Home Buying in Dallas>Question Details

Mathew George, Home Buyer in Dallas, TX

Has anyone seen sellers help buyers get out of an apartment lease or does it make better sense to buy at

Asked by Mathew George, Dallas, TX Sun Jun 29, 2008

lease end ? My lease ends in December and I feel like that I may be house hunting too early .

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Unless the seller is an attorney be careful! If you have a signed lease you have a binding contract. There are consequences to breaking a lease. If you are not sure, you should seek the advice of a qualified real estate attorney. This is June,,, you may be jumping the gun early especially if you find THE HOUSE and you are still in the lease and you can't swing a mortgage and lease payment,,,,, see what I mean? So, try "scouting" (looking on line) to get a more detailed idea of what you really want in a home and then when you are actually in a position to purchase, start looking around late Sept., early October. If you are still in your lease and the house you want doesn't come up until December, discuss with your apartment complex management if they'll consider a possible month to month tenancy until you close on the home. Again, though, step one - check with an attorney. Good luck.
0 votes Thank Flag Link Sun Jun 29, 2008
Depending on what the terms of your lease spell out. What are your obligations if you terminate early? Can you sub-lease? Pay 2 months for breaking the lease? the remainder of the lease term? I understand your dilemna because at the end of December you will have less homes to choose from but you can negotiate better too.

It's a matter of negotiating. May be you will be able to find sellers that are not in a rush to move but need to sell. You can work out a lease back where you can buy now and they lease from you until December. They may be building a house, haven't found the new place etc. As you see it's all property specific.

It is never too early to shop for a house, especially if you are doing it for the first time. You probably want to go and look at homes too so you can have a better idea of what you get for your money. Investigate neighborhoods etc...

Naima
214-289-8555
naima@sumner-realty.com
Web Reference: http://www.sumnerrealty.com
2 votes Thank Flag Link Sun Jun 29, 2008
Yes i do it all the time. Most times it will have to be on a new home because of the better commission for the agent. Some apartments ask for allot of money. I actully have 3 of them going right now. It is really helpful for the home buyer. Look at the link below
0 votes Thank Flag Link Thu Sep 18, 2008
I see this all the time. It is up to how you negotiate your purchase and how well you can negotiate to get out of your lease. The first being how to get out of your lease, read it carefully and look for the reasons that are in it to let you out. Know what if any it will cost you. Then when looking for a home ask the seller to pay your clsoing costs. That way instead of using your cash on closing costs you can use it to get out fo your lease and you have offended the seller and got a great deal on a house. good luck with your purchase.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Sep 18, 2008
Yes we do these all the time for builders. Some sellers will even help you. Our company is only one of the approved real estate company by Dr Horton, to do lease buyouts.
0 votes Thank Flag Link Thu Sep 18, 2008
I have seen it happen, but it doesn't make sense for the sellers in most cases. I'd say you are hunting way too early. At this point you should:
1. Get prequalified.
2. Determine where you want to live, perhaps even down to specific neighborhoods.
3. Start driving the neighborhoods so you get a feel for the prices and condition.
4. Start looking inside the houses about 3 months before you want to move. Contract 30-60 days out.
5. Looking now is typically disappointing as the homes for sale now will typically be sold by the time you are ready to move. The homes for sale then are not on the market yet.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Wed Jul 2, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Everything can be negotiated. You could even buy a home and have the seller live there and pay rent. Now each situation is different, but if you have a good agent they can point you in a direction that you feel comfortable with.
If you go with a new home builder it will take 3 - 7 months or more to build so now would be a good time to start.
Good Luck.
Jeff
0 votes Thank Flag Link Mon Jun 30, 2008
I would say in general that is a very workable situation. One caveat: depending on where you are looking to buy, you might not have a lot of negotiating leverage, or you might fall in love with a house owned by a seller who doesn't need to negotiate. For example, in the "L" streets area of Lake Highlands, newly listed homes are getting multiple offers. That area is hot! I'd love to help you if you're looking in L.Highlands, Lakewood, Park Cities, N.Dallas, or N.Oak Cliff. Check out the Powerpage on my website for the latest listings by area. Best to you, Monica Grosz, 214-762-1515
0 votes Thank Flag Link Mon Jun 30, 2008
Dr. Mathew,

Depends on how motivated the seller is to sell their property. They may be willing to do so. Let's say you find "the home" in July and, as is typical, close within 30 days on/after August 2. You won't have a payment on the home due until October. So, you would just need to be concerned with Oct - Dec payments. So, realistically, what would those be? Is there an early release clause in your lease? Can you terminate it if you're buying a home? Some of the larger rental companies will allow you to do so.

Are you going to only consider re-sale homes? If you consider new homes, it could be longer before they're ready. The market is on sale right now. For example - this is from the Dallas Morning News in the last part of May: The Dallas housing market lost more ground in the latest gauge of U.S. home prices. Home prices in March fell 3.3 percent from a year earlier in Dallas, according to the latest measure from Standard & Poor's Case-Shiller index. We're also not sure what interest rates are going to do later in the year?

Happy to help,
Terri Hayley
0 votes Thank Flag Link Sun Jun 29, 2008
Sure there are many ways to do that based on number of circumstances, http://www.lynn911.com, I have work many transactions with a rent who fell in love with that house. Contact my office if I can be of any further assistance. It depends on the terms however there is different ways to structure your lease, and home purchase
0 votes Thank Flag Link Sun Jun 29, 2008
What's the buy out on your lease? Buying is all just a numbers game. If you can negotiate a seller subsidy to pay your buy out, great - but make sure it's OK with your lender. A buyers agent can help you work all of this out. Do you need a referral to a good agent in Dallas?
0 votes Thank Flag Link Sun Jun 29, 2008
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