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Buying a House

I never bought a house and I was wondering about the time process.
My lease is going to end next year in August when should I start looking for houses??
If I see something that I like how long is it going to take to purchased the house ( bank ,inspection)??
Thanks
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October 08 2010 - Knoxville
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Answers (11)

Hi there!

As stated before, you should find a Realtor and get with their lending source. Get an application submitted and find out now if there is anything you will need to remedy ahead of time. If you obtain an approval from the lender it won't be good until next year but that's not the objective.

Also, I have seen several leases that allow for release for the purpose of buying a home. I would check with your landlord regarding that. If they will let you out or even if you have to pay a small fee to do so, it might relieve some stress in the process.

The whole process can be short or long depending on what comes up in life. Obviously the loan approval is the first step. That can take 1 day or 2 weeks. Once you have a "pre-approval" - keep in mind this is not a final approval but rather an approval based on your worthiness to purchase, the final approval won't be rendered until a property is added into the mix - but once you receive the pre-approval it's time to go shopping. This can take 1 day or it can take months. Peak buying season starts in the Spring because families want to start the moving process when the kids get out for the Summer. If your lease does not expire until August and you can't get out of it, well then... you will miss some good inventory. Don't let that discourage you. You WILL find something.

Once you do find something you can request a 30 day closing. If all goes to plan, there it is...


Hope this helps.



 
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February 03 2011
I would start looking now, and also talk to a lender now.

By talking to a lender now you can find out if there's anything on your credit report that needs to be addressed (and it could just be errors, but they happen and can take a little while to fix).  By talking to the lender now you not only give yourself time to fix anything that may need fixing on the credit report, but also gives you a ballpark idea of how much home you can afford - but don't think you have to buy a house that is priced at your preapproval amount.  Luckily, starting now gives you a chance to play with the numbers and see how much you'll actually be borrowing.  Bankrate has some great calculators you can play with one you get an idea of approval amount and interest rate from your lender.

By starting to look at homes now, you'll be an expert when it's time to actually pick one.  Sure, when you're ready to pick on and you get a Realtor, the Realtor will be able to run comps and tell you if the price is right.  What the Realtor won't be able to do is see inside your heart and mind.  We do our best by taking in everything you say to figure out which homes we think are good candidates for you, but no one can do it better than you.

You may like a couple different areas in town.  Do you know what different types and sizes of homes go for in those areas?  By starting to just casually look now (you could have a Realtor set you up on an automatic search to email you listings or just look around on Zillow) you'll start to know for yourself right off the bat if something is a good deal without having to have a Realtor pull comps.  There are steals out there sometimes, and when there's a downright steal on the market, it doesn't last long.  If you are in tune with what you like and how the pricing should be it gives you an advantage when a steal comes. 

I have had houses that my clients missed because they didn't realize what a great deal it was.  Sure, I can say right off the bat, "this is a great deal.  The houses here have been going for $xx/sq. ft, and this one is $xx/sq. ft cheaper," but that doesn't have the same effect as when you've been looking and seeing what's out there and automatically knowing that the house that's listed for $150,000 should be $200,000 in that neighborhood with those upgrades.  This puts you at an advantage when then time comes, because you can get your offer in early.  Even in THIS MARKET, there are multiple offer bidding wars when an amazing deal comes along.

So, there are a couple reasons that it not only doesn't hurt, but can be absolutely beneficial, to start looking now and even talking to a lender.  Good luck!  Start learning the market, finding a good lender, interviewing Realtors and you'll be in your first home in no time!  In fact, you probably want to make an offer on something in June to close by August... and if you want to go with a short sale, you might want to let your landlord know you need to roll to month to month at the end of your lease if possible.





































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February 03 2011
For a "normal" real estate transaction involving a mortgage (no short sale or foreclosure), the entire process usually takes 30-60 from contract acceptance.  Cash deals can be processed much quicker.
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January 01 2011
If you are eligible and want to take advantage of the downpayment assistance options available to Tennessee First time homebuyers you'll want to attend a homebying seminar offered by a HUD approved counselor. There are 4 listed on the THDA website in Knox County HUD approved Counselors in tn  For more information on the downpayment assistance options offered by Tennessee Housing and Development Agency (THDA) you can check their website ( www.thda.org ).  Note: THDA is not a direct lender you'll need to contact a bank or mortgage company that will orginate the loan.
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December 31 2010
Generally about 30-60 days from the time you get your lender pre-approval, shop for homes, make offers, negotiate an offer and sign your contact.  From there it will be about 30 days to do your inspection, shop for homeowner's insurance, get your appraisal and close your loan. 

The first part of the equation is up to how aggressive/conservative you will be on your offers and how many offers you make.  That can go fast or slow depending on how you answer that question.
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December 14 2010
I would say once you find a home that you like the time period to close is usually 45 days.  Avoid short sales. These can take and usually do take extra time.  Start the process with getting pre-approved with a lender. This will take the guess work out of what you can afford, so that you are looking in the correct price range.
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December 14 2010

As a wise basketball coach once said-"Do the tough stuff first" Go to your favorite bank or lendiing institution (prefer intown rather than on line) and get your pre-approval done now! Please remember-what you qualify for may be more than you want to pay-so let your lender know how much monthly payment you feel comfortable paying.
The viewing of property with an Buyer's Representative, making an offer and getting to closing should take no more than 45 days unless you are super picky! there is soooo much inventory you should have no problems finding a home and you can arrow your search online with your agent.

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December 14 2010
Zillow has a couple of nice guides on the process that you will find HERE and HERE.

You can see the basics of the mortgage HERE.

Have fun!
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October 08 2010
Depending on the level of flexibility that your lease gives you, I would try to stay away from short-sales, because oftentimes they take quite a long time to crystalize.  If you have a place to stay after the August lease expires, well....that is a different story but unless you do, I will look at conventional sales or bank owned only.  Depending on the lender you select and the type of loan you may need anywhere from 45-90 days from Purchase and Sale to closing.  Start the education process right now, look at different areas, visit Open Houses, establish a relationship with a buyer agent, get pre-approved, that way when the time gets closer, say April-May you will be in a better position to identify the home that suits your needs better.
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October 08 2010
When your offer is accepted on that "perfect" new home, be prepared to allow 10+ days to get through the inspection period, and AFTER that, another 15-20 days for appraisal and final loan commitment. (During which time preliminary title work and abstracting gets underway). For many buyers, final settlement "CLOSING" is very typically 30 days from agreement date, but prepare to be flexible if need be.  Also, financing products differ in processing time (i.e. FHA -vs- Conventional, VA, USDA, etc), so 'know well thy lending details" and enjoy!
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October 08 2010
Profile picture for wetdawgs
If you are purchasing with a traditional sale (i.e. not a short sale or foreclosure), the process from offer to closing is usually 30 to 60 days if all goes smoothly.     If short sale or foreclosure, it can be months.

Of course, there is the time to find the place you want to put an offer on, that can be two days to years!   May sure you are pre-approved before you start looking.

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October 08 2010
 
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