“Giving the Landlord Notice”

“Giving the Landlord Notice”

 

 

One of the dos and don’ts that we give our clients during the application process has to do with giving the landlord notice that the person is planning on moving. Our advice is always to wait until the loan is approved and all the conditions have been met and we have a clear to close.

 

I need to give notice to my landlord and want to be sure mortgage is all set beforehand.

We are so very excited to get into our new home .

 

This client listened and paid attention to my coaching and understands we need to make sure before notifying the landlord. Unfortunately, not everyone always listens and they end up jumping the gun. Fortunately for the majority of the time the transactions close the way they are supposed to but why take the chance?

 

Who else do you know that needs my help?

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Comment balloon 27 commentsJoe Petrowsky • December 21 2015 05:44AM

Comments

This is smart.  I also see a lot of people that need to extend their time due to renovations (e.g. refinishing the floor) before moving in.

Posted by Women of Westchester Working Together, Women helping Women get ahead (Women of Westchester Working Together) almost 4 years ago

Hello Joe Petrowsky 

Great advice, as always...the deal is not done until it's done and last minute surprises can create problems at the 9th hour...

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) almost 4 years ago

Good morning Joe.  Not jumping the gun is always a good course to go.  

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty) almost 4 years ago

This is very good advice to share with prospective home buyers.

Have a very special week.

Posted by Roy Kelley (Realty Group Referrals) almost 4 years ago

One of the most frustrating times in my life was when I was buying a co-op and I gave my landlord notice. Unfortunately, right before closing the seller changed her mind about the move date because it was near the holidays. My landlord would not let me stay even though she had no one coming in right after me. So I had to stay in an Extended Stay for 2 1/2 weeks with two very young children in the midst of snowstorms while trying to conduct conference calls on a phone with no speaker. OHHHHHhhhh that was a rough few weeks.

In my case, the problem wasn't caused by a loan not being ready but it just reiterates your advice --  make sure everything is set before giving notice.

Posted by Kat Palmiotti, The House Kat (406-270-3667 (MT), 914-419-0270 (NY), Broker in NY with Grand Lux Realty and in MT with (coming soon!)) almost 4 years ago

Had to deal with quite a few people who jumped the gun and gave notice before they got approval.  They had nowhere to go because I had already rented their suite to someone else based on their move out date.....

Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) almost 4 years ago

Hi Joe.  I always ask tenants if they have a lease and when it expires.

Posted by Conrad Allen, Webster, Ma, Realtor (Re/Max Professional Associates) almost 4 years ago

Good morning Joe. Easy to forget and jump the gun! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) almost 4 years ago

Good morning Joe,

As you are one of the best at referral's and control of the process from beginning to end they will not have the opportunity of jumping the gun.

Make yourself a great day.

Posted by Raymond E. Camp, Licensed Real Estate Salesperson Greater Rochester (Howard Hanna Real Estate Services) almost 4 years ago

Good Morning Joe, We ask our buyers to hold off giving notice till home inspection & financing is cleared. Great advice.

Posted by Ritu Desai, Virginia Realtor-Fairfax/Loudoun/PW-703-625-4949 (Samson Properties) almost 4 years ago

Good morning Joe. The balance with tenants can be tough. If there is an exising lease, best to try and work with it.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) almost 4 years ago

It's a delicate dance, sometimes, Joe, when I have a renter buying who has to give at least 30 days notice on determining just when to do it based on mortgage approvals, inspection results, etc. 

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Residential Brokerage ) almost 4 years ago

I agree it is important to wait until they know they have been approved for the mortgage.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) almost 4 years ago

Yes, there are so many variables that can happen during a deal. Good advice...

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Home and Condo Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) almost 4 years ago

Hi Joe Petrowsky It is better to pay a little extra rent than to be homeless.

Bill Roberts

Posted by Bill Roberts, "Baby Boomer" Retirement Planner (Brooks and Dunphy Real Estate) almost 4 years ago

Great advice Joe to reiterate again and again...never had an issue with it but there is always a first time.

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) almost 4 years ago

I agree Joe. Wait until the loan has been approved and ALL conditions have been met.

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Vision Quest Realty) almost 4 years ago

It's good to have a few overlapping days for a smooth move. Tough to have to move twice, once to the in-laws with the moving truck outside, then the house.

Posted by Hella Mitschke Rothwell, Hawaii & California Real Estate Broker ((831) 626-4000) almost 4 years ago

I provide much the same advice, Joe Petrowsky ... but there always seems to be some that get antsy or can't help themselves.  They put un-needed stress and pressure on themselves by doing this ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 4 years ago

I figure the reason tenants want to give notice right away is to avoid having to pay an extra month's rent. But sometimes paying an extra month's rent is better than having no place to live.

Posted by Elizabeth Weintraub Sacramento Realtor Top 1%, Put 40 years of experience to work for you (RE/MAX Gold) almost 4 years ago

Joe, I just had the conversation with my clients. I laid out the time line and reminded them about keeping spending status quo and not making any major purchases ... appliances, etc. 

Posted by Kathleen Daniels, San Jose Homes for Sale-Probate & Trust Specialist (KD Realty - 408.972.1822) almost 4 years ago

I had a closing today with buyers that didn't listen. I had the buyers. It wasn't due to my efforts that they didn't listen. I chalk it up to youth, and all of the buyers having wealthy parents that take care of them. A 20 minute closing took over an hour and half. 

Posted by Debbie Laity, Your Real Estate Resource for Delta County, CO (Cedaredge Land Company) almost 4 years ago

Joe good advice.  There is nothing to be gained by jumping the gun and everything to lose.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) almost 4 years ago

Joe 

Your insight is right on point . . . . Thanks for sharing the tips.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) almost 4 years ago

I advise my buyers to make sure we have passed the home inspection and the appraisal is back with value before they take that next step. I don't want them to be homeless.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) almost 4 years ago

Joe,

So great when clients take your advice and just follow it.  It makes a transition that much smooter.  A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding, Marketing & Strategy (Napa Consultants) almost 4 years ago

This is excellent advice to renters Joe Petrowsky and can also apply to folks who put their house on the market before they have a new one.   If it sells quickly, like my niece's, you can wind up out of one residence before the new one is available.   (She is living with my sister waiting for her new house construction to be completed after getting a full price offer with immediate occupancy required)

Posted by DEANNA EARLY - - ( NMLS # 268590 ), Highest Ranked Mortgage Loan Originator Virginia (American National Bank & Trust) almost 4 years ago

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