Chris, Home Buyer in 08054

First time home buyer, need advice

Asked by Chris, 08054 Sat Aug 31, 2013

I'm trying to make a smart decision and instead of renewing my rental lease come the end of Oct, I'd like to try to buy a house while the rates are still low and it's still a 'buyer's market'. Am I out of my mind? Is 2 months enough time to find a realtor and a home in one of my targeted areas and still get approved for a loan and all the inspections done? Am I really pushing it?

Help the community by answering this question:


It's not a buyers market in most areas and hasn't been for over a year, though your specific area may be different.

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.
1 vote Thank Flag Link Sat Aug 31, 2013
It isn't an unrealistic time frame, however you will really need to be diligent with your home purchase by first getting preapproved for a mortgage, beginning your home search immediately and finding a home where the seller is willing to close quickly.
0 votes Thank Flag Link Tue Sep 3, 2013
While I don't think it's impossible to locate an agent and find a home in 2 months I do believe that trying to complete the entire transaction is almost impossible. Tell your landlord about your plans and ask for a month to month extension when your lease is up (may be easier if you live in private house or small complex). Once this is accomplished, you can then take the time you need to find the right house and complete all the necessaries without the stress of feeling rushed. Buying a house is one of the biggest investement decision you are going to make in a lifetime and you should not rush into it.

Good Luck
0 votes Thank Flag Link Mon Sep 2, 2013
Hello C,
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
RE/MAX Connection
609-313-8518 or
To view all the homes in NJ visit
0 votes Thank Flag Link Sat Aug 31, 2013
Hi C, I emailed you as well, but here goes:

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
215.735.2225 o
856.617.1212 m
Web Reference:
0 votes Thank Flag Link Sat Aug 31, 2013
As already said... Pre Approval is most important... Then when you actually make up your mid to look for a home, check with your landlord to see if a month to month is available.

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..

Larry Sarlo
RE/MAX Preferred
0 votes Thank Flag Link Sat Aug 31, 2013
Larry is right on the money with your idea being very aggressive and probably not going to happen.. Figure 1 month of VERY aggressive house hunting (like every weekend), then 60-90 days from contract signing to closing. Nowadays it takes most banks 30-45 days to approve the mortgage and give you your commitment. Plus you have to factor in that if you aren't buying a vacant home, the sellers need to pack up and go somewhere too.

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 !
0 votes Thank Flag Link Sat Aug 31, 2013
Until you know if you can get that month to month lease, it's good you didn't see a home you love and won't be able to get into in time. Once you get the approval of the property manager (new month to month lease with stipulations in writing I suggest) then hire yourself a local agent who knows the area you are looking in and get cracking. Good luck !!!
Flag Sat Aug 31, 2013
Thanks for the responses, I have considered asking the property manager if I could extend my lease to month to month if that does happen. I've spoken to two different lenders and they gave me two different numbers for what I could qualify for. So I set my price point lower than both of their numbers. I have found several properties in Burlington County that are within my budget, I just haven't found a realtor to help with the process and haven't viewed any of the homes in person.
Flag Sat Aug 31, 2013
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