Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Going from Renting to Buying.. advice please.
Hello nesties,
Long time lurker, first time poster. My hubs and I are ready to take the plunge and buy our own home. We are MORE than ready, lol. I just feel that at this stage of our life I no longer want to feel like I am "living under someone's thumb."
We had been looking at houses as our year lease on the house we are renting was ending, and well we didn't time things correctly so now we had to make the decision to sign another year much to my dismay. We tried to see if our landlords would have been willing to work with us and do a 6 month term and we told them we were house hunting. They refused, which I knew was probably what was going to happen. So they told us pretty much either you sign the year, or be gone by Sept 15th. We have pets and even finding another rental in that time was out of the question, and we don't have family we could stay with so we went ahead and signed because having a roof over your head is important, even if the circumstances are less than desirable.
They sent us a letter saying that we now have to inform them whenever we put an offer in on a house.
I don't like this, and I don't think it's fair. We already had put in a few offers that were not accepted, and we even had an offer that was accepted on a house that the FHA kicked. (If that hadn't happened we would have been closing Aug 23rd!) So I am kind of worried about having to tell them whenever we put in an offer. What if we have another situation where 2 weeks after the offer was accepted the FHA decline the house? What if they put our rental on the market in that time period? I just don't think that is fair. We weren't going to screw them. We were going to give them 60 days notice (obviously at lease end), meaning if we had to pay a month's rent when were are not in the house we have no problem doing so. I just think that as long as we give them adequate notice why do we have to keep in constant communication with them with every single detail of our house hunt? As if it's not stressful enough trying to communicate with our realtor and our loan officer, now I have to let them know every single detail.
I feel like I have no privacy or rights renting from them.
I could compromise with this and I have no problem telling them that we offered on a house it was accepted, AFTER all the inspections have been completed and everything looked good. I think I could live with that.
Does that seem fair?
Long time lurker, first time poster. My hubs and I are ready to take the plunge and buy our own home. We are MORE than ready, lol. I just feel that at this stage of our life I no longer want to feel like I am "living under someone's thumb."
We had been looking at houses as our year lease on the house we are renting was ending, and well we didn't time things correctly so now we had to make the decision to sign another year much to my dismay. We tried to see if our landlords would have been willing to work with us and do a 6 month term and we told them we were house hunting. They refused, which I knew was probably what was going to happen. So they told us pretty much either you sign the year, or be gone by Sept 15th. We have pets and even finding another rental in that time was out of the question, and we don't have family we could stay with so we went ahead and signed because having a roof over your head is important, even if the circumstances are less than desirable.
They sent us a letter saying that we now have to inform them whenever we put an offer in on a house.
I don't like this, and I don't think it's fair. We already had put in a few offers that were not accepted, and we even had an offer that was accepted on a house that the FHA kicked. (If that hadn't happened we would have been closing Aug 23rd!) So I am kind of worried about having to tell them whenever we put in an offer. What if we have another situation where 2 weeks after the offer was accepted the FHA decline the house? What if they put our rental on the market in that time period? I just don't think that is fair. We weren't going to screw them. We were going to give them 60 days notice (obviously at lease end), meaning if we had to pay a month's rent when were are not in the house we have no problem doing so. I just think that as long as we give them adequate notice why do we have to keep in constant communication with them with every single detail of our house hunt? As if it's not stressful enough trying to communicate with our realtor and our loan officer, now I have to let them know every single detail.
I feel like I have no privacy or rights renting from them.
I could compromise with this and I have no problem telling them that we offered on a house it was accepted, AFTER all the inspections have been completed and everything looked good. I think I could live with that.
Does that seem fair?
Re: Going from Renting to Buying.. advice please.
Should we start 6 months out? 7 months out? It makes it hard because we were already informed that they would insist on yet another year in 2014.
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I understand why your landlords want to know your status with offers since they have to fill the rental once you leave and don't want to go without tenants.
BUT, is this actually legal for them to do in your state? As far as I'm concerned, they have absolutely no right to know what you're doing in your life with your finances.
This is why they should have breaking lease clauses in their rental agreement before they take in new renters! Their rental terms should spell this out specifically right happens if renters break a lease prior to the rental term being up.
I'd hate to have to pay for much more than 3 months of rent after we buy the house. (We pay $800 a month in rent)
And I do understand why they want to know. I feel like I have a parole officer sometimes, lol. It's really hard as they live right across the street from us. *sigh*
I am a landlord...ironically who have tenants looking to buy a house...and I am shocked to hear your story. I would NEVER expect my tenants to tell me every time they just put in an offer on a house. I also think that is really crappy they won't let you go month-to-month considering the situation. I mean, generally speaking, it takes just as long to find a new tenant one year from now as it does six months from now or whatever. My tenants initially signed a 6-month lease that automatically switches to month-to-month after that, which is where they currently are. When they told me they had started looking, I basically told them I would just require a 30-day notice, like in the lease, but that I would appreciate the heads up when they went under contract and when they knew their closing date. Don't require it! Just appreciate it.
That said, it's really hard to determine when you should start looking. Perhaps your realtor would have a good idea, as they should know the market and how easy (or hard) it will be to find something within yours and your husband's specifications. On the bright side, perhaps in the meantime you can save more money for your house, donate old clothes to charity, and window shop new furniture/appliance/decor with your husband.