Buying A Home
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OMG. OMG. OMG. Home is closing!!!

Wow, has this ever been a difficult process... ups and downs because of listing agents who incorrectly put what type of loans the places qualify for on TWO places I was interested in...  To looking at something that looked excellent in the pictures, but one was in the middle of the ghetto and another was diagonally behind a sex toy shop (lol)... To things I wanted so much but I just couldn't have....

My seller came back today (13 days early) to want to know if I would like to close early!  I may very well be closing by Friday at the earlierst!  OMG!!!

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Re: OMG. OMG. OMG. Home is closing!!!

  • Kat174Kat174 member
    1000 Comments Second Anniversary
    Thanks!  But here comes the scarrier part.... Reality!!!  ;)
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  • Congrats!!  I know how you are feeling since we are supposed to close in about a week and a half.  Reality is kinda scary.  lol
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  • Kat174Kat174 member
    1000 Comments Second Anniversary
    i'm definitelly getting nervous... in some ways i just want all of this to be all done... unfortunately i'm locked in my lease at my current condo until dec 31st.. now to decide what to do with it!
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  • I would see if you can transfer the lease.  Some pleaces will let you do that.  Do you know anyone that might be interested?
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  • So scary but so worth it. Me and H just closed on our first house together yesturday and the entire process was scary to me. But now we have a new home to share our lives and I can't be more estatic. Things will work out for you :)
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  • Kat174Kat174 member
    1000 Comments Second Anniversary

    Unfortunately the real estate company who manages my unit are being complete d!cks.  I signed to continue my lease in October 2012 to start January 1st through December 31st 2013.  In February, the management company calls me to say the owner is liquidating all three of his properties.  I was to have people going through my place when I wasn't there (which did happen) but supposedly I was not to worry about being pushed out by a new owner should the place sell before my lease was over.  (Found out this is true - there are Renters Rights Laws)

    Well, that's what started my quest for a home.. thinking, "Oh God, I need to find a place and I really don't want to move twice" (Once to another rental and then to a home.)

    So in April the management company calls back.  Owner has decided to take mine off the market.  Why?  Because owner realized my rent to him is locked in by a lease, so I'm guarateed income.  And why flood the housing market with three condos when he can only have 2 up there and unload the one (s) he has that are already empty.

    So, I ask the Management Company if I can get out of the lease early.  No.  Can I rent to someone else?  Supposedly, yes.  They will even help me put it on the MLS.  Great!  Right?

    No.  So I found a place, come back to them in June and ask can I still re-rent, will you help me and oh, by the way my currentl real estate agent already put an ad up on Craig's List with your info. 

    Management sourly says, yes, they already received a call of someone interested.  But I really can't do that.  They won't let me out of the lease and that was that.

    I reminded Management Company that they were the ones who said I could do that in the first place.  Have not heard from management company since.

    So here I am.  Do I shut everything up, give them the keys and walk away? (Of course paying the full lease so I don't monkey up my credit)

    Do I get someone in here, not knowing who they are and stress on if they wreck the place?

    Or...  There's a guy in my former volunteer group who has been being supported by people in the volunteer group.  He wouldn't pay me the full rent, not even half, but it would be a good thing to let him to live here because he has had a very hard time financially - Mom died, lost his job and his car very close together, along with the condo he was renting.  BUT! Again, do I risk putting someone in here and having them wreck the place?

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  • Call a landlord tenant attorney.  Often there is a duty to mitigate potential losses by the landlord.  So this means he can't take you to court or make you pay the entire thing unless he is actively trying to rent out your place.  Some states will limit the number of months that can be collected in this area.

    Also, check your lease.  Some leases will contain a contingency that so long as you give them a certain number of days notice there will be either no liability or only a certain amount of liability, like three months. 

    Good luck!!! 

  • Kat174Kat174 member
    1000 Comments Second Anniversary
    Had someone check for the contingency.. no such luck. =(
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  • I would not put someone in there that cannot afford the full rent and is on hard times.  I know you want to help out a friend but I don't think that is good idea.  There is no out in your lease?  Mine were always written that if you break contract then you pay this amount.  It was usually 3 months but that is better than paying until December.  
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