Home Buying in Mountain View>Question Details

Woo Lee, Home Buyer in Ann Arbor, MI

Is buying a home while on 30-day temp housing feasible?

Asked by Woo Lee, Ann Arbor, MI Sun Apr 28, 2013

I'll be moving down to Mountain View for work soon and while I'll most likely rent I was wondering it was even feasible to find and close on a house within 30-days - which is the length of the temporary housing that my company has set me up with.

Does that sound doable at all or would you recomend that I rent for now and think about buying at a later time?

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Yes, you can buy and close in 30 days. It is not easy though on the current market. There is not too many homes available for sale in the area and, if you will decide to buy with no backup plan, you may be forced to compromise on location/condition/schools/etc. It also depends on your price range, cash or loan, condo or single family home, and more. Finding rent is not much easier these days... Find a realtor and start working from both ends.
Web Reference: http://talisrealestate.com
1 vote Thank Flag Link Sun Apr 28, 2013
I am sure a lot of agents might say it is feasible. I would say, come here, take your time to find what you like before you buy
It is a big decision and it involves big dollars.
0 votes Thank Flag Link Tue Apr 30, 2013
Woo, Rent now for sure. It is important to research areas of MV. You will also likely be busy transitioning into your new job. There are a number of MV apartment complexes which offer month to month or shorter term leases. it is a good time to buy for many people so once you are here and get acclimated to the pricing of homes and how quickly the best ones sell then you will be that much more educated and prepared to find the perfect home to purchase. Of course finding a local agent who will work hard for you is an integral part of the process.
Best of luck and should you need more information, call me.

Gretchen Swall
650-801-5678(m)
Alain Pinel Realtors
Los Altos office
http://www.gretchenswall.com
0 votes Thank Flag Link Tue Apr 30, 2013
Hey Woo,

If you were to find a home, have each and every document sent immediatly, and any and all conditions met with no resistence. We can ge the loan rushed, and have a speedy closing. This can be done in under 30 days, I just had a closing from start to finish in 21 day.

Feel free to contact me (nights/weekends as well)

Josh Marks
773.303.0033
Jmarks@wintrustmortgage.com
JoshMarksMortgage.com
0 votes Thank Flag Link Mon Apr 29, 2013
Most lenders will want 21 days to fund a loan after they have all of the needed documentation. Often after you've found a house, it will take perhaps 3 days to reach an agreement and have all of the paperwork signed.

So yes you can buy a home in 30 days but you will have to do everything quickly and correctly. I wouldn't recommend setting 30 days as an expected length of time to buy and move into a home.

Your signature indicates you are from Michigan. You will probably be shocked by the price of homes in Silicon Valley. You can view Mountain View real estate statistics at
http://julianalee.com/mountain-view/mountain-view-statistics.htm

You can see many pictures of homes which have sold and a few homes for sale at:
http://julianalee.com/homes/listings.htm
The prices shown are the listing prices. Often the sales price was significantly higher.

You can browse or search for homes for sale at:
http://julianalee.com/real-estate/mountain-view-homes-for-sale/

You can also reach real estate statistics for other cities, zip codes, or neighborhoods from my Mountain View real estate statistics page. You will find that there is a dramatic difference in home prices in different areas. Most of the "lower priced" areas are still in good neighborhoods but may have lower rated schools, noise from traffic, or something that makes them less desirable.

Not having talked directly to you my advice would be to expect to spend your 30 days looking for a place to rent.

Welcome to Silicon Valley. Don't hesitate to give me a call and chat.

Juliana Lee
Top 2 agent nationwide at Keller Williams Realty
Cell: 650-857-1000

Over 30 years experience.
Over 1,000 homes sold in Santa Clara and San Mateo Counties
.
Web Reference: http://julianalee.com
0 votes Thank Flag Link Mon Apr 29, 2013
No matter you will be doing a loan or buying cash, one month is not enough. Even you have all cash, to buy in a month is definitely a rush decision.

It is suggested to negotiate with your company to get 90-day rent for you at least - maybe you pay from the second month. If you rent an place by yourself here, it will normally has 6-month rent contract at least.
0 votes Thank Flag Link Mon Apr 29, 2013
Buying a home is a big investment. To make it work in a 30 day time frame you will likely have to successfully bid on and get one of the homes that come on the market your first week in town. This does not leave you with much choice. In addition, you would be under tremendous pressure to close quickly. .

