Zillow Advice: Buying Process - I'm about 6 months away from my apartment lease ending. Is it possible to buy a home this far out? http://www.zillow.com/advice-thread/I%27m-about-6-months-away-from-my-apartment-lease-ending-Is-it-possible-to-buy-a-home-this-far-out/459633/ Zillow Advice | Zillow Real Estate Hi again, Chris...You can ... http://www.zillow.com/advice-thread/I%27m-about-6-months-away-from-my-apartment-lease-ending-Is-it-possible-to-buy-a-home-this-far-out/459633/ Hi again, Chris...<br/><br/>You can actually specify your closing date in any of the contracts, including the short sale. I would be more concerned about potentially closing beyond 6 months than I would be closing sooner than your lease is up with a short sale, although short sales seem to be moving a bit faster than in the past.<br/>If you lease goes month to month at the end, then this concern would obviously be mitigated.<br/>Best wishes, Jim Thu, 13 Sep 2012 12:54:00 GMT http://www.zillow.com/advice-thread/I%27m-about-6-months-away-from-my-apartment-lease-ending-Is-it-possible-to-buy-a-home-this-far-out/459633/ 2012-09-13T12:54:00Z This is all very good advice. ... http://www.zillow.com/advice-thread/I%27m-about-6-months-away-from-my-apartment-lease-ending-Is-it-possible-to-buy-a-home-this-far-out/459633/ This is all very good advice. It seems like the majority of the answers I am reading expect me to close within 30-45 days unless it's short sale. My lease ends in the last week of March 2013 which is roughly 6 months from now. So if I were to theoretically find a home today and close 30 days from now my mortgage payments might be due in November or December. I would still have January, February and most of March left on my lease. Breaking my lease is realistically out of the question. I would need to pay 2 months rent to get out of where I live currently. My current rent payment is $1040 so I would have to pay $2080 which I don't have to throw around.<br/><br/>I found a short sale I may be interested in but it sounds like a gamble from what I have been reading as far as how long it takes to close. I do have 6 months right now but what if I close on it way sooner?&nbsp; Thu, 13 Sep 2012 12:43:00 GMT http://www.zillow.com/advice-thread/I%27m-about-6-months-away-from-my-apartment-lease-ending-Is-it-possible-to-buy-a-home-this-far-out/459633/ 2012-09-13T12:43:00Z Hi Chris,&nbsp; First off, ... http://www.zillow.com/advice-thread/I%27m-about-6-months-away-from-my-apartment-lease-ending-Is-it-possible-to-buy-a-home-this-far-out/459633/ Hi Chris,&nbsp; First off, thank you for your service, VA loans are a fabulous benefit and can allow you to move in with very little or no out of pocket money. <br/><br/>Depending on the area&nbsp;you are looking in, properties in good shape that are regular sales&nbsp;are going under contract very quickly.&nbsp; As another poster indicated, short sale and bank owned properties can take anywhere from 30 days to 6 months for approval.&nbsp; <br/><br/>With regard to overlapping mortgage and rent...Typically it takes about 30-45 days to get from contract to closing.&nbsp; If you close at the beginning of the month, you may not have a new mortgage payment for 2 months (e.g. close 10/6, first payment is due 12/1). It's all about having a realtor in your corner who understands your needs and&nbsp;can negotiate your best contract for your situation when you find the right home.<br/><br/>I <em>have</em> seen more sellers lately that are interested in a rent back (they rent from the new owner's after the sale and cover the mortgage payment until the agreed on move-in date). You can always ask a seller if they would be interested in that. <br/><br/>Getting started sooner rather than later with a lender review can help to ensure you are on the right path to home ownership, allow you to deal with any issues so that when the time is right, you can make the best decision!<br/><br/>All the best in your search for the right home and the right loan!&nbsp;<br/>Maryland Mortgage Mama Thu, 13 Sep 2012 01:53:00 GMT http://www.zillow.com/advice-thread/I%27m-about-6-months-away-from-my-apartment-lease-ending-Is-it-possible-to-buy-a-home-this-far-out/459633/ 2012-09-13T01:53:00Z Your lender, as well as most ... http://www.zillow.com/advice-thread/I%27m-about-6-months-away-from-my-apartment-lease-ending-Is-it-possible-to-buy-a-home-this-far-out/459633/ <p>Your lender, as well as most sellers, will want a 45-day closing.&nbsp; If you end up loving a short-sale, you will definitely be waiting at least 90 days.&nbsp; I just closed a short-sale that took six months.&nbsp; So it could take anywhere from 3-5/6 months, depending on how many lienholders there are on that particular property.&nbsp; If it is a non-distressed sale [regular sale], then you can always try to negoatiate for a longer closing, but again most sellers will want a quicker closing.&nbsp; Some of this depends on what type of market you're in, i.e. Sellers' versus Buyers' Market.<br/><br/>Here in Sarasota, we have a Sellers' Market with really low inventory and still high demand.&nbsp; So sellers have a leg-up in terms of getting more terms negotiated to their benefit, i.e. price etc.<br/><br/>Hopefully that helps.&nbsp; Wish you luck!&nbsp; -- Shayla Twit, Sarasota Realtor</p> Wed, 12 Sep 2012 20:51:00 GMT http://www.zillow.com/advice-thread/I%27m-about-6-months-away-from-my-apartment-lease-ending-Is-it-possible-to-buy-a-home-this-far-out/459633/ 2012-09-12T20:51:00Z Use your valuable time wisely!&nbsp; ... http://www.zillow.com/advice-thread/I%27m-about-6-months-away-from-my-apartment-lease-ending-Is-it-possible-to-buy-a-home-this-far-out/459633/ Use your valuable time wisely!&nbsp; Speak with your lender and find out how much you can spend.