This is a great question!! I would recommend finding a great Realtor and discuss exactly what you are looking for. This will help with the decision making. If your needs fit the homes that are common in the area you are looking, then that will change the time frame. However, if you are looking for a certain, rare, type of home - then you may need to start earlier. There are many options when it comes time to find the right home for you. I would love to assist. If you need anything at all please contact me anytime!
I'd love to assist you in finding a place to call home. Best wishes!
I have moved across the country multiple times, a good trustworthy realtor makes a big difference.
I agree with below answer that it is never too soon. The more time I have to work with you and advise you on "tweaks" or modifications that we can make on your credit, assets, the better the loan terms that I can usually obtain for my clients. I always offer a specific plan in writing for them to follow to put them in the most advantageous situation. (and any other experienced, customer service oriented lender should do this as well I would think)
I'm available to help you at your convenience if you wish.
I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage.
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Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist
Direct: 240-752-7549 Cell: 301-651-7822
Rate quote or live chat with me at the link below:
Get qualified for a loan today.
Just to see if there is anything you need to do to get a better interest rate.
Maybe improved credit score or pay down debt.
The question of the "overlap" has come up -- this is often an issue -- whether when Clients are buying or even just switching Rentals. I don't know what your monthly Rental is -- but if it's, for example, $2000/mo., I think you should assume at least one month's "overlap" -- this allows you to do any pre-move-in tasks (painting, floors re-sanded, etc). Also, sometimes Closings get delayed -- when Buyers try to time it to closely (aiming for zero "over-lap"), it can turn into a stressful situation where Buyers have to find a hotel and/or put their furniture in storage.
Things may work differently in NJ (than TX), but this can happen and typically the Buyers are not compensated if the Closing Date slips out (we use attorneys for real estate Closings here). If you have flexibility (and no kids, pets to also consider and nearby friends w/ a couch) you can time things more closely -- otherwise, I suggest a 30-day cushion.
Best wishes on your move.
Prudential NJ Properties
Every community is different, but finding a new home starts out the same everywhere - with finding neighborhoods you like. An agent can give you a list of the homes available in your price range now, and that will give you a way to drive through the neighborhoods where those homes are located. The list will change weekly, as new properties come to the market. If you take time to drive through those neighborhoods in the next couple months, you'll start to feel good as you "connect" with some of them! Once you've driven through all of the areas that are options, you'll find yourself narrowing the list to your "favorites". Depending on the absorbtion rate of those areas, your agent can tell you when to start looking seriously. If a typical sale occurs 60 days after contract date in your area, you'll know when you need to be under contract in order to move during your last rental month, giving yourself time to paint or replace carpet or whatever else needs to be done to prepare the house for your move-in date. Good luck!
You are already ahead of the process by doing your research and have your financials in order. There are questions that we would go over together if you were to choose me as your agent. What financing options to consider, have you met with a lender, do you want a re-sale home or new construction? These are just a few questions we would discuss.
To answer your question on when would be a good time to begin speaking with a Realtor and touring homes, it depends on what your expectations are. Do you need ample time to review properties or do you know what community you are focusing on? Homes that are placed on the market in our current inventory are under contract quickly.
Call me or text me at 214-282-2945, or email me at firstname.lastname@example.org if you have any other questions.
Bernadine Eberle, Keller Williams Realty.
In the Sacramento, CA area, I advise my clients to meet with me as soon as they know they want to make a move. I will discuss a timeline with my clients that is appropriate for their unique situation. By contacting a real estate agent as soon as you can, the whole process will be easier and more comfortable for you. It sounds like you have done a lot of preliminary legwork, now is the time to meet with an agent and get the rest of your steps laid out.
I would suggest that you start to speak with local Realtors now -- for a variety of reasons. First, you want to be sure that your expectations are in synch with the realities of your local marketplace. After viewing some homes in your target price range, you want to confirm that your budget will buy what you had expected and then, if needed, you can adjust accordingly (more down payment money, different neighborhood, etc).
Also, you'll want to see how the Agent you've selected works with you -- you may be a great match from the start, but, again, you may decide you need to select another Agent whose work style you better 'click' with.
I encourage you to be up-front with the Agent -- telling him/her that your Lease expires in September -- this helps the Agent to set the right pace -- "checking out neighborhoods", "exploring different home styles", "comparing different price points", "fixer-upper vs. move-in condition", etc.
Best of luck in your home search.
Prudential NJ Propertues
Once you know if you will have competition (other ready buyers) for they homes you want…. then talk to your rental company and look over your lease. Their is usually some sort of penalty for breaking the lease. Know what that number will be. Or you might be able to pay a higher rent and switch your lease to a month to month lease.
