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    How To Buy A Home When You Have An Existing Lease Agreement | Fridays with Fred

     

    As long time Orange County Realtors we encounter buyers from every stage in life including home buyers who are currently leasing condos, town homes or apartments in Irvine.

    There’s no denying that the OC Real Estate market has been awesome over the last 24 months and many people who are renting in Irvine want to buy at the same time but they are right in the middle of their leases.

    If you’re in a lease right now, but you want to buy in Irvine, here’s how you may be able to get out of your lease.

    Step 1 – Speak With Your Landlord Immediately

    Yes, it may be inconvenient for your landlord to have you break your lease but they also may be open to offering you options for getting out of your lease.

    For example: Your landlord may offer you the ability to break your lease if you forego your security deposit or are willing to pay a couple of months extra rent.

    Step 2 – Find Another Tenant To Take Over Your Lease

    Do you know of a friend or family member in Irvine who is searching for a place to live? Ask them if they would be willing to take over your lease.

    The new tenant must have good credit and similar characteristics as you or your landlord may not be inclined to having a new tenant take over your lease especially if they aren’t as qualified as you are to live in the home you were leasing.

    Step 3 – Read Your Lease

    It’s probably been a while since you read your lease so take the time to look it over since your lease may have favorable language in it which offers you the ability to break your lease especially if you buy a house.

    For more information on how to buy a home if you have a lease or to view homes for sale across Orange County contact Fred Sed & Associates today by calling us at (949) 272-0125.

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