Home Buying in 07826>Question Details

Lisa Haskins, Home Buyer in Fredon Township, NJ

My husband and I are currently renting but would like to buy a home. We need some suggestions for timelines.

Asked by Lisa Haskins, Fredon Township, NJ Mon Jan 23, 2012

Our lease ends on October 1st and we are trying to figure out when to get preapproved, when to start looking, when to starting bidding and when to close to try to avoid too much overlap. Any suggestions would be appreciated.

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Answers

9
The Time line for buying varies t some degree.
First getting preapproved is the first step, use a reputable lender with no surprise fees and ridiculously low rates . Next stpe after doing your mortage aproval process would be to determine the neighborhood/areas you prefer. Once you know how much home you can afford, you can then narrow in the area in which you want want to lie in. Getting final approval from a lender takes about about 45 days from offer acceptance in the real world . It is possbile to get everything done in a 2 month timeframe. Once your offer is accepted, you can plan the other stages of the home purchasing experience.... closing and moving date... and of course the awaited enjoyment
of home ownership!

BOBSHOMES.NET
0 votes Thank Flag Link Mon Aug 6, 2012
Factor in your notification timeframe on your lease, likely 60 days to give notice. You can certainly close in 45-60 days without issue. So I would suggest that you begin the process of around the May timeframe - selecting an agent to work with, having a discussion with a lender, becoming familiar with communities etc.

Very exciting - and do be sure to work with an agent that has specific experience with and commitment to first time buyers. Look for patience, compassion and knowledge - and a willingness to share it, all of those attributes will come in handy. I do a lot of business with first time buyers and stay involved every step of the way, proactively describing the process and reminding the buyer where we are on the journey.

There is a long way between the search and the close - the resources you use make a big difference. Find good ones and the process will be more enjoyable and undoubtedly more successful. And yes, Trulia is a great place to begin that search....

Best,
Jeanne Feenick
Unwavering Commitment to Service
0 votes Thank Flag Link Fri Feb 3, 2012
Lisa,
Trulia has a lot of great contacts for realtors and mortgage professionals. If you have already selected a realtor, he or she can put you in contact with local lenders so that you can start working on that part. If you need a contact for a good realtor in Frendon Twp let me know. I have some contacts up in that area.
0 votes Thank Flag Link Wed Feb 1, 2012
By all means get preapproved so you know where you stand and what price range you are in. Also, this makes you feel confortable with your monthly mortgage payment. As far as a time-line - after you are preapproved, I would suggest you start looking with a qualified and experienced agent around May 1. You should be able to find a home you like in 1 - 3 months. After you go into contract I would thing you should be able to close in 60 days.
0 votes Thank Flag Link Tue Jan 31, 2012
A pre approval can be done at any time and will cost you nothing but a 10 minute phone conversation. This pre approval is the most important process in your home search. It will tell you exactly how much you can afford not to mention that a great buyers agent will always ask for one before they start the engine to their car. A pre approval is a requirement when submitting an offer as well.

A popular timeline for a comfortable closing for a residential home in todays market is 60 days. End of June would be a good time for you to start heading out with a buyers agent. This will give you a few weeks to identify a home and move foward.
0 votes Thank Flag Link Mon Jan 23, 2012
Hi Lisa,

I agree with all of the answers so far. You should get pre approved so that you know what you can afford. A good mortgage person will walk you through the entire process from start to finish. Then you need to find a good realtor and met with them to decide what type of home you are looking for, what towns you are intersted in and if a short sale, foreclosure will fit in your time frame or if you need to look at non distressed homes. I am a full time realtor in Sussex County and would love the opportunity to meet and speak to and your husband. Please feel free to look me up and check my creditentials.
0 votes Thank Flag Link Mon Jan 23, 2012
Lisa, The first thing we need to do is review your current financial Situation. Employment, income, assets and credit.
I will be able to advice you on your qualifying potential. - Alex Sanchez (908) 414-8253. Don’t postpone the opportunity of own your ideal home. Call me today!
0 votes Thank Flag Link Mon Jan 23, 2012
Well, its time to get started.
Contact a Lender.
Ask friends if they can recommend one.
Any Realtor can also help find a good one.

Using a Realtor to help you search for a home makes good sense.
We can make the search much easier, editing out the bad properties and focusing on your specific needs and desires.

Let us know ifwe can help!
0 votes Thank Flag Link Mon Jan 23, 2012
getting preapproved is obviously the first step, and never too soon to do that. It's also not too soon to get an idea of the neighborhood/areas you prefer. Once you know how much home you can afford, you can then narrow in the area in which you want to purchase. To get final approval from a lender takes about 30-45 days from offer acceptance. There is nothing magical about having to close in that timeframe. Once an offer is accepted, say in May, you can stipulate that you want to close on the home October 1....the benefit is that the seller knows he has a sale, and you have time to prepare for the move....that said, perhaps April or May to begin a serious home search....

Good Luck with your new home!
0 votes Thank Flag Link Mon Jan 23, 2012
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