proud walker
|
If a house sale or purchase falls through after contract or before completion you are entitled to sue the other party for breach of contract. It might not be a good idea to give notice before you've exchanged contract.
|
|
maca
 |
have a word with the landlord and see if they are willing to give a short lease instead of say 2 months they may be willing no harm in asking? |
|
GWB
|
You can wait and then pay 2 months rent with your notice.
Or Roll the dice.
It is always better to be honest with your landlord.
|
|
Joel B
 |
Well, you already took the risk when you bought the house. Just tell your landlord, and let him know the situation. This is a common problem. He can't guarantee that there will be an apt for you if the deal falls through, but he able to move your name up the wait list, or something. This is what we called "shared risk" in the market. Wait until exactly 2 months.... I guarantee you that if the deal does go through, and it more than likely will, you will be paying a break lease fee or at least 1 extra month payment. That is more likely. That is what you want to avoid. I'm in the same boat myself right now. Worse comes to worse, you store your stuff and live in an affordable extended stay hotel for a few weeks or friends & relatives.... It's just a part of the game. |
|
Tom L
 |
I deal with clients in your exact situation all the time. If your purchase offer has been accepted by the seller and you are just waiting for your mortgage to be fully approved, then most of your risk rests on the lender or broker you are using. If you are using a direct lender there is reason for you to trust them when they say you are pre-approved or qualified since they have more transparency and control on the file. Brokers if they are good can have just as much creditability, but most the time this may not be the case.
Though most landlords should work with you if you just tell them where you are at. I would directly ask the landlord if you can stay if for some reason the purchase doesn't go through. In real estate you should always create an "out" or a plan B in case things don't go as planned...which they often do. if you do this, you should be fine either way and your home buying experience will be a much more pleasant and less stressful process. |
|
Bibs
 |
Give notice after the closing, It will cost you two months rent, but it will take off some of the pressure of moving. Moving can be very stressful on your relationship as well. |
|
Ghost
|
Wait till you are completely sure that you are going to get the house. You may have to overlap your rent and house you are buying a little. But at least that way you will not have to rush so much getting all your stuff moved. It will not be a big difference. Maybe a months rent. I do it all the time, when I change apartments. Makes things much earier and less stressful a move. |
|
choukaii
|
JUST BE HONEST WITH YOUR LANDLORD, TELL HIM OR HER WHAT IS HAPPENING AND I AM SURE SHE WILL BE UNDERSTANDING! SHE LOOKS LIKE SHE IS BY ACCOMMODATING YOU BEFORE THE LEASE IS UP |
|
reenzz
|
The reason the landlord need notice is to line up another tenant to move in after you leave.
If you gave 2 months notice and the landlord found a tenant...you would have to leave. Most states allow the landlord to sue you for up to 3x's the monthly rent if you fail to leave on your move out date.
BTW...I hope you have it in writing regarding the landlord allowing you to break your lease early. |
|
alderin1974
 |
I've been in nearly the same situation. The real "risk" in not giving notice is that you might have to pay two month's rent after getting your house. Most landlords I've dealt with are real human beings and have waived fees like this in the past, but it sounds to me like I've been really lucky in that regard.
It boils down to this: don't give notice and risk having to pay two month's rent AND your first two mortgage payments, or give notice and risk becoming homeless.
Hope this helps. |
|
Daniel D
|
You will have to give the notice but explain if the deal falls through you would like to stay living there. |
|
estielmo
|
When you set the closing date give the landlord "tentative notice." Then decide if you want to gamble on being homeless by giving "formal notice" before closing or having to pay rent and mortgage for a couple months. |
|
John D
|
tt |
|
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
