Break lease or wait? (Denver, Craig: subletting, apartment, leasing agent)

[davebarnes]

Originally Posted by 2bindenver

Zillow does not have all the available houses on the market. Search homes for sale & rent in Denver and Colorado does.

And, neither does REColorado.com

4027 Stuart denver, CO, 80212 - Apartments for Rent | Zillow - 2 duplex sides
4158 Winona Ct, Denver, CO 80212 | Zillow

You need to use both.

Also, Redfin.com if you want the most details about a particular property.

[Arrby]

It is always best to try and reach an agreement with the landlord. They terminate leases all the time, for lots of reasons. Sometimes they get paid for an early termination, often not, and you likely can do better than $4,000. Example: You could offer to remain in possession for two more months and pay an half of an additional month's rent, or even a full month. It is highly unlikely that you could actually move into a house without needing your current residence for two more months anyway - so that takes you to January 31 at the earliest.

So, begin the process of searching for a house. If you do not find something until early December you could probably delay closing until late February, or even early March. Once you have a contract and a definite possession date call your landlord and negotiate a lease termination. At worst you would have to pay off two or three months of your lease, but with plenty of lead time most landlords will work with you and in a strong rental market like Denver they might just agree to give you an early release for the chance to get a new tenant at a higher rent.

Do make sure you get a written and signed lease termination from the landlord.

Other options: Get the seller to push back closing as far as possible. Get the seller to buy out your lease (sometimes done with builder properties). Ride out the term of the lease - not the worst thing in the world.

[thatgirl0206]

Originally Posted by davebarnes

Where do you want to live?

City of Littleton, west Centennial area.

Originally Posted by Arrby

It is always best to try and reach an agreement with the landlord.

We're definitely going to try but we live in a corporate-owned apartment complex so my hopes aren't high. I know of another family who had to break their lease for better reasons that we are and they wouldn't negotiate with them. The complex said this is what your lease says so that's what we're willing to do.

[davebarnes]

Here is what I would do.

0. Talk to a mortgage lender to start the process. Stop using your credit cards for anything.
1. Tell your buyer's agent to "get ready".
2. Look at 20+ houses in your desired area in the next week. If schools are important then know what schools are the chosen ones for each house.
3. Make second visits to the most (<5) desirable ones in the following week.
4. Make an offer on 24 November at 97% or less of asking. Follow your agent's advice. Give the seller no more than 24 hours to counter.
5. Finalize offer on the afternoon of Wednesday, Nov 25.

In the long run, the $4K breakage fee is mouse nuts. The only downside to you now is that it is cash.

You will be smiling next Spring.

P.S. I bought my first house the day before Thanksgiving.

[emm74]

Originally Posted by davebarnes

And, neither does REColorado.com

4027 Stuart denver, CO, 80212 - Apartments for Rent | Zillow - 2 duplex sides
4158 Winona Ct, Denver, CO 80212 | Zillow

You need to use both.

Also, Redfin.com if you want the most details about a particular property.

both of those are on recolorado. By default, it doesn't show listings that are under contract, you have to change the search parameters.

4027 Stuart Street, Denver, CO | MLS 9784739 | Listing Information

4158 Winona Court, Denver, CO | MLS 7494680 | Listing Information

if it's in MLS, it's on recolorado. FSBO or new construction sold directly by the buyer and never listed on MLS are not on recolorado.

[thatgirl0206]

Thank you everyone! All good advice. We've decided to get started on the process.

[2bindenver]

Most of the production builders are listed on Search homes for sale & rent in Denver and Colorado they list models and ready soon housing.

No FSBO's as those are not listed with a broker. The flat fee & discount brokers list their properties on the MLS.

[brown_dog_us]

Originally Posted by davebarnes

P.S. I bought my first house the day before Thanksgiving.

I spent 20 years selling homes that I had built, and right around Thanksgiving is a great time to buy. Traffic goes to close to zero, and most sellers want the stress gone before the holidays.

A great time to sell is just after Christmas. Inventory is generally low because people don't want to have prospective buyers in the house over the holiday. Traffic is generally slow, but high quality. I think people get promotions or bonuses at this time and it jolts them into action.

[JD401]

Can you sublet it? I was able to do so with 4 months left on my corporate owned apt lease a couple of years ago. No cost, just lost the $500 or deposit as it transferred to the new tenant. Posted an ad on Craigslist for it, and had several showings within a couple of days, and the sublet complete a week later.

[thatgirl0206]

Originally Posted by JD401

Can you sublet it?

That's a great question. I never thought of that. Our lease says:

You may not assign or sublet without our prior written consent, which may be withheld in our absolute discretion. Replacing, adding, or subcontracting a resident is allowed only with our written consent. We may specifically condition any changes to authorized occupants upon among other things, successful completion of the application process by any proposed new resident, payment of application fees or other customary fees and charges required by new residents, and the execution of any documents we deem necessary. The departing resident must agree in writing as to the disposition of any security deposit. The departing resident will no longer have a right to occupancy or a security deposit refund, but will remain liable for the remainder of the original lease term unless we agree otherwise in writing—even if a new Lease Contract is signed.

So, I guess we could but we'd have to get approval. This is all new to me. I know nothing about it.