place to live in, guilt over being the Grinch who stole Christmas and being the cause of the renter having to move kicks in.
No one with a heart wants to be the one to give the renter the boot.And the renter follows your buyer around in each showing. Explaining how she wishes to purchase, how great living here as been and how not sure where I would go if it sells, etc. This song gets played, replayed with each buyer. Also, seller painted a little darkly with follow up remarks that "she said she would never sell the place, I could stay here as long as I wanted and not to worry. This monologue gets played for all to hear as Joe Maine real estate broker tours the residence. In the dooryard after the showing, here it comes. "I hate to be the reason this nice lady has to move." "Isn't there a way to help her buy the place? " I explain that we will help her find another place. That the buyer does not have to do that unpleasant job of "you have to move" notice. The seller is the "bad guy" who won't be getting any more Christmas cards from this renter.
Buying a place in Maine with a renter on board means you just inherited a renter. One to go thru the Maine rental eviction process with from stratch, by the book. And no one but lawyers like that dog and pony show. Renters...long term ones in a property with lots of cargo, pets and kids can pull on the heart strings of the trail of real estate buyers you bring thru a place already occupied with a person that feels and thinks she is the owner. Lots of her heart and soul, history in the place. A person adamant that she is going to buy, but with no option to do so unless an inheritance pops out of the sky, or a winning lottery ticket shows up under a refrigerator magnet tomorrow. Sure there are programs to buy for less than perfect credit...but too imperfect make some buyers and poor condition homes loans with ten foot pole marks all over them. No one wants to touch them. You could say just have the real estate home owner move the renter before marketing out of the place. So no one for the buyer's heart to get tangled up with...but this owner needs the renter heating the place, for insurance reasons keeping the home fires, so to speak, burning.