Our lease is not up for six months, but we want to buy now. What can we do?
We are currently in a true Buyer’s Market. That means that there are a whole bunch of sellers chasing after a relatively small group of buyers. The beauty of that situation for potential buyers is that it gives them leverage in negotiations.
Until last year, we were in a Seller’s market with many more buyers than sellers. Anyone who bought a house the last couple of years knows that sellers had the ability to demand and get very close to their asking price and very favorable contract terms. This was because if the buyer balked, the sellers knew that it was highly likely that in short order they would have another interested potential buyer submitting an offer.
Today, the situation is completely reversed. Buyers have all the leverage because sellers don’t know when another offer will be coming if they fail to accept the one in front of them. Many rental leases have an “escape” clause that allows the renter to pay a fee to be released from the lease. If your lease doesn’t have one, your landlord may be willing to negotiate your release. Once you know what it would cost to get out of your lease, there are plenty of motivated sellers who would be willing to pay that release fee on your behalf if it allows you to buy their house now.