Profile picture for cdf1963

Rent or Buy?

I am renting a townhouse which started a short sale process back in April. My lease ends on July 11th and I can't stay beyond that date. I have a more than reasonable downpayment and a excelent credit score. I has been pre-aproved for a home loan. I've been searching for my dream house since April but can't find it. Now, I have less than 3 weeks to move and don't know if is better to rent another tonwhouse and wait until I find my house or buy a house that is not the one I dream of.
thanks,
  • June 22 2011 - Weston
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Answers (4)

Profile picture for NY Broker
yea, u need to rent short term here, as you dont have much time, but once you get into your rental, u should look to buy as the rates and prices are so low. 
  • June 23 2011
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The way you described your current situation, renting will be your best option. If you are ready to look for a property to buy, I would consider (as Steven suggested) approaching a landlord and ask to stay on month to month basis. IF this is not an option, than I would follow Michael's advice and look for short term rentals. Good luck!
  • June 23 2011
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Profile picture for angelil
Hi Cdf, I would contact the negotiator for the short sale and the seller and try to see if you can extend on a month to month basis.  Unless the seller is moving back in I don't know why they would want another tenant.  If you can get them to yes, then by all means continue looking for a home AFTER getting your loan pre approved in advance of finding the property.  Then once you get the home under contract you should be able to close in no more than 45 days.  If you cannot get them to yes on extended your stay, then you could look into temporary housing.  You can find a landlord via Craigslist or contact me and I can refer you to some apt. communities that have leased in the past for a period of less than one year.  Hope this helps!
  • June 23 2011
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It's easy. If you have got to move in three weeks you are going to have to rent. There is no way to find a home to buy, negotiate the sale, do the financing and close in three weeks.

Consider rentals that offer a six month contract with 30 days notice or a month to month lease. This would give you some flexibility should you find the perfect home. But considering the current housing market, you shouldn't be pressured into buying a home TODAY just because you need to move in three weeks.
  • June 22 2011
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