&nbsp; When your price point is determined, ask your realtor to send you all of the sold comparables within the last six months to familiarize yourself with the current market conditions.&nbsp; Then ask your realtor for all of the active properties.&nbsp; If there are short sales that you think you might be interested in, those take longer to close, so you may need most of the six months.&nbsp; If it is a "typical" sale, the amount of time that you need to close varies depending on your area.&nbsp; Good luck on your home search! Wed, 12 Sep 2012 18:03:00 GMT http://www.zillow.com/advice-thread/I%27m-about-6-months-away-from-my-apartment-lease-ending-Is-it-possible-to-buy-a-home-this-far-out/459633/ 2012-09-12T18:03:00Z It depends a lot on your ... http://www.zillow.com/advice-thread/I%27m-about-6-months-away-from-my-apartment-lease-ending-Is-it-possible-to-buy-a-home-this-far-out/459633/ It depends a lot on your market. For example, here in Phoenix where our inventory is low and we are getting multiple offers on homes, you really can't go more than 30-45 days unless you go for a new build. If you buy a new home, some of those are being pushed back 6 months or more because of the demand. Wed, 12 Sep 2012 17:56:00 GMT http://www.zillow.com/advice-thread/I%27m-about-6-months-away-from-my-apartment-lease-ending-Is-it-possible-to-buy-a-home-this-far-out/459633/ 2012-09-12T17:56:00Z The first step in this process ... http://www.zillow.com/advice-thread/I%27m-about-6-months-away-from-my-apartment-lease-ending-Is-it-possible-to-buy-a-home-this-far-out/459633/ The first step in this process is to understand what penalties you will have to pay if you break your lease.&nbsp; If you are comfortable absorbing that cost for the perfect home then start the process now.&nbsp; If not, you should wait until you are about 3 months out before you start going to visit homes in person (I will delve more into that in a bit). As you prepare for your potential move, you want to speak with a lender now - whether you can move now or not.&nbsp; This will do several things. First it will allow you to determine if you can even purchase a home and identify what you need to do fix that is preventing you from purchasing in the first place.&nbsp; If you can buy, then the lender will work with you to determine what loan options best suit your current situation.&nbsp; At the same time you can speak with a realtor about what you want in your new home and where you may want to live. If you are unfamiliar with potential areas I recommend driving around to see them yourself.&nbsp; I think 6 months is too far out to put in an offer and recommend that you work backwards from the day you need to be out of your apartment.&nbsp; I always recommend that you strive to be settled on your new home 2 weeks before your lease expires.&nbsp; That way you can move out of your current place and clean the rental and get your security deposit back.&nbsp; Work backwards 3 months from that date to really start looking.&nbsp; It only takes between 30-45 days to settle on a home once you get a contract in place. Any realtor you choose to work with will be able to set up an automated home search to allow you to peruse homes on line.&nbsp; If you absolutely have to go and see a home now because you have to have it, then do so, realizing that you may have to pay penalties for breaking your lease. Wed, 12 Sep 2012 17:56:00 GMT http://www.zillow.com/advice-thread/I%27m-about-6-months-away-from-my-apartment-lease-ending-Is-it-possible-to-buy-a-home-this-far-out/459633/ 2012-09-12T17:56:00Z You will need to talk with ... http://www.zillow.com/advice-thread/I%27m-about-6-months-away-from-my-apartment-lease-ending-Is-it-possible-to-buy-a-home-this-far-out/459633/ You will need to talk with your landlord about the consequences of breaking your lease.&nbsp;&nbsp;&nbsp; Sometimes they are curmudgeonly about breaking it early, but are willing to continue month by month once the actual lease period runs out.&nbsp;&nbsp;&nbsp;&nbsp; It isn't easy timing things precisely.<br/><br/> Wed, 12 Sep 2012 17:54:00 GMT http://www.zillow.com/advice-thread/I%27m-about-6-months-away-from-my-apartment-lease-ending-Is-it-possible-to-buy-a-home-this-far-out/459633/ 2012-09-12T17:54:00Z While not impossible, most ... http://www.zillow.com/advice-thread/I%27m-about-6-months-away-from-my-apartment-lease-ending-Is-it-possible-to-buy-a-home-this-far-out/459633/ While not impossible, most sellers wish to close 30-60 days from contract in most markets. Get pre-qualified, in the next 45-60 days, then begin shopping. <br/>You might also check your lease or with your landlord, sometimes&nbsp;they will&nbsp;allow early termination if you purchase!<br/>Best wishes, Jim Wed, 12 Sep 2012 17:49:00 GMT http://www.zillow.com/advice-thread/I%27m-about-6-months-away-from-my-apartment-lease-ending-Is-it-possible-to-buy-a-home-this-far-out/459633/ 2012-09-12T17:49:00Z Sure, you can buy!&nbsp; ... http://www.zillow.com/advice-thread/I%27m-about-6-months-away-from-my-apartment-lease-ending-Is-it-possible-to-buy-a-home-this-far-out/459633/ Sure, you can buy!&nbsp; You can always negotiate with the seller to pay a portion (or all) of your lease...or to pay more of your closing costs so that you have the resources to pay off your lease. Perhaps your landlord will let you out of the lease if you find another qualified renter for the home.&nbsp; In the long run, home ownership will be worth a lot more than the $$$ needed to get out of the lease.&nbsp; Also, it definitely should not take months to get pre-approved.&nbsp; I'm not a lender, but the lenders I work with can get me a pre-approval within a few days (same day if the buyer has all documents on hand).&nbsp; Wed, 12 Sep 2012 17:48:00 GMT http://www.zillow.com/advice-thread/I%27m-about-6-months-away-from-my-apartment-lease-ending-Is-it-possible-to-buy-a-home-this-far-out/459633/ 2012-09-12T17:48:00Z