Profile picture for user1471059

Time enough to buy

We were just told after five years of being in our rental house that the owner has decided to move back in and we have to be out by November 30th. It was unexpected and terrible timing and we were wondering does 2 months allow ample time to go through the process of buying a home? We are in a desparate situation especially with the holidays approaching.  Please advise.
  • October 01 2012 - Columbus
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Answers (7)

Take a few days of the 60 you have left to really think about your goals. I agree with the other posters that buying a home shouldn't be an emergency.  Can it be done in 60? Yes, but that assumes it's a problem-free purchase and you find what you want right away.

If you have been considering buying a home and already researching the process, then it might be a good time to look around.  But, if you don't find what you really want, that you will live in for a while, and can afford it, then stop and find a temporary place.  I wouldn't search past Oct. 15th without having temporary living arrangements planned.

If you want to stretch the process out to have time to find the right place, you can put your belongings in storage and do a weekly hotel suite (in a reputable part of town), and wrap up a purchase.  Just make sure it fits into your budget, and plan on this in advance.  Other options exist, and some apartment communities do monthly rentals, but it will be more expensive.

You could also consider buying, but take your time searching and still lease a home at least through the holidays.  You typically can cancel a lease early with one month's penalty. The penalties vary, so read any new lease to find out for sure.

Best of luck!
  • October 01 2012
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It's absolutely possible to buy "a house" in 2 months, but will be tricky.  First step for you will be to contact a reputable loan officer/bank to see if you can qualify and then hopefully there will be sufficient inventory in your neighborhood of choice.  Ask the bank/loan officer for an agent who works with first time home buyers, and then start hunting!

Next step, STAY AWAY from short sales, they can take 2-4 months to hear BACK from the bank on an offer.

Best of luck to you!
  • October 01 2012
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Profile picture for wetdawgs
If you don't know what is involved in buying, please take your time to educate yourself first (i.e. don't throw yourself at the feet of an agent asking for education).

Zillow has a number of guides.  Here are some examples:
Home buying one step at a time
A buyer's guide to making the right choice
Home inspection guide
Home buyers: how to avoid costly mistakes
Home buying 101


The library is likely to have a number of books on home purchase.  There are many resources all over the internet. 

Home buying is never an emergency.





  • October 01 2012
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Profile picture for Sophie2012
Wow.. that's quite a situation. From personal experience in speedy (and quality) real estate i always advise people to use buyers club. You get the attention and quality service. Usually they charge to get accepted, but you can approach them with your situation and get some discounts. We closed through them so they refunded back all the club dues back, which was super nice. Good luck to you.
  • October 01 2012
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Profile picture for user1471059
Oh thank you so much..I have been fretting over this because I dont want to rush because of time. I dont even know whats involved in buying and I think now is a time to be somewhat picky.  Thank you for all your answers.
  • October 01 2012
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Profile picture for wetdawgs
I'm sorry you are in this surprise situation.  Don't make home buying an emergency, you may regret your decision.     A couple of times we've been in tight circumstances so have packed up all our stuff and found month to month rentals while we took the appropriate time to find something that made us happy. 

If you made an offer today , chances are good you could close by the end of November.  (This is assuming your finances are ready and you don't chose a short sale or foreclosure).   The big unknown is finding a house you love that meets your needs and desires.
  • October 01 2012
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Once you have identified a home to purchase and the purchase agreement has been accepted by all parties (with inspection contingencies completed), it takes approximately 30-45 days to close with conventional / FHA loan. A cash transaction can be completed within weeks.

So it's doable but complicated. But I've seen buyers in a similar situation who have regretted not taking more time to find the perfect home.
  • October 01 2012
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