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I accepted a job in Florida in January 2020, relocating the last week of March. Despite paid relocation and a bonus, we took a terrible financial hit on every front due to COVID. With hard work and patience, we have recovered financially and are planning to make our first Florida home purchase.
We've rented the same home since moving here. Until this lease term (March 1st - Feb 29th), we had the option to choose 12-month, 7-month or month-to-month lease terms. For this current term, the owner declined 12 months. I don't expect that he will reconsider in 2024.
With the expectation that we would have completed closing and moved into our new home on 2/29/24, when should we engage a realtor? I am not opposed to closing 30-45 days before the end of the lease as that would allow us ample time to move. But I also want to minimize expenses as much as possible.
I suggest you start looking ASAP and not wait until near the end of the year. Remember that as a potential buyer, there should be no realtor costs, only closing costs when you find the right home to buy. Playing the waiting game until the last couple of months until your lease expires is just asking for trouble. Unless you found the "home of your dreams" and wanted to secure it, you shouldn't have to worry about an Ernst deposit yet.
60 days of looking.
15 days for inspections.
60 days for closing.
However, people tend to not want to sell over the Xmas new years holiday. Who wants strangers and inspectors during that time of year?
I would be shooting for a Jan 31 closing, giving you plenty of time for moving. Plus if the place is empty you can paint or whatever before you move in.
Agreed - having this time frame spread across the holidays isn't good for a lot of reasons, the biggest one in my mind would be the lack of available properties during this time of year.
That said, there are probably fewer buyers in the market at that time, too, so it could potentially work to your advantage. However, you'll also have a lot fewer properties on the market as well.
If you have the luxury of being able to handle both places overlapping for a bit, I would try and get into the market right after Labor Day. Properties marketed over the summer will still be listed, but there are probably a lot fewer buyers in the market, too.
Start now. Took me 10 months to find the house that worked for me. And that was the year before Covid and buyers and sellers had a more even playing field.
Thanks for the advice. Based on your comments, local trends, and other factors it appears that we probably get serious (as in verified pre-approval, scheduled showings, etc,) by September 1st. Even if the stars aligned perfectly in our favor, we would likely not enter closing before 10/31, leaving only three month months of overlap - which I can handle.
The worst case is a bit harder to figure out - maybe storing all of my crap and buying a small RV. Just thinking about that I'm maybe we should start looking next month.
I suggest you start looking ASAP and not wait until near the end of the year. Remember that as a potential buyer, there should be no realtor costs, only closing costs when you find the right home to buy. Playing the waiting game until the last couple of months until your lease expires is just asking for trouble. Unless you found the "home of your dreams" and wanted to secure it, you shouldn't have to worry about an Ernst deposit yet.
Deposits aren't named "Ernst". What you're (trying) to refer to is the earnest money deposit.
I'd also read my lease carefully, especially the sections related to getting out of the lease early and getting a month to month lease when your current lease ends.
It may be that breaking your current lease is cheaper than storage, alternative housing, etc. It sure as hell is easier!
I accepted a job in Florida in January 2020, relocating the last week of March. Despite paid relocation and a bonus, we took a terrible financial hit on every front due to COVID. With hard work and patience, we have recovered financially and are planning to make our first Florida home purchase.
We've rented the same home since moving here. Until this lease term (March 1st - Feb 29th), we had the option to choose 12-month, 7-month or month-to-month lease terms. For this current term, the owner declined 12 months. I don't expect that he will reconsider in 2024.
With the expectation that we would have completed closing and moved into our new home on 2/29/24, when should we engage a realtor? I am not opposed to closing 30-45 days before the end of the lease as that would allow us ample time to move. But I also want to minimize expenses as much as possible.
Suggestions appreciated.
You should communicate your intent with your current landlord. Unless they have family planning to move in or some other critical deadline, if they know you are serious and actively looking for a new home to purchase, they should be amenable to allowing you to convert to a month-to-month term at the end of your current fixed term. They may want an increased monthly rate, but it would give you the flexibility you need. Watch your timelines and give proper written notice of vacating once you are locked in on the purchase. If you have been along time, good Tenant, they will likely pro-rate your last days of possession in case the closing is briefly delayed, or there are issues with the movers.
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