Once you know these options you will be prepared to start looking. You can easily do the math and see if you find a home you really like you will be ready to jump on it. And don't worry about paying overlapping rent. It may be cheaper to pay 2 months of extra rent than to be in a bidding war and pay $5000 over on a house just to get it because the timing seems right. Have your agent start showing you properties. This will give you an idea of how easy or hard it is going to be to find your first place.
You should really start the process with a Loan Officer to get a pre-approval done soon and give yourself enough time for a home search and getting the mortgage application completed. Especially now that the market is competitive between buyers I would recommend giving yourself at least 60 days for the home search and 30 days for the mortgage processing.
Mortgage Counselor - NMLS 280951
Best place to start is to hire an Exclusive Buyer Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position.
I am the owner/broker of one of Dallas' oldest and most successful Exclusive Buyer Agencies, HelpUBuy America. We charge a flat-fee for our services, so our fee is the same regardless of whether you buy a $150,000 home or a $500,000 home. This eliminates the conflict of interest that exists when you an agent is paid a commission based on the sales price of the home.
We've been protecting the rights of first-time homebuyers since 1995, and we'd love to assist you. I've also had a book published on Amazon called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll teach you how to buy a home without getting ripped off.
Let me know if we can help.
Best of luck!
Thank you so much
I'd like to hear from them at least 6 months to 1 year out. That way we can be sure they are on the right track,
Often, first time homebuyers over estimate the difficulty of buying and miss oportunitues that would save them time and money, and get them in a home sooner than they realized.
RE/MAX of Spokane
It's good you are planning ahead. I would imagine that you have been doing some searching online. Which is a good way to get an idea of what you would want in a home. I would suggest that you pay close attention to the prices of homes in the area or areas that you are interested in to make sure those areas offer what you want for your budget. As I am sure you have heard it is a very strong Seller's Market right now and it looks like it will stay that way for 2014. Nobody likes to pay for 2 places but, if the perfect house comes up on the Market I would suggest that you entertain the idea of doing so for a short time. In the past I would have suggested that you start looking in July and I would find you a house in one weekend. That is not the market we are in now. I would suggest that you start looking in May and perhaps the Seller may want to Leaseback the house from you for a short time. If not be prepared to pay double or wait a bit longer and go on a Month to Month lease where you are now. Hope this helps.
Just trying to keep it real!
Jean Pasvar, Realtor
William Davis Realty
How many homes will you have to see before you decide you have found the right one?
And, how long will it take you to make a decision?
Add that time to anything like loan processing.
Because we can provide you with much more professional advice and assistance than just opening doors and touring homes, I suggest you determine and ENGAGE YOUR REALTOR as SOON as you are really serious about buying a home -- even 6 months or a year in advance!
While you may not be touring homes that entire time, The MartySellsHouses.Com team likes to really get to know the needs of our clients and -- as former educators -- we also have the knowledge and tools to help you determine and assess NEIGHBORHOODS and SCHOOLS . . . beyond what you can find online yourself.
FIRST, you also need to get PRE-QUALIFIED for a loan EARLY. Home sellers and REALTORS want to work with pre-qualified buyers. Shop at least three lenders including your personal bank or credit union, and several mortgage banks and brokers. You want to find the lender that will provide you with not only a competitive interest rate but also reasonable closing costs . . . and great SERVICE. Nothing messes up the home buying process more than working with a lender who doesn't have their act together! If you need lender referrals, your REALTOR can share those with you.
AFTER THAT, the length of TIME involved in the actual HOME PURCHASE PROCESS varies depending on your TYPE OF FINANCING. When borrowing, Conventional loans with 20% down take the shortest amount of time to process and close; FHA and VA loans take the longest. Cash deals can be closed within days of an executed contract.
Here's a BREAKDOWN of the TYPICAL home buying PROCESS (when you have NO CURRENT HOME to sell . . . which is a whole different ballgame!):
--Loan PREAPPROVAL (48 hours to several months, depending upon your employment, credit and cash situation) -- Do this first, to determine how much you can really afford, accumulate down payment, and clean up any credit issues.
--SEARCHING for homes (online. . . perhaps months prior) -- Once you are serious, this could take a couple of weeks to a couple of months, depending on how specific you are and the availability of homes in your targeted area. (This is another reason to engage your REALTOR early, they can advise you about this related to your specific area and needs.)
--Offer, negotiation and CONTRACT execution process (2 days to a week) -- Remember: this cannot occur unless you are preapproved for financing.
--Option period for inspections – Negotiable, but most often 10 days.
--FINANCING contingency period -- 25-30 days from contract execution date (this is where great lender service makes a difference!)
