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Replies (3)
- Dan, "the_country_hick"
- Contributions:4693
That tenant with a lease will be a problem for anyone wanting to buy the house. Why not agree to a closing date when the lease is over and the tenants are gone? That means you insert a clause for the house being delivered vacant. That way any problems getting the tenants out are the sellers not yours.
You can not live in it until June. Make an offer with a closing date of June or July just after the lease ends. Then you could claim it as your primary residence. The seller will probably even be willing to accommodate you because they know having a renter present is a problem for many buyers.
Make sure your lender likes this idea. You might still have an issue with financing for whatever reason. It is better to be safe than sorry. The only problem I can see as reasonably certain is no rate lock for that far ahead in time. As the federal reserve just said they would keep rates low for 3 more years I would not be terribly worried about that. But do include a contingency saying the offer is based on you getting an interest rate at or below x percent.
You can not live in it until June. Make an offer with a closing date of June or July just after the lease ends. Then you could claim it as your primary residence. The seller will probably even be willing to accommodate you because they know having a renter present is a problem for many buyers.
Make sure your lender likes this idea. You might still have an issue with financing for whatever reason. It is better to be safe than sorry. The only problem I can see as reasonably certain is no rate lock for that far ahead in time. As the federal reserve just said they would keep rates low for 3 more years I would not be terribly worried about that. But do include a contingency saying the offer is based on you getting an interest rate at or below x percent.
- riburn3
- Contributions:11
Wow great idea. I guess the seller would have to be interested in going this route, but from what I hear from the Real Estate Agent, the owner is from out of state and the house is heading towards forclosure if they can't find a buyer. I would think this would make them more agreeable, and it would allow me to save up more for a larger downpayment.
My only fear would be perhaps a reluctance on the sellers part to be forced to wait so long, but I think the issue with people leasing the house is the reason why it hasn't sold yet.
Thanks again for the advice. I guess we will see what happens.
My only fear would be perhaps a reluctance on the sellers part to be forced to wait so long, but I think the issue with people leasing the house is the reason why it hasn't sold yet.
Thanks again for the advice. I guess we will see what happens.
- Kile Properties, "KileProperties"
- Contributions:43
That is exactly what I would suggest too. Get an executed contract with a longer closing date. Have your agent make sure your Financing Addendum gives you the ability to terminate if rates go higher than you are willing to buy at. This should be a great option for you as long as the bank foreclosure isn't looming.
Buying new home while keeping old home problem (Texas)
There's an issue with the new home however, in that it is currently being leased until June 2012, and if I were to buy this home, my mortgage broker tells me I would need a 20% downpayment, as banks would see me living in my current house while I wait for the lease to end, and treat the new home as an investment property since I wouldn't move in immediately.
Even though my intent is to make this my primary residence as soon as the lease is up later this year, and even though by the time we would be able to close wouldn't be until mid March or April at best, I'm told that buying the house with a current lease in place and me collecting a couple of months of rent from the individuals in it keeps me from purchasing this house as my new homestead or primary residence, even though it is my intent make it such.
Is there anyone out there that has been in a similar situation that could help me out? If I had more time to accumulate a 20% downpayment, I certainly would, but this house is in a desirable location and I'm sure if I wait it out to save for 6 months or so, someone else is going to purchase it. Thanks.
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