Home Buying in Denver>Question Details

First Time B…, Home Buyer in Denver, CO

My apartment lease is not up until September 2009, but I want to buy a house before then. Am I out of luck?

Asked by First Time Buyer Girl, Denver, CO Sun Jan 4, 2009

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Not really review your lease "out clause" determine what it may cost you break your agreement. Make sure you have it in writing from apartment complex they would not make attempts to sue you or report on credit report. It takes approx. 60 days from start to finish close on a home. If you find a home with equity would offset any lose expenses on apartment.

You need be qualified for a loan via a mortgage broker which has a limit of approx. 60 days.
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0 votes Thank Flag Link Sun Jan 4, 2009
A,

Although I agree with the rest of the answers, I think the one that mentioned the new home path is a great way to go. If you have the time to build a home it usually take 6-9 months and you can get it done the way you want. But this can be a little less cost effective depending on the location. I think the first step should be for you to speak with a Lender to find out how much you would like to spend on your payment. If you find out that you would like more down payment or might need extra cash for some of the expenses with moving you can be prepared. I hope this helps!
2 votes Thank Flag Link Sun Jan 4, 2009
Like people have said you can get out of a lease in many ways.

Another way to do this is to have sellers who are desperate to sell pay the fee your management company will charge you. Find that out and then write it in your offer. I've done this with some other clients this past year.

Take care,
1 vote Thank Flag Link Sun Jan 4, 2009
Particularly if talking new construction, there are many sellers that have had to get very creative in attracting buyers. One possible avenue, particularly in your case, is to ask for the seller to buy out the balance of your lease. In my opinion you are certainly not out of luck.
As interest rates are very low and it still remains a buyers market (but maybe not for much longer) now would be a very good time to start looking, and to see if there are sellers out there that are motivated to make it work. I would recommend that you work with a Realtor who should be able to help you make this happen.
Chuck Strauss
Keller Williams DTC
720-318-7598
CStrauss@kw.com
1 vote Thank Flag Link Sun Jan 4, 2009
You may be able to break your lease where you are at. Either look in your lease agreement or call the Manager and ask what the lease break fee is. It is usually a 30 day notice pay for the 30 days and a lease breaking fee equal to one months rent. Check with the manager and make sure it is something you want to do. With the low rates and good deals on Denver Area homes it may be worth it to you.
http://www.soldbyburke.com
0 votes Thank Flag Link Sun Jan 4, 2009
You've probably asked already, but just in case you haven't, ask your apartment manager what you can do to get out of your lease. I've recently Sold homes to metro area buyers who had leases, both of their apartment complexes let them out early. You may want to talk with a lender right away to see if it would make sense for you to break your lease and buy now. The tax advantages may out weigh the cost of breaking the lease. I have a lender that I think is wonderful, I don't know if I can post his name and the name of his company without permission on this site so just send me an email and I'll send you his name and number or actually his contact information is on my website. He knows just about everything there is to know about down payment assistance programs, first time home buyer programs, etc. Have fun looking for your new home!

Sandy
0 votes Thank Flag Link Sun Jan 4, 2009
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