David Y, Home Buyer in Rancho Cucamonga, CA

I'm currently living in an apartment but I am in the market to buy a condo. If I break my lease will it be penalty free since I'm buying a

Asked by David Y, Rancho Cucamonga, CA Wed Sep 29, 2010

home?

Help the community by answering this question:

Answers

9
Hi David,

Don't jump the gun. Have you talked to a mortgage specialist? Talk to a mortgage specialist where ever you have your checking or savings.
Ask for a copy of your credit report after they run it.
Then you can take the credit report to other lenders. That way they don't run your credit multiple times.
Shop around and see who has the best product for you.
How much are you thinking about putting down?
If, you are doing 3.5% Down FHA , condos are at times hard to come by with all the foreclosures and HOAs'.
Put all your ducks in a row before you talk to your lender.

Best regards,

Jes Sierra, B.Sc.
Realtor 01772408

Century 21 Beachside
Rancho Cucamonga, CA


Give me a thumbs up if this helps.

l
l
V
0 votes Thank Flag Link Fri Oct 1, 2010
Hi David, It does really depend on your contract. I'm located inside Victoria Gardens Mall. I could set an appointment with you. Click on my photo and it should take you to my info. Two important things, first, I could very possibly help you find someone willing to take over your lease which would most likely be ok with your landlord. Secondly, I'm assuming you're a first time home buyer if you haven't owned a home in the last 3 years. I've helped people get over 80K in down-payment assistance. Please let me know when you call me that you're a first time home buyer. Happy house hunting! God bless. Roland. 909-917-6176.
0 votes Thank Flag Link Wed Sep 29, 2010
David

Generally you are responsible for the entire balance of the term of your lease. However, As a Realtor in Rancho Cucamonga I would love to sit down with you and your contract to review it and see what your options may be. As a service to my clients who are currently renting I do offer free negotiations on your behalf with your property management company as part of my representation for my buyer. Feel free to contact me at your earliest convenience. Tom Zoch TomZoch@Tarbell.com
0 votes Thank Flag Link Wed Sep 29, 2010
Hi David,

Very often, if you speak to your landlord or building manager, they will let you terminate your lease early, for a good reason. Be srue you get it documented in writing if they agree to modify your lease, e.g...
"Lease will terminate with tenant giving 15 days notice instead of XYZ (your teerms now)."
I have even offered to post an ad to get my apartment rented, when I had to leave early.

Aloha,
Frank
Web Reference: http://www.hawaiihome.biz/
0 votes Thank Flag Link Wed Sep 29, 2010
Thank you everyone for the great advice I will definitely look over my lease agreement and talk with the management company. Cross your fingers :)
0 votes Thank Flag Link Wed Sep 29, 2010
Hi David, yes, it does depend on your lease so read it carefully. I've worked with landlords who have had tenants whose life went in a different direction (generally job transfer) during the term of the lease and they have worked out a compromise. Usually it has involved an agreement that IF the landlord can rent prior to the end of your lease term, the tenant is released from it.

But it all boils down to what you signed and what compromised agreement you can reach with your landlord. So have that conversation soon.

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Wed Sep 29, 2010
Depends on your lease. Some allow for you to get out of the lease early if you purchase. Others allow you to find someone to sublet for the remainder of the term. Read your lease. It should be spelled out clearly for you. If you still have questions, consult a local housing authority group. Most towns have one that will provide limited legal advice in these situations for free.
0 votes Thank Flag Link Wed Sep 29, 2010
Philip is right. You can start by speaking with the manager of the development you're currently in. Will you be buying a condo from the same people? That would give you some leverage. In any event, check out the details of your specific lease paperwork for the final answer.
Best of luck. Hope this helps!
0 votes Thank Flag Link Wed Sep 29, 2010
Good morning. To answer your lease question you must review your lease. Every lease can vary based on the owner of the property or the management company's version used. In some cases owners are willing to not penalize the tenant, however they would need to be able to rent the unit quickly. Others only make that exception if the tenant finds another person to continue the lease without interruptions. Still others do penalize the tenant. Ask you landlord, then once you now and understand your options and financial obligations, speak to an agent who knows your market and can help you locate a home. Best of Luck.
0 votes Thank Flag Link Wed Sep 29, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer