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Old 11-10-2014, 10:12 PM
 
271 posts, read 425,238 times
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Where I currently live, I do not pay rent but I need to stay here until May 2015.

I want to buy a house but I would not be able to move in until next May/June.

I found a house I really like and price is great. Is it crazy or dumb to buy it now, pay mortgage for 5 months, and then move in? I feel like prices are lower now due to the winter season so in the end it may all even out.

I live in the greater Seattle area. Thoughts?
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Old 11-10-2014, 10:45 PM
 
Location: Riverside Ca
22,146 posts, read 33,318,185 times
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Can you afford to carry 5 months of rent and 5 months of house payment? Have you talked to your LL about maybe letting you out of your lease if you can find another tenant? Or maybe you pay a penalty and he lets you out of the lease?

If you have the finances to carry your loan and rent I always say I rather pay a mortgage on a place I own than rent in a place I dont
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Old 11-10-2014, 11:37 PM
 
Location: Chicago - Logan Square
3,396 posts, read 7,187,356 times
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If you have the money to do it, then definitely do it. We had our house for one month before moving in and did a good amount of drywalling and painting before moving in. If we had five months we would have tackled some larger projects that were a real pain to do while living in the house.
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Old 11-10-2014, 11:55 PM
 
Location: Ohio
5,624 posts, read 6,815,710 times
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Quote:
Originally Posted by Attrill View Post
If you have the money to do it, then definitely do it. We had our house for one month before moving in and did a good amount of drywalling and painting before moving in. If we had five months we would have tackled some larger projects that were a real pain to do while living in the house.
I agree.
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Old 11-11-2014, 09:33 AM
 
8,544 posts, read 12,314,446 times
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Even if you enter into a contract to buy a house today, your closing isn't going to happen immediately. It could easily be the end of December or early January (if everything goes smoothly)...or even later. You could also ask for a deferred closing. Some Sellers would actually like the extra time to prepare to move. (Your main consideration may be the financing and locking in any particular rate.) You can probably get the time difference down to 2 or 3 months, which makes your decision that much easier. That also gives you extra time to move, should you need it--I know that I sure did!
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Old 11-11-2014, 09:54 AM
 
Location: Purgatory
6,367 posts, read 6,232,843 times
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You snooze you lose.
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Old 11-11-2014, 10:14 AM
 
2,283 posts, read 3,842,816 times
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Quote:
Originally Posted by jackmichigan View Post
Even if you enter into a contract to buy a house today, your closing isn't going to happen immediately. It could easily be the end of December or early January (if everything goes smoothly)...or even later. You could also ask for a deferred closing. Some Sellers would actually like the extra time to prepare to move. (Your main consideration may be the financing and locking in any particular rate.) You can probably get the time difference down to 2 or 3 months, which makes your decision that much easier. That also gives you extra time to move, should you need it--I know that I sure did!
This right here. See how long you can push the close out and go from there.
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Old 11-11-2014, 10:21 AM
 
Location: Denver CO
24,204 posts, read 19,082,638 times
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Quote:
Originally Posted by jackmichigan View Post
Even if you enter into a contract to buy a house today, your closing isn't going to happen immediately. It could easily be the end of December or early January (if everything goes smoothly)...or even later. You could also ask for a deferred closing. Some Sellers would actually like the extra time to prepare to move. (Your main consideration may be the financing and locking in any particular rate.) You can probably get the time difference down to 2 or 3 months, which makes your decision that much easier. That also gives you extra time to move, should you need it--I know that I sure did!
Agree! It will most likely end up being 2-3 months of overlap, not 5. Since you are not paying rent now, I think it would be very worth it. Plus if you want to do any work to the new house, you can get that all taken care of before you move it!
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Old 11-11-2014, 10:24 AM
 
Location: Florida -
10,213 posts, read 14,774,441 times
Reputation: 21845
Quote:
Originally Posted by jackmichigan View Post
Even if you enter into a contract to buy a house today, your closing isn't going to happen immediately. It could easily be the end of December or early January (if everything goes smoothly)...or even later. You could also ask for a deferred closing. Some Sellers would actually like the extra time to prepare to move. (Your main consideration may be the financing and locking in any particular rate.) You can probably get the time difference down to 2 or 3 months, which makes your decision that much easier. That also gives you extra time to move, should you need it--I know that I sure did!
This makes sense - Optionally, a seller will often rent-back the house for a few months to better accommodate their situation. This may or may not be the case, but, you should have your Realtor approach the seller. But, rather than fully reveal your situation, feel out their flexibility and desire to make the sale. (How long has the house been on the market?)

Have the Realtor tell them that you are a serious buyer and like the house... and might even be ready to make a binding commitment to buy the house now .... BUT, you don't really need to take occupancy until May/June and don't want to lose 5-6 months in payments. SO, how might they be able to accommodate you?? --- You might be surprised and pleased with their ideas/offer, but, won't know unless you ask.
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Old 11-11-2014, 11:06 AM
 
Location: Columbia, SC
10,916 posts, read 21,890,647 times
Reputation: 10549
Quote:
Originally Posted by jackmichigan View Post
Even if you enter into a contract to buy a house today, your closing isn't going to happen immediately. It could easily be the end of December or early January (if everything goes smoothly)...or even later. You could also ask for a deferred closing. Some Sellers would actually like the extra time to prepare to move. (Your main consideration may be the financing and locking in any particular rate.) You can probably get the time difference down to 2 or 3 months, which makes your decision that much easier. That also gives you extra time to move, should you need it--I know that I sure did!
Additionally mortgage is paid in arears so if you close in Jan your first payment wouldn't be due until Feb anyway. If you love the house go for it.
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