Rental Basics in 72703>Question Details

asha.edwards…, Renter in Fayetteville, AR

Reserving a house

Asked by asha.edwards38, Fayetteville, AR Thu Feb 2, 2012

Me and my Fiancee' have a duplex that we live in and our lease isn't up until June 21st but we have been having some issues with our duplex. we are wanting to find a house within the next few months. would april be too early to put a deposit on a house that we like? is it possible for a owner to hold a house for that long?

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It is advisable to begin your search 60-90 days before the end of your lease. Your current lease will likely require you to give at least 30 days notice (or more) to vacate. Read your current lease to make sure you give yourself enough time to provide notice to your current Landlord. You will find in the Fayetteville area that some Landlords will list their properties for lease in advance, while others will wait until their current tenant provides them notice. With no consistency in the market you may be faced with some challenges in locating a property in advance, but be persistent if you would like to find a new home to lease. You will also find that that May and June are two of the better times to find rental homes in the Fayetteville area as the college students begin giving their notice during these months. Once you find a new home to lease, do not forget to provide the required notice in your existing lease.
1 vote Thank Flag Link Thu Feb 2, 2012
April would be a great time to start the process if you are thinking of buying a home. The first and foremost important thing to remember is to get pre-approved with a lender before you start your journey of looking for a home. Once you have completed done this you will know exactly what price home you can afford accoring to your budget. Next would be to interview and choose a Realtor to work with. Then your Realtor will assist you in finding the home that is right for you and guide you from beginning to end of the process.
0 votes Thank Flag Link Thu Feb 2, 2012
Depending on what your lease says, make sure you give proper written notice to your landlord. You may be able to locate another home to lease. With interest rates as low as they are & plenty of inventory in NW Arkansas you may want to consider a purchase instead of a lease. It's very possible that you could locate something with a payment that would be less than a rental payment. Just a thought. Many landlord will however list their property in advance in hopes of securing a tenant prior to a vacancy. Many of the websites like Trulia, Zillow and Hot pads will have rentals listed - in addition to craigslist.
Best wishes in locating a home that is suitable for you & your fiance.
Julann Carney
0 votes Thank Flag Link Thu Feb 2, 2012
As a landlord, I require my tenants to let me know at least 45 days prior to the end of their lease if they would like to renew or vacate. This means, I don't generally attempt to re-lease until 45 days from the end of a lease. On rare occasion I have had tenants give me 60-90 days notice that they will be moving. In any case, I would say your options will be much more limited this far out. That being said, it's worth keeping your eyes on what's available. Maybe you'll run across something this far in advance that a landlord can hold.
0 votes Thank Flag Link Thu Feb 2, 2012
If you are considering another rental, properties are often listed 60 days prior to the end of the lease term. If that is the case, then your timing may work out just fine. The landlord will want to rent as quickly as possible to reduce the time that the property sits vacant. I am working now with a client in a very similar situation timing wise, and we are waiting the landlord's response on whether with a deposit they will hold the unit for 45-60 days. I believe the only way the landlord will be persuaded is if he finds my clients credit superior to other options. Landlords want to rent quickly so that they have cash to cover carrying costs, but they also care very much about the quality of the tenant. So the receptiveness of the landlord to holding a property for you for any period of time will also depend on your credit and demand for the unit. In other words, much will depend on how your offer stacks up to his other options.

Good luck to you.

Jeanne Feenick
Unwavering Commitment to Service
0 votes Thank Flag Link Thu Feb 2, 2012
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