Apartment Rental Owner Selling Apt While I'm Renting

[BeginNows]

It seems you find yourself in a situation where your landlord wants to sell the apartment you're currently renting, and you're concerned about the potential inconvenience and safety of having prospective buyers visiting the property. Here's an alternative phrasing for your situation:

I entered into a two-year lease agreement for my apartment, and unexpectedly, the landlord has expressed a desire to sell the property, planning to showcase it to potential buyers. Unfortunately, our lease contract doesn't address this scenario. While I appreciate the amicable relationship with the owner, I'm concerned about the impact of ongoing property viewings on my family and me. Given the current market conditions, apartments may take an extended period to sell, and having frequent visits over the next 1.5 years could be disruptive.

Furthermore, considering my frequent travels to Europe and the safety of my wife and young daughter who reside in the apartment, I am apprehensive about potential risks associated with numerous visits by strangers. I am keen on maintaining a harmonious relationship but would appreciate a mutually beneficial solution that addresses these concerns.

 

[Milton12]

I'm guessing it wouldn't be the smartest way for a potential burglar to case the place since the owner or real estate agent showing the place would have the information of whoever comes to look at it and they would be the first suspects. That being said, you have to be careful here. Does the building have security?

 

[BeginNows]

Not very reassuring to hear. Thank you for sharing.

 

[earlyretirement]

The owner can't force you to allow showings against your will and convenience. I agree there is nothing stopping her from listing it but she can't force you to show it and have strangers coming into your property.

 

[BeginNows]

Thanks for all the feedback. How do they screen buyers exactly? I was never screened when I went to visit numerous apartments through different brokers. Market appears overvalued at the moment, so not looking to buy.

 

[earlyretirement]

Thanks for all the feedback. How do they screen buyers exactly? I was never screened when I went to visit numerous apartments through different brokers. Market appears overvalued at the moment, so not looking to buy.

I don't really think realtors can really "screen" potential buyers. After all, realtors in Buenos Aires are amongst the worst and laziest people I've ever come across in all my business dealings around the world. They are really horrible and would probably screw over their own mothers to make a buck or two. I guess they could ask what they did for a living, where they work, etc. But honestly I can't really see an Argentine realtor "screening" anyone to any real degree.

They may ask for a DNI or something but that's probably about it.

As to if the market is "overvalued". Definitely prices are high now with all the tens of billions of dollars coming back into Argentina by people that had it overseas. One of the things they need to do is invest that in Argentina and one of the possibilities is real estate. That's driving up the market right now.

I listed a small 2 bedroom apartment in Recoleta and sold it for $270,000 US Dollars within two weeks of listing it and actually closed on it within a month after getting the offer. And it was comical to actually hear the buyer say we had to declare the full price as a condition of the sale. They were one of the ones that brought back a ton of undeclared income and had to invest it so wanted to list the entire price.

I still don't see too many viable investments in Argentina besides real estate. However, the crazy inflation is pushing up expenses like crazy. I have a one bedroom apartment where the monthly HOA fees are over $400 US dollars now!

 

[GorginaWse]

I was wondering what is so comical about the US seller wanting to sell en negro and the Argentine buyer forcing him to agree a sale en blanco. Maybe it is common to buy en negro also in the US?

Because this leads me to understand that the US seller wanted to do the kind of stuff he isn't allowed to do in the US, complaining because he had to abide the law in Argentina.

 

[earlyretirement]

I was wondering what is so comical about the US seller wanting to sell en negro and the Argentine buyer forcing him to agree a sale en blanco. Maybe it is common to buy en negro also in the US?

Because this leads me to understand that the US seller wanted to do the kind of stuff he isn't allowed to do in the US, complaining because he had to abide the law in Argentina.

It's COMICAL because ALL of the other properties I bought and sold in Argentina (to locals) the seller/buyer wouldn't agree to sell/buy unless we listed a false and lower price. NO, I never said that I wanted to do the transaction in negro. I said it was comical because it was the local that wanted to do it in blanco. The vast majority of locals try to do things in negro. Are you trying to argue with that FACT???

No, you can't compare transactions in the USA with transactions in corrupt Argentina. Everything works well in the USA. You don't walk around with bags of $100 US dollar bills. Everything is on the up and up in the USA. That's far from the case in Argentina for the most part where there is a ton of red tape and it's rife with corruption.

 

[GorginaWse]

If everything worked out so well, why aren't taking this as good sign instead of a ridiculous fact?

 

[earlyretirement]

If everything worked out so well, why aren't taking this as good sign instead of a ridiculous fact?

Actually I am taking it as a good sign. I MUCH prefer Macri vs. that lunatic Kirchner. I just said it was comical is all. And for sure, if the lady that bought mine wasn't using money she illegally had hid offshore then for sure she would want to declare a lower price. I prefer to do things in white anyway so wasn't a problem for me at all to declare the entire value.

Actually I was pleasantly surprised that I could easily wire my funds to my USA account. When I called in they said there was a ton of paperwork so I was going to just go to a casa de cambio and pay 1% to wire it to my USA bank account. But was very pleasantly surprised that if you already have a US Dollar account in Argentina then you can wire it immediately to any bank in the world. I just paid something like 0.5% commission to HSBC to wire it. I had to fill out a bunch of forms and give them a certified copy (by the Escribano handling the closing) of the escritura but was able to wire all of it. (This would have NEVER happened in the CFK days!).

The banker said it would take up to 5 days to receive the funds in the USA. The commission for it had to be paid in pesos from my peso denominated account so I just had to make sure to deposit enough to cover the 0.5%. But within 3 days the funds hit my USA bank. It was the first time since 2002 that something in the Argentina banking system worked. So definitely I agree with you Serafina that it's a HUGE improvement and hopefully more things improve.

 

[Mart]

That's fantastic news!

We were just discussing a similar experience. Recently, we purchased some land here in the US, and the seller was genuinely delighted that we opted for a cash payment. The prospect of a swift transaction without the complexities of a mortgage quickly made us his preferred buyers! What's even more convenient on our end is that the buying process here is straightforward. We simply presented a bank check made out to the lawyer representing both parties, and the entire process was wrapped up in just 45 minutes. It was remarkably hassle-free.

It's encouraging to hear that things are becoming more streamlined in Argentina. We also have a commercial property to sell there, so we're hopeful that the process will be equally smooth.

 

[earlyretirement]

That's fantastic news!

We were just discussing a similar experience. Recently, we purchased some land here in the US, and the seller was genuinely delighted that we opted for a cash payment. The prospect of a swift transaction without the complexities of a mortgage quickly made us his preferred buyers! What's even more convenient on our end is that the buying process here is straightforward. We simply presented a bank check made out to the lawyer representing both parties, and the entire process was wrapped up in just 45 minutes. It was remarkably hassle-free.

It's encouraging to hear that things are becoming more streamlined in Argentina. We also have a commercial property to sell there, so we're hopeful that the process will be equally smooth.

Oh yeah in the USA it's a piece of cake. Typically you don't even have to show up to a closing. It's all done digitally online. So easy. I think Argentina is still difficult to deal with. Gotta fly down there yourself to close or if you don't you have to get a Power of Attorney and then have to go to the State Department to get a Hague Convention Apostille. Typically have to deal with $100 US bills (counting/receiving) and then deal with wiring it back and taking a leap of faith with a casa de cambio and giving them the cash first. It's all very stressful dealing with.