Home Buying in Indianapolis>Question Details

Vincepayne, Home Buyer in Indianapolis, IN

Can a builder buyout your apartment lease as part of the agreement?

Asked by Vincepayne, Indianapolis, IN Wed Oct 27, 2010

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7
Sure! You are actually paying for it by paying a higher price for the new home.

Try instead to negotiate a lower price and see if you can get out of your lease earlier!
Web Reference: http://fglick.com
1 vote Thank Flag Link Wed Oct 27, 2010
yes your builder can buy you out of the Lease, find out how much it is and see if they will work with you on it.
0 votes Thank Flag Link Wed Oct 27, 2010
I would check with your landlord and see what they would require you to pay to get out of your lease first before I would talk to a builder. More than likely you paid your last months lease and a damage deposit in advance when you began renting. It will take 3 to 4 months to build a home and you have to get approved from a mortgage company. You will making selections for the home also. . You may not need the builders assistance. Most builders will pay for people to get out of a lease but they do add it on to the cost of the home. You should work with a realtor to help you.
If you need a realtor in Indianapolis or any of the surrounding areas call me. Donna Massey-Trinkle, F.C. Tucker Company 317-443-8110
0 votes Thank Flag Link Wed Oct 27, 2010
Do you know how long it will take to build your home? You might be surprised that you might need that extra time at your apartment. Yes, builders will negotiate money for your lease but like Fred Glick below said.. it usually is added into the cost of the home or taken away from the closing costs the builder would have paid for you on your behalf. I would ask them when they think they will break ground and how long the whole process will take to be sure you are not added more than you need to on a buy out scenario. I hope that works out for you. And if you would prefer to have a Realtor with you when you meet with the builder make sure to let the builder know up front so the Realtor is included. The builder will pay for you to represented by a Realtor and it does NOT cost you more money! Thanks, Jackie
0 votes Thank Flag Link Wed Oct 27, 2010
Absolutely! As long as the terms are fully disclosed there will be no problem.

Jason
Web Reference: http://oneilrealtors.com
0 votes Thank Flag Link Wed Oct 27, 2010
Agreed. Fred answered it right. I would think that they would take a lower price. Be sure and consult a local Realtor® to work on your behalf with the builder, as the builder will try and get the highest price for the house.

Best of luck!

Michael Weaver
Managing Member
The Vearus Group
317-455-LIST
Web Reference: http://TheVearusGroup.com
0 votes Thank Flag Link Wed Oct 27, 2010
That is a great question. As long as you have not signed a purchase agreement a builder will do a lease buyout.

If the builder does not do a buyout I have a plan to get this accomplished.
0 votes Thank Flag Link Wed Oct 27, 2010
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