By Helene Lesel
Q: I just made an offer to purchase my first home and need to give notice to my landlord. How should I time my departure?A: While there's no perfect answer on when to give a landlord notice for buyers, Trish Lee, a Realtor in the Beverly Hills, Calif., area suggests, "It's a good idea to wait until the major contingencies are signed off, since if there's a major snag, you could be left without a place to live." One client gave notice, but luckily provided a time range to her landlord and gave herself a few extra days cushion. "Losing your rental isn't worth saving a few dollars," Lee says.
Making an offer to buy a property doesn't mean your offer will be accepted, let alone the deal closing escrow. Before you start packing your bags, it's best to understand the steps that lead you to moving into a purchased property.
Much like a tennis match, the bid - like the ball - is sent back and forth until you both agree where it should land. Your first serve involves sending your purchase offer over to the seller's side for a response. All offers include a deadline, which if left unanswered, ends the game. Often, a counter-offer is involved, which lobbies the bid from the seller back to your side for consideration.
A counter-offer is a change in terms, ranging from price to length of escrow to excluded appliances. The seller can counter anything included in the eight-page-plus purchase contract with another term or condition.
Sometimes counter-offers and counter-counter-offers are lobbied back and forth between buyers and sellers, making everyone's head spin.
Assuming the terms and conditions are agreeable to both buyer and seller, the next match involves the loan, appraisal and inspection aspects, to name a few. Before you give your landlord notice, I advise you consult with your real estate agent to get a grip on when escrow is getting ready to close.
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