2 months to locate a good buyer broker and close on a home is extremely aggressive and for the most part unrealistic. Generally speaking from the time you go under contract to the time you close and get the keys to your new home is a minimum of 6 weeks. This would leave you 2 weeks to locate an experienced buyer broker (see link below), get pre-approved for a mortgage, locate a home and put it under contract. It's possible but as i said probably unrealistic. Regardless now is a good time as rates and home prices are likely to increase over the next year. Read the link below , find a good buyer broker and see what they have to say.
Thank you for your question.
The timeframe you give is tight so you need to get your Realtor. He/She will put get you preapproved and show you homes in your price range. If you know what you like and your finances/credit are good you may get lucky and get an acceptance quickly.
I would ask wherever you are staying to get you a month to month after the end of your current lease.
Depending on the area you are searching for it is a buyer's market or seller's market.
It takes about 45 days from the time you give the signed contract to your mortgage loan officer.
Let me know if you have any questions and good luck in your search
I will be happy to assist you,
Ines De La Cruz, ABR,CRS
609-313-8518 or firstname.lastname@example.org
To view all the homes in NJ visit http://www.inesdelacruz.com
First, our market IS moving from a buyer's to a seller's market, but it varies by town. Center City Philadelphia has been a seller's market for a year, yes, but some of the suburbs, it is still 50/50.
In my market, or maybe because of the mortgage professionals I use, I FREQUENTLY get my clients approved (full commitment) in as little as 3 weeks, that said, it is the searching and touring process that will actually take the most time.
Lastly, I have done this with a couple clients lately -- perfectly-timed house hunts / closings. The key is I get their current landlord to extend their lease a month or so on a month-to-month basis. It usually just takes a phone call.
Given the time situation, I advise you to do a phone interview with me today.
Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
I'd like to disagree , politely , that it isn't a buyers market. I think it is still a buyers market. While inventories are lower, prices are still down by far from their highs...
On some really nice homes, you may have multiple offers... But being a strong buyer is critical to winning a bid. Highest price is not always the case.
If you are in a position to buy now then it is smart decision to buy now. As prices start to increase and rates start to increase, your buying power will decrease.
there still lots of very nice homes on the market now and come up all the time.
If I can be of assistance please contact me directly..
Some of my renters check woth their landlords to see if they can renew their lease on a month to month basis when they are looking for a home and the leaseis up soon... with a 60-90 day advance notice of vacating the premises. That may work for you. Look for a home, get a contract signed, then you can give the landlord the 60-90 day notice and move.
He's also correct in that it is no longer a buyers market in many towns and hasn't been for a while now. Inventory is still low, and I myself have been party to several multiple offer situations (both on the buy and the sell side because of the low inventory.
You should also have already spoken to a mortgage lender for a pre-approval/pre-qualification PRIOR to starting your home search. This gives you an idea of how much house you truly can afford. Where are you looking? What's you price point?
Depending on whatyour purchasing power is will also determine the areas you can look in, as will your other needs like commute/schools etc. Feel free to give me a call to answer any other questions you may have and for some additional guidance [ if I have the answers] :)
908-675-0167 Enjoy the holiday weekend !