When to start looking?

We have about 8 months on our lease and have decided that buying makes more since then renting. We would be looking for something close to Norfolk Naval Station with 200k being out top budget.
  • July 14 2014 - Norfolk
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Answers (3)

Profile picture for ShaylaTwit
I recommend a few months prior to at least start narrowing neighborhoods.  It may take a month or two to find something, negotiate and close.  But I think 90 days is a good amount of time to find something.  Lenders need 45 days.  Cash is usually 30 or less.  So it'll depend a little bit if you are paying with cash or financing.  And if the seller can move out quickly and within your timeframe.  Lot of factors to consider.

Hope that helps and good luck!  --  Shayla Twit, Sarasota, FL Realtor
  • July 19 2014
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It is never too early to review your finances, credit report, and to explore the mortgage financing options available to you today, so you can be ready in 8 months. Most lenders, including myself, welcome the opportunity to discuss the details of buying with potential clients, either ready to buy today or down the road. Many times, potential roadblocks to a smooth transaction are identified early and able to be resolved well before the house hunting begins.
Feel free to call upon me to discuss your new home!
Best wishes, Jim
  • July 19 2014
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Hi Harrison,

I believe that's a more than realistic expectation to find something up to $200K in that location around he base in Norfolk.

Now is not too early to get a credit check with potential lenders to see if all is in ordnung with your credit file.  If there are any issues, you have plenty of time to troubleshoot.  Any reputable mortgage lender can help you get on track and give you an idea of terms and payments that fit your needs.

In 8 months "high" season of the spring 2015 will be in full swing with lots of competition from other buyers vying for the nicest properties.  If you are into your second year of your lease, then perhaps you might talk with your property manager or landlord about the possibility of finding a replacement tenant and moving out early to take advantage of the winter market, when competition is not as intense.

If that poses too much of a penalty, then I would say if you get your financing tacked down you should start hit the ground actually looking at houses 120 to no later than 90 days from when you would like to close on your new house.

In the meantime you definitely can be looking on-line and doing drive-bys of houses you like to check out the surrounding neighborhood.  If you contact me, I can work with you on-line and set up a personal webpage for you that will give you a direct feed to the MLS with the locations and types of houses you are interested in.

Good luck!  KK German, Wainwright Real Estate, Inc.
  • July 14 2014
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