So apparently it wasn’t a false alarm, the appraisal our landlord got was to help them sell the place. But “maybe not until next summer”… uh-huh… Remodellers and real estate brokers coming by this week…
Should we try to make an offer? With only one income? Or move again? My head hurts.
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Assuming you’ve got a decent credit rating, often you’ll pay roughly the same to own as to rent and with financing the way it is these days, you don’t have to worry about that pesky down payment.
Actually, the rent to mortgage payment ratio is more like 2/3. Of course that leaves out the interest tax deductions, but also leaves out the fact that we are definitely moving in 2 years and will have to pay commissions to sell. Hmm.
hmm. thats a tough one, especially if you’re definitely moving in 2 years. have you decided where to already, and the housing market is like there?
wish the landlord gave you more heads up. sigh.
We just closed yesterday, our douch-bag landlord gave us a whole month. Basically found a house in one week and took care of financing for three. The rates are low now, so thats a +. My advice is dont procra stinate. If you need homebrew software or links to help you search, give me an email, that crap is still fresh in my brain. Good luck and dont slack. I can help as much as I can. -henry
Just an FYI, any purchaser of the property will buy it subject to the leases currently in force; they will transfer from the current owner to the new owner. Subject to the terms of the lease, its likely they can’t force you to leave prior to the expiration of your lease without your explicit consent(absent any breach of contract on your part).
In so far as purchasing a place for
Cap – We’re 99.9% sure we are going to move in 2 years, and 90% sure we are going to move to one of our hometown’s, both of which are extremely pricey.
Henry – thanks for the offer and help.
ChiTown – Unfortunately, we are on a month to month lease. At the time, it sounded good since we had to break our last lease to move into this current house. So 30 days is all they really need to give us. The rest of your comment got cut off due to the [less than sign]. Here it is from the e-mail that I got:
“…In so far as purchasing a place for [less than]2 years, I’m against it b/c you’re really
betting that the property will appreciate sufficiently to cover all the buying
costs(mortgage fees,etc), selling costs (commission & taxes), real estate taxes,
insurance and maintenance; not to mention when you do move, you have the hassle of
selling. In your position, what you really get by renting is flexibility. While
not quantifiable, flexibility is definately a factor you need to consider…IMO,
home ownership is not right for every situation, especially those with short-term
horizons.”
I agree… I really don’t want to move again! Sigh.
One thing you might want to look into, even if you are month to month, I know (from experience) that a landlord has to give you 60-days notice in the state of California if you have lived there longer than a year, even though you still only have to give 30 days. Each state is different obviously, but this helped me out one time when my landlord caught me off guard and it took me a little time to find the perfect place.
~Dave
I wouldn’t buy a house either if I was going to move in 2 years. But if it was 3 years, I’d start thinking more seriously about it.
I think you are in a tough spot. The plus side, if there is one, is that maybe you’ll have a lot more to sell on Ebay, since the more you sell, the less you have to haul to the next place….. 🙂
Hazzard
http://elym.blogspot.com
I had to break a lease. But before i moved out my landlord put the house up for sale. I know that when you break a lease you are to pay until the landlord rents the house out. But it takes longer to sell a house then to rent! Is this fair? Do i keep paying?