Home Buying in 23060>Question Details

Kay, Home Buyer in Glen Allen, VA

I'm planning to purchase a home after my lease expires next June. How soon should I starting working with a lender and agent?

Asked by Kay, Glen Allen, VA Sat Sep 8, 2012

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Some wonderfully helpful answers here. I do, also suggest, there is no time like the present. You want to make sure you have ample time to find the PERFECT home for you. Don't get caught in a rush and pick up the first thing going. You surely want to start by getting pre-approval for a home loan, so that you know what works best for you, when you start your search. Feel free to contact me for all of the above, if you haven't already found a helping hand.
0 votes Thank Flag Link Thu Dec 6, 2012
Good afternoon Kay,

Carpe Diem and make your Dreams come true! Prepare your team of real estate professionals now so you're ready to shop for a home next year.

First steps:

1. Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

3. Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

4. Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Good luck!
Trevor Curran
NMLS #40140
0 votes Thank Flag Link Wed Sep 19, 2012
Get started shortly. One of the first steps is to talk to a mortgage officer(I can refer you to several) And get Pre Approved. Let him pull your Credit. That will give you a realistic view of How much house you can afford, both on a monthly basis, AND what your upfront Costs will be. In the event that there are mistakes with your Credit, you have time to address and correct these mistakes.
So Prepare in advance.
You need to be working with a REALTOR by January. Maybe Sooner. A house should not be an impulse purchase, and it may take some time to find the right one for YOU. Assuming your lease is up June 1, You need to have found and agreed to buy that house sometime in Early April. Figure 4-6 weeks from Contract to close, assuming all goes well. (Sometimes it doesn't). If you are interested in a Foreclosure of a short Sale, you need to massively expand that time frame.
I'd be glad to sit down and discuss the process with you. Feel Free to contact me at 804-564-9312, or RalphCooley@gmail.com.
0 votes Thank Flag Link Wed Sep 19, 2012
Right away is the perfect time. Firstable, start contacting a reliable mortgage broker, explore your options and establish How much you can be pre-approved for. In addition to that get in touch with
a Real Estate Agent that can provide you with listings that meet your criteria and your price range.

Smart thing what you are doing investigating and getting ready for that important step, ahead of time.

Best of Luck,

Maria Cipollone
0 votes Thank Flag Link Tue Sep 11, 2012
It is never too early to start. Consider talking to Mortgager, so you know your future budget. Also a buyers agent can help educate you about the market with good information, and to prepare you to make the right decision, when the time comes. It's never been more important , to have a buyers agent in today's volatile market.
0 votes Thank Flag Link Mon Sep 10, 2012
You have a little time but that time is quickly passing. You can contact a lender now to find out all that will be involved in the process. I am an agent located in Henrico and would love to help you get connected to a great loan officer. Email me at rabbs2@msn.com and I can get you so information to get you rolling. Thanks
0 votes Thank Flag Link Sat Sep 8, 2012
I would recommend meeting with a lender now. They will help you understand all the costs associated with your purchase, check to ensure your credit is good and accurate, and give you an idea how much you need to save before your purchase.

I would also recommend interviewing agents now. Pick an agent and ask them to set up a property notification for you now. This will help you to keep on eye on the pricing in the area that you would like to purchase. You don't need to start looking at houses yet, but the better you know the market, the more educated decision you'll make when the time comes.

Lastly, I would start browsing homes in February and March, but get serious about making an offer in April. Good luck.
0 votes Thank Flag Link Sat Sep 8, 2012
Congrats on making the decision to become a home owner!

With your time frame, I would suggest you start your search in Feb/March. You want to give yourself enough time to explore what you like, find "the one," and work through the contract process...all in time to make the transition a smooth one with your lease expiring in June.

If you would like to speak more, I would be happy to assist you in your real estate journey! Please feel free to email me at shannon@homesweethenrico.com or visit my website at http://homesearchrichmondva.com

Have a great night!
0 votes Thank Flag Link Sat Sep 8, 2012
Hi Kay,

VERY good question! The best approach is to have a local lender review your tri-merged credit report as soon as possible. Not only will you know you credit scores, you will have the opportunity to ensure that it is 100% accurate and will give you ample time to correct any inaccuracies or know what steps you may need to take to ensure your credit is positioned next spring for you to obtain the best financing options available! In the meantime, plan a budget with your lender to put away as much $ as possible to enable you to put a nice down payment. If your lease expires at the end of June, plan on beginning your home search with a Realtor in March. This gives you ample time to look at homes and not feel pressured into finding something before your lease runs out. And if you do not already have a reputable Realtor to work with you, I encourage you to ask your family, friends, neighbors, etc if they can recommend one. Most of my business comes from referrals, but I would be happy to offer my services to you when the time is right. If you would like to track what the market is doing from now until you're ready to purchase, visit my website at http://www.maureenschmidt.com There you will find every home that is available for sale in our MLS. You can set up your own Power Search and have homes emailed to you as they come on the market. Please do not hesitate to contact me directly at ask maureen@maureenschmidt.com or through my website. I hope I may be of service to you!
0 votes Thank Flag Link Sat Sep 8, 2012
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