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Originally Posted by YYC in LAX
Well CP, I just bought my first home. WOW, what an exciting time this has been. We didn't work with Travis however, I found this forum extremely informative so thank you to Travis for the sponsorship and great information.
Things went very quick and we only started working with a realtor about a week and a half ago. We targeted a specific area and bought a house about 15 hours after it was listed. Just wanted to provide a little background information as we're pretty excited. I've heard some home search horror stories and just wanted to share that there's definitely hope!
Now the crappy part...we are signed onto a fixed term lease ending in October 2014. While I thought I only needed to give 2 months notice to the property management company, (which I did on Friday) it sounds like I'm on the hook for the entire lease. In hindsight this is understandable as it is a contract but I just wanted to see what my options are. As per the property managers, they will start looking for new tenants for us which is great but we are obligated to continue to pay rent and utilities until they have found a new renter. They said to let them know when our house purchase is finalized (home inspection is on Wednesday and finances are taken care of already) and they will begin to look for new tenants. They will charge us a $250 "lease termination fee" which isn't a huge amount but I don't see that anywhere in the lease agreement. Is that pretty standard?
New house possession is July 3rd so it seems like there is sufficient time for new renters to be lined up. It would just really suck to be paying a mortgage and rent together...would be very hard financially.
Anyways, I think that's enough information to get things going. Thanks a lot!
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Out of curiosity u went with 5 percent or higher downpayment