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Jesus Valdes, Other/Just Looking in

my wife and I rent is there a way out of our lease if we decide to buy a home?

Asked by Jesus Valdes, Mon Feb 6, 2012

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7
Hi Jesus,

When is your lease up? Have you read the lease, is there an option wiht notification to the landlord?
I would suggest that you continue your due diligence and take steps in looking at home ownership. Speak to a Realtor and a Mortgage Rep to see what you can afford, get a preapproval... get the basics and if that all works, review your current lease and see what the penalties are, if there are any.

Most landlords will understand when a tenant is looking to purchase a home. But, be prepared in advance and give it a shot!

Email or call to discuss further or need a mortgage rep to speak with!
3 votes Thank Flag Link Mon Feb 6, 2012
Landlords are people too. Talk to them. Let them know your desires. If you have been a good Tenant, you may be surprised how nice they might be to you, especially if you give them plenty of notice!
2 votes Thank Flag Link Mon Feb 6, 2012
Jesus,
Review your lease to see if you can break your lease without any penalty. After you review your lease talk to your landlord and let him know you want to buy a home and let him know you will cooperate with him in allowing potential tenants to see your home to assist him in finding another tenant. He may work with you if he sees you are considerate of his position.

All the best,
Gary Geer

http://www.GaryGeer.com
0 votes Thank Flag Link Mon Feb 6, 2012
You might be able to. First thing you should do is speak with your landlord and let him/her know you are looking to purchase a home. Most landlords will allow you to break a lease early if they can find a replacement for you. Sometimes that means paying an additional commission which he will probably charge you for.
Sometimes, it's just best to wait till you get towards the end of your lease to start looking. Then, you can get the timing down perfectly. Just let your realtor know when your lease ends and schedule your closing for a week before.
Good luck!
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Mon Feb 6, 2012
as stated, absolutely check your lease and speak with landlord. In addition speak with the agent who is assisting you with purchase as your purchase terms could be to close months in advance where time left on lease isnt too much. If home you plan to buy is in need of work you may want the time in rental to do work. TYpically you will have atleast one month between closing and when your first house payment is due. If looking to buy a short sale understand that can be a very slow process. If you must terminate lease early landlord will typically hold you responsible for lost rent. If they re rent the property quickly at what you are paying or more your cost wouldnt likely be too much. (commission fees etc)
0 votes Thank Flag Link Mon Feb 6, 2012
That is something you would have to discuss with your current Landlord. Most will allow it especially if it is close to your lease expiration date however, you will more than likely lose your security deposit or part of it.
Good luck.
0 votes Thank Flag Link Mon Feb 6, 2012
That would be something for you to discuss with your landlord. What does your lease say? I've seen many people get out of leases early, but it's really up to you and your lease with your landlord. Good luck!
0 votes Thank Flag Link Mon Feb 6, 2012
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