--CLOSING -- 31- 45 days from contract execution date (depending upon type of financing)
--POSSESSION -- Upon funding (generally within hours or the next day after closing)
Based on these typical timeframes, I suggest you ENGAGE your REALTOR at least TWO MONTHS ahead of time . . . but EARLIER than this to MAXIMIZE your SERVICE.
Then it comes down to the type of loan needed for that property, and how its listed for sale, normal sale, short sale, foreclosure. as there later ones need much more time for the selling bank to work the deal and to close on it...
Talk with a mortgage broker first find out what you qualify for and loan options that work best for you, then start looking! If you find a place you can get into before you lease is up, talk with your landlord now see what, and how they feel about your situation, and they maybe willing to work with you in breaking the lease on good terms and getting your deposit back too...
Its all doable, just a matter of how to do it and does it all work the way you 'd like... sometimes you have to be open minded and find ways to make it work.
Corey here is the difference it depends on your market as Texas is different that Atlanta, Chicago, or even Phoenix. All Real Estate is a local phenomena and changes from city to city or subdivisions to subdivision in a local market.
The time to find that perfect home depends on the available inventory (high or low), if it is Buyers or Sellers market (typical days on the market - 120 days would be a neutral market). So Corey the search could take a month or it may be extended by as much as 6 months in any given market condition. In Pheonix the last year we had 20% appreciation in the market with very low inventory where if you were in Cleveland that is a total different story.
The best advice is call or find a local Realtor who understands that local market and work closely to find the best deal at the best price otherwise you are throwing "Darts" at a target.....Good Luck and if you are looking in Phoenix give me call......
Re/MAX Leading Edge
Santa Rosa, Ca
707 291 7073
If you want to see a lot of homes before making a decision, and if particular details can really turn you off to a home, I would say to allow about 3-4 months from the time you start looking to the time that you plan to close. I would say, at minimum, to allow for 8 weeks for the entire home-buying process. Given that your lease is up in September, you will probably want to start getting serious about searching as early as May, but you should be fine starting in June or July.
If you are shopping for foreclosed homes, it usually takes 60-90 days from the time your offer is accepted up to the day you finally close. Sometimes it's longer and sometimes it's shorter.
I would strongly recommend speaking with a Mortgage Loan Officer in the near future and get pre-qualified for your loan. It's very easy and they will help you calculate a monthly payment that is comfortable for you based on your financial information. I would also advise taking a look at your credit now and making sure to "clean up" anything that might prevent you from getting a better interest rate. I generally refer my clients to Patricia Mahoney at BB&T, email her at PMahoney@bbant.com and she can help you out!
If you have questions, feel free to call me any time! My number is 972-750-6900.
If you need to see dozens and dozens and the least little thing wrong sours you on a house, then you'll have to allow that extra time on top of the normal 3-4 for looking and 3-4 weeks for closing after you found the right house.
But a couple of other things to keep in mind are that the house might need some repairs that are paid for out of your "renovation" mortgage loan. These 203(k) loans or similar take a few weeks longer to process and close, more like 6-8 weeks instead of 3-4, meaning you need at least 9-12 weeks.
Also, if you're buying new construction, you'll need to allow the full time to build, which could be as little as 3-4 weeks if they're only finishing out a spec-built home, or it could be 4-7 months to go from a graded lot to final walk-through.
If you don't have children, school is not an issue, but parents usually want to wait until school is in out to move out so you can move in.
So, if we take your timeline of end-September to move in, I'd suggest late July to start looking and find something by late August to move in late September.
Also, your first mortgage payment will most likely be delayed a month from when you close, so you have a bit of breathing room.
William Davis Realty
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Typically it takes about a month to close on a home so you may want to start looking in late July or early August. Of course that also depends on whether you can only view properties during the weekends or you are available also during weekdays. Before looking for a home; however, I would suggest that you talk to a lender and get pre-approved for a loan so when the right home comes along you can make an offer right away. Plus, you need to find out that you are looking at homes that you can afford to purchase.
What city are you looking to purchase? Are you looking to purchase in Dallas or Dallas and its surrounding area?
Let me know if you need a lender or two; I'd be happy to assist you in finding your home as well. Feel free to call me at 469-371-2899 to discuss or you can check my website at http://www.dfwdreamhomes.net for the most updated info on homes currently on the market.
Susie Kay, Realtor®
GRI, CHMS, SFR
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
Servicing your real estate need is my priority!
My recommendation is 60 days minimum. It really isn't too soon now to start speaking to a lender and a Realtor. I work primarily with first time home buyers and will be happy to talk to you about your needs and desires in a home. Feel free to call, text, or email me any time and we can formulate a game plan for when you are ready to seriously look for a home.
19 years of experience to serve you.