How about a compromise? Find a short term rental and give yourself a little more time to buy a home. There are places that rent month to month. They are usually more expensive but worth the extra money to avoid buying the wrong home..

Meanwhile- Welcome to Mountain View!! It's a wonderful community.'
Great people, great schools, great restaurants and great employers. what's not to love? (I too first moved to this area because of a job and bought my first house in Mountain View, so I'm a little biased!)

Lindy Latham
650-267-0721
lindy.latham@cbnorcal.com
0 votes Thank Flag Link Mon Apr 29, 2013
It depends on how you are paying for it, and your expectations and needs. If you are paying cash you can do it. If you need to finance you will need minimum 21 days to close on a financed property, if your lender can do it that soon, I'd estimate closer to 30 days once you are under contract.

The hard part is learning the area so that you will know where you want to live, and what you can afford. The market is very competitive. Multiple offers, over asking, so you will need to be prepared and trust your agent to guide you in the process.

If it is possible for your company to give you a bit more time for housing that would be advisable. Otherwise, even trying to find a rental may be challenging. You will want to decide where to focus your time and energy where you will have the most success. If you are on a tight time line and you do not know the area, I would recommend renting for a bit. The prices are going up, but making a bad decision is very expensive. If you know the area, know what you want then that is a different situation.

You can contact me when you are ready for a free buyer consultation.

Have an amazing day.
Web Reference: http://www.TerriVellios.com
0 votes Thank Flag Link Mon Apr 29, 2013
It is totally doable. I have seen it done many times. However, some advice to out-of-town/new-comer buyers:
Hot listings in Mountain View and Silicon Valley are sold immediately with multiple offers - or even before it goes to public. Eager buyers outbid one another with risky offers giving up contingencies.
Unless your have strong cash reserve and are totally OK with 10% -15% minimum markup of the offers, you will be shocked by the ticket price and feel battered in this environment. We have a flux of strong cash buyers and historically low inventories in the Valley, so far making the market unstoppable.
So get ready today with a lender/banker about down payment and closing cost. Make your funding source ready. Do your home work by checking the area home prices. It's better you do some research before you come out. Connect a local specialist. Decide location, style, age, floor plan you need/want.It is very important and easier for a Realtor to work with you if you know what you want.
Some other suggestions: negotiate a reasonable price for your temp residency, say, 1-3 months, in case something in the way of process and you don't want to move twice.
At your service.
0 votes Thank Flag Link Mon Apr 29, 2013
Yes you can if you have all of your documents ready when requested and your Loan Officer is a Lender and does not need someone else blessing on your loan.

It may seem backwards to shop for a mortgage before you shop for the house, but there are several reasons for doing this. Shopping for a mortgage will also help if you can get “pre-approved” for the amount you’d like to borrow. This means the lender has looked over your credit and financial statement and agreed to lend you the money. Sellers like pre-approved buyers because there’s less risk the deal won’t go through. First, you’ll find out how much you can borrow, which has a lot to do with how much house you can buy.

Whether you’re, buying, building or Re-Financing your dream home, you have a lot riding on your decision. Market conditions and mortgage programs change frequently, and I welcome the opportunity to serve your needs with quick and accurate real estate financing advice. I have the expertise and knowledge to help you determine the absolute best loan program to meet your objectives. Get my Top 25 Questions for FREE that you should be asking your lender before you choose them to secure a mortgage along with a FREE copy of The 8 Deadly mistakes to avoid when buying a Home. If you are already working with a lender, don’t be shy to give me call so I can price the same mortgage for you with less cost. What do you have to loose but your money?

Ensuring that you make the right choice for you and your family is my ultimate goal. And I am committed to providing my customers with mortgage services that exceed their expectations.. As always, you may contact me anytime by phone, fax or email for personalized service and expert advice.

I look forward to working with you!
Lowell Sterling
Mortgage Banker
NMLS# 968898
LSterling@englending.com
16800 N. Dallas Pkwy, Suite 290 | Dallas, TX 75248
Office: 972-646-2411 | Fax: 214-614-4637
Bank of England FDIC /Dba ENG Lending: NMLS# 418481
0 votes Thank Flag Link Sun Apr 28, 2013
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