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Answers (8)
- Kevin Pier, "Kevin Pier"
- Contributions:2
I would start getting familiar with the market now, and determine what type of home you might be interested in. I have been working in the new construction side of real estate for the last 10 years and worked with several different builders. If you are looking at a new construction home that is yet to be built, you will want to give yourself about 6 months for construction time. Some builders take less time to build a home but 6 months is average when you take permits and build time into consideration.
If you are not looking at new construction homes it is a different process, but thought I would put my 2 cents in just in case.
If you are not looking at new construction homes it is a different process, but thought I would put my 2 cents in just in case.
- Coleen Donovan, "Plano Real Estate"
- Contributions:88
I would start in January or February. But, start browsing and getting familiar with the market now. Get pre-qualified with your lender and decide how much house you want to afford.
- Joe Sciarrino, "Joe Sciarrino"
- Contributions:246
Give yourself at LEAST 4-6 months. And that is with the caveat that you have the credit and down payment ready for the purchase. Good luck!
- Robert Guice, "ARC6676.com"
- Contributions:33
How well is your relationship with the landlord? All the previous answers are helpful but please keep in mind the interest rates may increase over the next 6-9 months. Right now we are at 4.75% and if the overseas economy picks up and investors start putting money there instead, interest rates are likely to increase. Every 1% of interest rate increase is 11% LESS purchasing power and 11% more of a monthly payment. So if rates jump to 6.75% for example, a $1500 mortgage at 4.75% will now be $1830.
Most leases have a clause built in where you can just pay 1 month extra of rent to cancel your lease early. As you can see from these numbers alone you would save ovr $300/month to buy early which is well worth it IF you have this agreement with the landlord.
Otherwise, for now, just drive neighborhoods, interview realtors and find out what "area" you like. You can always change a house but not a neighborhood & surrounding shops/features.
Good luck!
Robert
Most leases have a clause built in where you can just pay 1 month extra of rent to cancel your lease early. As you can see from these numbers alone you would save ovr $300/month to buy early which is well worth it IF you have this agreement with the landlord.
Otherwise, for now, just drive neighborhoods, interview realtors and find out what "area" you like. You can always change a house but not a neighborhood & surrounding shops/features.
Good luck!
Robert
- Lelda Will, "Lelda Will"
- Contributions:3670
Start in January and expect a 6 week escrow period. That should be plenty of time to watch the market. Start consulting potential lenders now and keep in touch as you prepare to buy so you're in the strongest possible position. If you plan well and work with experienced professionals, particularly your lender and real estate broker, you shouldn't have a problem. Good luck!
- Rick Chumsae, "Rick Chumsae"
- Contributions:283
One sometimes useful tool for both buyers and sellers is to make use of Temporary Residential Leases.
As a seller, I would LOVE to sell my house and then rent it back from the new owner for 15 to 30 days, or even 7 days. This would give me the comfort in knowing that I haven't moved until the house is really sold.
As a buyer, I could buy my next house during my apartment lease term, close on the house and lease it back to the old owners for a week or month.
Both can help make for a smooth transition in or out of property. Yes, there can be pitfalls. The new owner should collect a sisable security deposit from the temporary tenant to help insure gentle useage. Some furniture could be hiding flaws that could have been discovered in a pre-closing walk-through. Just be aware.
As a seller, I would LOVE to sell my house and then rent it back from the new owner for 15 to 30 days, or even 7 days. This would give me the comfort in knowing that I haven't moved until the house is really sold.
As a buyer, I could buy my next house during my apartment lease term, close on the house and lease it back to the old owners for a week or month.
Both can help make for a smooth transition in or out of property. Yes, there can be pitfalls. The new owner should collect a sisable security deposit from the temporary tenant to help insure gentle useage. Some furniture could be hiding flaws that could have been discovered in a pre-closing walk-through. Just be aware.
- Don Groff, "Austin Texas Realtor"
- Contributions:355
It is always hard to say for certain how long something like this will take. It really depends on how motivated you will be to find the right house. As a mortgage broker and a Realtor the typical process from when I initially meet with a client to finding a house and actually going to closing will take somewhere from 45 to 90 days. Sometimes less and sometimes more. It all depends on how the search goes for you.
You will definitely want to speak with a mortgage broker or bank to get pre-approved so that when you do find the right place you can make an offer and show the seller that you are a serious buyer.
As was stated below it is good to speak with several agents and lenders because they are not all the same and the levels of expertise vary greatly. I pride myself on taking the time to educate my clients on all the different aspects of the home buying process but many agents do not have the will or the time to do this. So make sure you are comfortable with the professional you choose because choosing somebody who is not a good fit can cost you a lot of money and create a lot of unnecessary stress.
So yes, I think you can time your move if you plan accordingly and can find the house that is right for you in the allotted time. When you close on a loan you do not typically have a payment for about 45 days so that will give you some extra time to get everything taken care of and hopefully avoid having a rent and a mortgage payment.
I wish you the very best of luck in your search.
You will definitely want to speak with a mortgage broker or bank to get pre-approved so that when you do find the right place you can make an offer and show the seller that you are a serious buyer.
As was stated below it is good to speak with several agents and lenders because they are not all the same and the levels of expertise vary greatly. I pride myself on taking the time to educate my clients on all the different aspects of the home buying process but many agents do not have the will or the time to do this. So make sure you are comfortable with the professional you choose because choosing somebody who is not a good fit can cost you a lot of money and create a lot of unnecessary stress.
So yes, I think you can time your move if you plan accordingly and can find the house that is right for you in the allotted time. When you close on a loan you do not typically have a payment for about 45 days so that will give you some extra time to get everything taken care of and hopefully avoid having a rent and a mortgage payment.
I wish you the very best of luck in your search.
- wetdawgs
- Contributions:26850
Once one makes an offer that gets accepted 30 to 60 days is a reasonable time frame to closing if the property is not a short sale or foreclosure.
Backing up, things you need to do before you get to making an offer:
a. Talk to loan officer(s) about getting qualified for a loan.
b. Start learning neighborhoods in your community where you might wish to live.
c. Interview several agents to find a good one to assist you in this process. They are not all the same!
d. Identify what features you want in a house. E.g. how many bedrooms, bathrooms, floors, swimming pool or no, by a highway or by a school or in a hermitage. Prioritize these.
e. And finally, with the agent you've identified, start looking at houses and make an offer. Some people find the right house after looking at two or three, some have to look at 100 and are still not happy.
Don't be surprised if you have a couple of months overlap of rent/mortgage, or if you end up homeless for a few weeks. Plan a good vacation, or crash with friends if you can't afford a cheap motel room.
Backing up, things you need to do before you get to making an offer:
a. Talk to loan officer(s) about getting qualified for a loan.
b. Start learning neighborhoods in your community where you might wish to live.
c. Interview several agents to find a good one to assist you in this process. They are not all the same!
d. Identify what features you want in a house. E.g. how many bedrooms, bathrooms, floors, swimming pool or no, by a highway or by a school or in a hermitage. Prioritize these.
e. And finally, with the agent you've identified, start looking at houses and make an offer. Some people find the right house after looking at two or three, some have to look at 100 and are still not happy.
Don't be surprised if you have a couple of months overlap of rent/mortgage, or if you end up homeless for a few weeks. Plan a good vacation, or crash with friends if you can't afford a cheap motel room.
Preparing for buying a home...
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