Start early and if needed terminate your lease, I would just put it in my budget...it will offer you the most flexibility. And if it works out where there is no overlap awesome, but if not at least you are prepared.
It happened to us. Our lease was expiring end of May. We started looking for a house in January. Technically that was enough time to find a house but we found a new construction that we really love and our unit would not be ready until August. So we had no choice but renewing our lease. We did a 15 month renewal ( the longer your lease the cheaper the rent). Once our house was ready we paid the 2 months termination fees. It hurt to pay the fee but I don’t have any regret.
My wife and I started for our house in December 2023, and we have been good tenants. Plus, our lease is up in September of 2024, so I asked the landlord if we could go from month to month. Thank God he said we could terminate whenever we would like to, and congratulations.
There will not be a spring rush.... just watch...lol It does not matter if the rates go back down to 3%. The savvy buyers have done their homework and learned some real estate history. It is the outrageous overpricing of homes. I would gladly pay 8% for a $300,000 home than 3% for a $500,000 home... you cannot go back and renegotiate the price, which is directly related to the homeowner's insurance and property tax increase... I paid up my rent through 2024 just in case. If I buy a house, I will simply sub-lease the rest of the months...lol My friend paid $50,000 over asking and no inspection and regrets it tremendously!
@@candelariaw1668 Not for the first-time homebuyer like me. The majority of the rush will be people who 1. have to buy because rent has gotten out of control, 2. Have to sell because of financial hardship OR bought in the last 3 years. I am personally, waiting with a purpose and not overpaying. I know a 1/2 dozen friends who did that and all have regretted it! Rush means to me, competing, paying over asking, negating inspections. ABSOLUTELY NOT! I paid my rental up through next year and spring of 2025. If I find my home, I already got permission from my landlord to sublease my already paid rental. It's a win-win for everyone!
I had amazing landlords. I was honest with them and told them I was closing on a home. They waived my lease termination fee and waived the admin fees. I lived in a popular neighborhood so they were able to find a new tenant in two weeks.
i agree with your listing findings, but respectfully i have to disagree, this does not apply to my area where we used to buy, since we cannot find any price drops like the ones you show in your Thumbnail, just finish talking to some REALTORS, plus if you look outside the USA if the those poor countries with inflation over 150% like Argentina and Peru interest rates at 17% even with perfect credit and PERFECT credit history, none of the Real Estate listings are going down in Price. I think we cannot scream the sky is falling, yes there are some pocket markets in some States that are falling $200K but not in Florida, yes I know you might have found some exceptions, but there is always a Bull Market Somewhere!
How can I remove my ex-husband's name from the title? divorced since 2008 the divorce decree said sell or refinance in 2 years But I didn't do that in any of your live you mentioned that your sister is a divorce lawyer for my ex-husband He can't come to the USA because of his legal status but I need to sell this property where I have been living since that time? I have tried appointments at the American embassy in Mexico but the wait is long. Thank you.
I believe he doesn't need to be in the states for you to the house. The documents can be overnight to him to sign and then send back to you. You need a real estate lawyer that will help you. I see people buying home while they are out o the country so I think you can sell the home while your ex- husband is out do the country as long as he ageee for the home to be sold. Good luck.
I am currently looking for a condo in the south west suburbs of Chicago. It's been really competitive. Also, we are looking for a rentable condo. We plan to stay in the condo about three years and rent it out after we find an SFH.
I’m stuck between a rock and a hard place. I’m on SSDI and I’ve been talking to lenders and with my income it looks as if I might have to move to not so good areas but if I stay in my apartment my landlord is talking about raising my rent $200 which will make my rent $1000. So basically I’m looking at being homeless if I don’t buy a home. It’s sad that in today’s time mortgages are lessor then rent payments. 😢
Yes, it typically will help your DTI ratio, making it easier for you to qualify. Anytime you can reduce your debt it will help in your home purchase. @antonioclark7708 Thank you for watching
Hi. Thank you for sharing such informative and important information with us. I wanted to ask if you could please do a video on student loans as it relates to buying a house.Do they have to be paid in full before buying a house? Does it matter the amount one owes?
