Home Buying in Freeport>Question Details

Prinsez1172, Renter in

How soon should I shop around for houses if I Plan on Purchasing in 2 years?

Asked by Prinsez1172, Sun Jul 8, 2012

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It's never to early to educate yourself about the process and begin preparations. Getting a look at your credit report is the first order of business. You never know what surprises may be lurking there. If you need to make corrections or pay off debts, now is a good time to start. (You can get a free credit report from each of the three reporting agencies online at MyCreditReport.com.) About 6 monthe before you want to move, I will be happy to recommend a reliable lender to pre-approve you.

Now is a good time to start looking up homes online and starting narrowing down your criteria on things such as style and location so when you are ready to look in earnest you won't waste a lot of time looking at homes that don't meet your needs. There are many good websites for this purpose but, of course, the one I recommend is ReMax.com.

Feel free to give me a call at 516-410-3000 if you have more questions. As a Buyer's Agent, I would represent you, not the seller, so I can answer any questions you may have.
0 votes Thank Flag Link Tue Nov 27, 2012
Ms. Greene, Thank you for your reply. I also had another question regarding flooding but someone else asked it and you answered them.. I will email you when it gets closer to the time I am going to purchase. I also attended the Nassau County First Home Buyers Program and gained alot of information. I am hoping to receive a grant that will assist me with my future purchase.
Flag Wed Nov 28, 2012
Buying your first home is a very rewarding, nerve racking and exciting experience. There is such a great accomplishment when you have purchased your first home. Here are a couple of things to keep in mind. Make sure and research the area you are interested in living. Make a wish list of all the things you would like in your home. Start saving for downpayment and do not take out any loans or make huge purchases that you might not be able to repay by the time of your home purchase. Have all your tax returns and income verification in order. Make sure your credit is pristine so you can get a great interest rate. Work with a reliable Real Estate Agent and a reputable mortgage agency. Be pre-approved so you know what you can afford and be taken as a serious buyer.

Joy Greenidge
Licensed Sales Person
Laffey Fine Homes

"Every Customer Is My Only Customer"
0 votes Thank Flag Link Tue Sep 25, 2012
Thank you for your response. I just want to make sure I am not wasting the Brokers time when they show me houses. I thought I was going to be ready to purchase in 2 years but it looks more like 7-10 years from now.. I am in the process of re-establishing my credit. I have attended the Nassau County First Home Buyers Program and have learned alot. I also draw an outline of what I want my house to look like inside and out. Thanks again for your resonse.
Flag Wed Nov 28, 2012
You can research/visit areas of interest now; otherwise begin shopping when you are ready to buy and need to buy. If purchasing with a mortgage, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Mon Jul 9, 2012
Do not shop around until you have been fully pre-approved for a mortgage (not a commitment and not a pre-qual).

Once you are fully pre-approved AND are ready to purchase if you find what you are looking for, that's when to get started.

If you are not purchasing for two years...wait two years.
0 votes Thank Flag Link Sun Jul 8, 2012
Start educating yourself now so you'll be ready when the time comes. The more you know the easier the process will go. Generally I would start looking about a month before I planned to purchase. You can use this time to visit various areas and decide on where you would like to be as well as what type home you would liike to buy. It would also behoove you to contact a mortgage professional and see where you stand, they can give you a good idea of downpayment requirements, credit score needed what you can afford, and things you can do now to get there, or stay there. In two years my gut feeling is that home prices will be within 10% of where they are now (either up or down) so you can get a good idea of your budget and what it will afford you.
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Sun Jul 8, 2012
Definitely 18-20 months from now. The whole process will take 45 days - 3 months depending on home selection, seller (REO versus resale), and your criteria. And you loan pre-approval will be good for only 60-90 days. Anything you uncover now or any area specific info you research will probably be very different by then. Good Luck.
0 votes Thank Flag Link Sun Jul 8, 2012
Probabily another 18 months to start looking. You should however meet with a local and trusted loan officer,l have them prequailify you now, tell them your plan and goals and make sure you are on track to be able to get a mortgage. A good loan officer will value your business even if it is in the future,.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Jul 8, 2012
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