My husband and I would like to close on a home by June. We are stuck in a leased apartment that doesn't expire till July 1st. Should we start the home buying process now? Can we request that the closing date not be until the beginning of June? As a note we have excellent credit and available savings for 10-20% down payment. Thanks
2007-01-01 09:05:11 · 4 answers · asked by constantk 2 in Business & Finance ➔ Renting & Real Estate
Are you sure you can't get out of your lease?
Assuming you can't, it is pointless to start looking now. If I am selling my home, I want to sell it ASAP for the best price so I can buy my next home. The last thing I want to hear is that the buyer does not want to close until June. What the heck am I going to do for six months? Pay my old mortgage AND the new one? I doubt the bank would even let me do that.
You are best off starting to look in the spring and getting ready to close in June. Again, assuming you can't get out of your lease.
There again, you might like to consider that house prices are nice and low right now, because people don't usually like to move house in the winter. You may find you can get a bargain right now that will save you what you are going to lose by breaking your lease.
2007-01-01 09:10:35 · answer #1 · answered by ZCT 7 · 1⤊ 0⤋
You can easily choose a closing date. Tell you real estate agent. Wait until june to buy. Prices are going down. With %20 down you can have your pick of homes.
2007-01-01 09:21:42 · answer #2 · answered by sm4125 3 · 1⤊ 0⤋
Sellers that have their home listed right now probably don't want to wait until the end of June to close...I would hold off looking until the Spring.
2007-01-01 10:19:48 · answer #3 · answered by KL 5 · 1⤊ 0⤋
I would recomend double checking your lease and determining what it would cost to by yourself out of your lease, then determine whether it is worth it to do so...
2007-01-01 09:50:37 · answer #4 · answered by triad_historic_homes 2 · 1⤊ 0⤋