Need help with a property buying issue I have

4 Replies

Hey everyone, I have been planning on buying a property with my fha loan and house hack it for awhile. My plan has been to buy the property in the spring and move in by April. I keep up with my local market and evaluate deals weekly and there is a property that I have been watching for a couple weeks now that fits all my criteria and is a big home run deal, the perfect house for me. I have the money and am ready to put an offer in, but due to a lease I am in now and other things it's not logistical for me to move until the spring. I'm lost at what to do? I dont think its common for people to hold a property for 6 months. Should I just hope the house stays on the market for a couple more months or else move on? Anyone have any suggestions that can help me with this predicament? 

Thank you! 

a) There will be other properties just as nice as this one. Think of it like when you're young and your girlfriend dumps you.....just move on, plenty of fish in the sea....

b) You will be smarter to wait until next spring anyway.....the market should have started returning to more sanr prices by then, unless I miss my guess....

@Mason Yost

Talk to your landlord now. You should be able to work out a deal to find a new tenant. If you’re paying under martlet rents, they’ll be even more motivated to find a solution with you.  

I wouldn’t wait if you already found the perfect deal that meets all your needs. The lease issue can be worked out a lot easier than finding another unicorn.

@Mason Yost surprised to hear the property is still on market after a couple of weeks. If it's a home run deal, I feel as if someone would have it under contract already. Which market are you in? 

I agree with @Bruce Woodruff other opportunities will present themselves. Don't get hung up on just one property. If it makes sense financially to break your lease, then go for it. However, with your current situation it sounds like you might be in a tight spot financially. Can you afford to take on negative cash flow (current rent) to move into the property? Break it down analytically, factor in each cost and then make a final decision. All the best.