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San, Home Buyer in Maryland

I am interested in purchasing a home but I am currently in a lease until Jan, do you think a seller will pay

Asked by San, Maryland Wed Apr 8, 2009

to get me out of my lease? I plan on having funds for downpayment.

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On a closing I had in December, the seller agreed to pay my buyers fees for getting out of the lease. As long as it's done in accordance with lender guidelines, you should give it a go. That closing wasn't the only time it's happened and probably won't be the last. An agent will know how to negotiate that and what to write in the contract. All the money that changes hands in the transaction will need to be ok's by the lender so its just important that it's written correctly.
1 vote Thank Flag Link Wed Apr 8, 2009
Dear Dee,

When did your lease begin?

Monika
703 626 3327
info@realtygeeks.com
Web Reference: http://www.Realtygeeks.com
0 votes Thank Flag Link Wed Apr 8, 2009
Dee,

It's possible, don't be afraid to try. Why not have your agent call around to listing agents and see if you can find someone who wants to sell you the house now, close in 2-3 months (or however long you can get this great rate locked in for) and rent back until Dec/Jan? I have a seller who really doesn't want to move til August but due to possible market times, the house is for sale now. Just as long as you run the scenario through your lender, it's a great option. It's a win win situation if you have a seller that needs the equity for the sale now. you can arrange a rental agreement with specific terms. As long as you don't exceed certain occupancy deadlines, you should be able to finance a normal loan. Veteran buyers do this a lot. They take leave and househunt but can't move in for several months. We did it ourselves...

There is usually alwasy SOMETHING that will work out! Look outside the box.
0 votes Thank Flag Link Wed Apr 8, 2009
Dee - as someone active in your marketplace, I can tell you that it depends on what price point and type of home you're considering. At more affordable price points (like starter homes), it is a surprisingly competitive market for buyers. Those would be more difficult to negotiate the seller paying additional costs, but not always impossible. But, here are some ideas worth exploring:
1-Read your lease, is there a buyout clause?
2-Just ask the landlord if they will let you out of the lease if you are buying a home.
3-As a buyers agent, I often coax the landlord into letting tenants out of their lease by offering to cover the commissions myself to re-lease the property.

Anytime there are people involved, there's room for negotiation. But, wait - have you found your house yet? You may decide to buy something that is being built, and won't be available until next January anyway. Who knows.

Make your contacts now with the parties you plan to use - a real estate agent, lender, etc. Get your footing in place, and let them guide you through the best way to handle this. If I can help, give me a call!

Vicky Chrisner
Keller Williams
703-669-3142
0 votes Thank Flag Link Wed Apr 8, 2009
To be frank - I wouldn't count on it. There is always a possibility, but the odds of finding a house that you like and then having a seller who is willing to pay to get you out of a lease is pretty small. It would also really limit your ability to negotiate on price or other terms.

In my opinion, your best option is to explore what your landlord is willing to do if you wanted to terminate early. Many landlords don't mind letting you out of a lease as long as you pay the advertising costs to re-rent the unit and you pay the rent until someone else moves in.

Hope that helps.
0 votes Thank Flag Link Wed Apr 8, 2009
Most sellers will not turn away a qualified, willing & able buyer if there is anyway possible for them to make the deal work. We suggest making the offer, worst case the seller can say no. You can then move on to another property, you will find someone that can make this work.
0 votes Thank Flag Link Wed Apr 8, 2009
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