No they do not have to be paid off prior to buying a home. The amount owed does matter but many people buy homes with student loans everyday. Here is the video - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-yunqWv1xIUU.html @rachelsharkey8905 Thanks for watching! Avoid Costly Mistakes by Buying My First Time Homebuyer Masterclass and Digital Confidently Closed Handbook - bit.ly/47s4pT7
If you made a down payment of 10% or more on most recent FHA loans, you may be able to cancel the MIP payments after 11 years. If you made a down payment of less than 10%, you will need to pay MIP for the full term of the mortgage. The rules for MIP are different for FHA loans that closed before June 3, 2013. Check with your lender to see which you fall under, most FHA borrowers do not put more than 10% down so they will pay for the life of the loan. @drea24c Thanks for watching! Avoid Costly Mistakes by Buying My First Time Homebuyer Masterclass and Digital Confidently Closed Handbook - bit.ly/47s4pT7
I took your advice and I'm being very careful. I'm buying a cheap house that allows tax increase without breaking my bank. Instead of breaking my lease, I'm letting it expire so i can buy. My interest rate est, without considering my credit score, is 6.125%. So I estimate my interest rate is 5.7-5.8%
I bought a condo and moved in Oct 2021,and paid for it with the proceeds from my previous house. It's Feb 2024 and I'm already thinking about leaving here. I'm a retiree and do not want to make any more mistakes. How should I proceed? Please advise.
ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ueFkWkkDP90.html Here is a video that I did on selling your first home. If you don't want to make mistakes on the buy side, please consider my masterclass. @chjackson11 Thanks for watching! Avoid Costly Mistakes by Buying My First Time Homebuyer Masterclass and Digital Confidently Closed Handbook - bit.ly/47s4pT7
The state you are moving to, this is my latest down payment assistance live. It will answer most of your questions. ru-vid.com1wbXthaTqM4?feature=share
I found a down payment assistance program, however I couldn’t lock my rate until 30 days before my closing date and the interest rates went up 😫 I didn’t know that stipulation. Is that normal?
When and IF interest rates get to that level you will be able to refi...but you can refinance at anytime after you close. Hopefully you do not plan to close on your home at 8% since rates are much lower now. You should watch my rate lock video and my when it makes sense to refinance video next. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-fcirtsa__x0.html and ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-NNbypXxjHh4.html
I paid my landlord one month and told him to keep the security. I wanted out of my lease so I can purchase my home 6 months before my lease was up. Had to the 5th to pay rent, in my home I have till the 15th!!!
Get prepared and be ready to make an offer. In many markets you will not be able to have days to think about it, it may go under contract before you have a chance to get your ducks in a row. My Masterclass covers this .... @debbiesmith7723 Thanks for watching! Avoid Costly Mistakes by Buying My First Time Homebuyer Masterclass and Digital Confidently Closed Handbook - bit.ly/47s4pT7
Most of the time mobile homes do not hold their value but can be an affordable option depending on the location. Have your agent pull up mobile home values for the last 10 years in the area you are considering and see if values went up down or stayed the same. Buying a mobile home more like buying a car than real estate since it can be moved. For it to be considered real estate it must be permanently affixed to the land.
I received a 100k loan and then was told the fha list doesn't approve condos. Im like so why give me the loan if they already know none of the condos will get approved.
Hi! FHA does approve condos, but not all condos. If the community is mostly rentals and/or they are not financially sound then they will likely not be a FHA approved condo community. But it is absolutely not true that FHA does not approve condos. Remember that the condo is collatoral for the loan, so FHA or the lender does not want to have a house, if you were to foreclose, that they cannot get rid of becuase nobody wants to buy it because its financials are not in order. You shouldn't want to move in a community like that either...it is more risky for you. I will say that FHA can offer a spot approval, you can ask your lender how that works. But basically is allows you get FHA approval for your unit even though the entire community is not FHA approved. I hope this helps...watch this video if you haven't already. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ctNTnIt7yLA.html @alanajones4553 Thanks for watching! Avoid Costly Mistakes by Buying My First Time Homebuyer Masterclass and Digital Confidently Closed Handbook - bit.ly/47s4pT7
