Post # 1
Oh my, I knew this would happen. We are in the process of buying a home. Our ideal timeline is to officially look and purchase next summer, since we would have more saved up and our lease ends in May.
But, being me, I have been casually browsing websites and sending info to our realtor. Well, we have fallen in love with a home. Like, it has everything we want and more. Location, look, size, price, everything! But, the timing is not right. Even if we could put in an offer and delay the closing for up to 60 days, we would have to break out lease about 4 months early (about a $4,000 cost).
Now, I haven’t officially talked to our leasing company to see if they might be willing to work something out, but I have a feeling we would probably have to pay the lease out.
We are so torn about what to do….any thoughts bees?
If we made an offer now, we have 12% down, but would likely have to pay out our lease. We could afford it, though it is not ideal.
For reference, here is the home…
Post # 4
Talk to the rental company for sure! We broke our lease with 7 months and only had to pay 2 months rent and forfeit our security deposit. If you say you can afford it than I think you should go for it. If it’s not a financial strain and your realtor thinks it’s a smart move than you can’t risk losing your dream home.
Post # 5
Put in the offer and talk to the leasing copmany and just see what happen
Post # 6
@kaw2be: That’s reassuring to know it can work out. We could definitely swing it, it just doesn’t seem like the best financial decision (given it would be throwing away money), but in the end, it could be for the best. Thanks for the response!
Post # 7
@bmo88: Is finding someone to sublet for the remainder of your lease an option?
Post # 8
Agree with checking about the lease. Also check to see about the seller’s timeline. Some aren’t in a rush.
Post # 9
@bmo88: talk to the rental company first..I broke off a lease before.breaking a lease is only a problem if they can not find someone to rent the place after.
Post # 10
@ImmaBee: Possibly, not sure because we haven’t looked into it. I will ask.
@KingsDaughter: That’s true. Maybe we will have some luck with that.
Post # 11
@bmo88: In the grand scheme of things, I don’t think $4k to break your lease is all that big of a deal if it means your dream home. Prices are generally going up, so a comparable house might be a few thousand more by next summer. Also, summertime is a busier buying season so you’d probably have more competition trying to buy the same house – maybe you’ll have more room for negotiation if you’re willing to buy in the winter.
Also, as others have mentioned, your lease might have some wiggle room or you might be able to sublet.
Post # 12
@bmo88: I hope so. Let us know how it goes. Call asap..
Post # 13
- Wedding: August 2013 - The Liberty House
Could you find someone else to move in?? With the apartment I was living in a couple of years ago, they told me that I couldn’t break my lease, but I could have someone else move in and take it over.
Post # 14
Have you actually toured the home? Pictures can be very deceiving, especially in real estate listings. What you see may not be what you actually get.
I’d go see it in person before doing anything else, if you haven’t done so already.
Post # 15
@bmo88: i would explore all of your options before giving up hope. talk to the leasing company. what would your penalty be? have you considered subletting the apt? you could also ask the sellers to pay for your closing costs. that would help out with the leasing penalties.
in the grand scheme of things, it’s $4000. are you willing to lose your dream house over that?
also, how long has this house been listed? not many people are going to want to buy and move the closer you get to christmas so that may be in your favour.
Post # 16
@ItWasntMe: Yes, we have toured the house and that is what made up our minds.
@mypinkshoes: In my state, the closer typically pays closing costs, so that will work in our favor. It has been listed for 3 months and the price has been reduced a few times, so I am not sure how much longer it will stay on the market. We are going to talk to our leasing company on Tuesday because tomorrow is a holiday and they are closed:(
$4,000 in the long run is not a huge amount compared to getting our dream home. Now we just have to cross our fingers and hope for the best.