My husband and I currently live in a duplex; our lease is up at the end of June. We want to buy a house instead of rent again. We cannot break our lease early without hefty penalities, so we have decided to wait 'til it's up. We are currently looking at houses and have found some we really like. The problem is, houses are selling pretty quickly and I'm worried that if we wait until closer to when our lease is up, we won't be able to find a house we really like. However, are we really going to find a buyer who would be willing to wait about three months until we close? I would like to get opinions from other people, and please, no stupid answers. Thanks in advance for your advice, thoughts, suggestions, etc.
2007-02-18 06:48:43 · 5 answers · asked by Spex 3 in Business & Finance ➔ Renting & Real Estate
If my question is so stupid, why did you answer it? I wanted to get advice from people who have been in similar situations. It doesn't matter that I don't know them.
2007-02-18 07:09:06 · update #1
We have already been pre-approved for a loan and have a good-faith estimate and pre-approval letter. Oh yeah, forgot to mention that we are both first-time home buyers.
2007-02-18 07:28:46 · update #2
I suggest you go ahead and put a property under contract as soon as you find one you want to buy. The closing and possession dates can be negotiated to suit your lease requirements in most cases. If the seller is unwilling, you may offer a larger earnest money deposit or down payment, or offer to increase the sale price modestly to cover their inconvenience of waiting. This technique is used very often in real estate investing when another property is tied up by a lease.
2007-02-20 11:20:33 · answer #1 · answered by Anonymous · 0⤊ 0⤋
examine your lease. some leases have an early termination clause the place you are able to end your lease in the past the top of the term by ability of giving suited observe and paying a cost. those clauses are designed for the region you describe, 12 month lease beginning in November, purchase a house the subsequent June. usually there's a cost linked with ending a lease early (each and all of the leases I truthfully have had that's between a million and a pair of month's lease). As different posters have pronounced, i don't have self assurance you have a criminal reason to easily bypass away. the technique of establishing this project and argument would take greater time and attempt than what that's in all probability worth in case you will pay an early termination value and bypass away in June.
2016-11-23 16:59:39 · answer #2 · answered by samas 4 · 0⤊ 0⤋
Get preapproved for your loan. Submit the offer with the info about when you want to close. They can always counter or accept your offer contingent on other offers coming in. If another offer comes in you will have so long to decide if you want to go ahead and start the process early or risk loosing the home to the other people. Most areas are a buyers market right now.
2007-02-18 07:24:08 · answer #3 · answered by crashfeldman 3 · 0⤊ 0⤋
My sister's a Realtor and her rule of thumb is it takes about 60 days minimum to go from start to finish when you find a house you like. So, I think if you just start looking, you'll be right on time to move in for June Let's say you find a home in March you want to buy. April, May-to approve finance, haggle sale price, close, pack and move out and in to your new place. June? You'll barely have enough time. PS.. Don't just buy any house either. Have it really checked out, home inspections, assessor, land survey...be vigilant to know more than you need to know. Don't let a Realtor sway you. Make up your own mind on what you want to afford and how much debt you want to get into. congrats..in advance !
2007-02-18 07:02:42 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Start the process now. You can ask for a closing date in 2 months especially if the homeowner is still living in the house they may welcome the extra time to move out. If you have not found the perfect house or your closing does not come close to your lease end you can ask your landlord to put you on a month to month tenancy for a few months, you can find temporary housing for a few months again on a month to month tenancy. You may have to pay for both house note and rent for one or two months at most. You have lots of options and it is not too soon to begin looking for a new house.
2007-02-18 11:38:59 · answer #5 · answered by ebosgramma 5 · 0⤊ 0⤋