Home Buying in Germantown>Question Details

Charmed077, Home Buyer in Germantown, MD

I'm currently renting & would have to break the lease if I buy a house soon. At what point in the process should I give my apartment my 60

Asked by Charmed077, Germantown, MD Wed Feb 16, 2011

day notice? I'm currently renting and looking to purchase a home this year. My lease doesn't end until January 2012 and my apartment complex requires a 60 day notice and penalty fee for breaking the lease early. I'm fine with the notice and penalty, but I'm not sure at which point in the home buying process I should let the leasing office know I'll be moving. Should I do it once my offer has been accepted, or wait until my loan has been approved, or at some other point? I don't want to do it too early and risk being homeless, but I also don't want to be stuck paying rent and a mortgage at the same time. Thanks for any advice!

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One thing to consider is that the date you close on your house really does matter!! If you schedule your closing on the 6th of the month or after that up until the 30th you will actually skip a house payment for a month. For example, If I buy a house and set the closing for August 7, 2012, I can give 60 days notice to my apartment complex and I will actually take possession of my house on August 7, 2012, however my first house payment would not actually be due until October 1st. You actually get a month and a half free, depending on when you close. That way if you do have to pay a small penalty, you don't have to pay a mortgage on top of that. Gives you some breathing room. Hope that helps!
1 vote Thank Flag Link Wed Jun 6, 2012
As soon as you sign a purchase contract. It normally takes 45 days to get a mortgage done.
0 votes Thank Flag Link Sun Mar 10, 2013
If you break your lease can be sued.

I would start your home buying process 70 days prior lease expiring provide your apt your 60 days notice
0 votes Thank Flag Link Sat Mar 12, 2011
I would recommend that you wait until you have final loan commitment. This happens after you have a ratified contract, inspection contingencies have been removed, appraisal is satisfactory and your lender has completed the loan process. You can accomplish this in typically 10-30 days after contract acceptance. The key to a quick approval is doing all the work with the lender ahead of time. Structure the settlement date around your apartment 60 day notice time period. It is a good idea to overlap your move in and move out dates by a few days just in case you have a delay in closing.
0 votes Thank Flag Link Sat Mar 12, 2011
It would really depend on what kind of property you are looking to buy. It it's a Short Sale...get ready for the ride. It could take as little as 60 days and as long a 6 months!! It it's a Foreclosure you are buying, the banks usually give you a quick reply and want to close in 30 days. In either case, I would not give notice until you are absolutey sure you are going to CLOSE. So many thing could happen between the time you put in your offer and the time you actually close. Wait until you and your lender know without a shadow of a doubt that you, and the Seller can close and have a closing date. Good luck!!
0 votes Thank Flag Link Wed Feb 16, 2011
Some of the things you need to consider is it depends on your financial situation and if you will be able to afford overlapping the two payments such as rent and your mortgage. If you have a solid lender and an experienced agent they should be able to help you make that decision. Generally depending on how much time you need to move and do repairs and cleaning to your new and old home you may want approximately two weeks overlapping. Each situation is unique.
0 votes Thank Flag Link Wed Feb 16, 2011
You need to coordinate with your real estate team (RE Agent and lender) to make your time frames run smoother. One thing you may want to check is if you find a new tenant to assume your lease. In smesituations the landlord will release you and not charge a penalty if you can find someone to assume your lease (subject to their approval of course)
0 votes Thank Flag Link Wed Feb 16, 2011
It depends on when you are going to start looking. Are you going to wait til the fall market or are you starting before then? It might be better to start looking and see how your search is going, you can always push the settlement out to come closer with the 60 days notice you need to give. Though, it is always good to have a little overlap in order to do any touch-ups, painting and moving vs trying to do everything in one day and having everything in your new home.

Good luck!
0 votes Thank Flag Link Wed Feb 16, 2011
You will need the guidance of your real estate agent and your mortgage loan officer. They should be able to give you an accurate time frame of when you can expect to close on your new home. Then you can give notice on your lease. It is better to overestimate and have time to vacate your rental after closing on your house. Best to avoid having to move out of your rental as soon as you take possession of your home. Give yourself the time to make the transition.
0 votes Thank Flag Link Wed Feb 16, 2011
60 days prior to closing.
Web Reference: http://www.golftobeach.com
0 votes Thank Flag Link Wed Feb 16, 2011
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