Rental Basics in 20721>Question Details

Em, Renter in Bowie, MD

Our lease ends on September 13. We have to give a 2 month notice (so July 13 ). When should we start looking at new properties?

Asked by Em, Bowie, MD Sun Mar 3, 2013

It's March 3 and we've arranged for a few showings and even seen one place we really liked, but I'm wondering is it a waste of time to be looking now because our lease ends in September. Should we wait until July to start looking at places?

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9
Rocsheen Holston’s answer
Em,

It seems to me that your looking to rent again. If that is the case, I would suggest that you start looking for rental properties a month in a half before you have to move. August would be a great time to start your search. I work with renters all the time and advise them to start there search a month in a half in advance. I have a previous client of mine that contacted me about moving to Waldorf in May and advised her that we can start working together in April. When homeowners list there house for rent, there looking for someone to move in immediately or wihin a few weeks. If you are able to put a security deposit down up front when you apply for the home, you let the homeowner know that you are a serious renter and you want them to take the house off the market immediately. If you have the credit worthiness, good rental history, and both your security deposit and first months rent, you should have no problem renting another home three weeks before you have to move! If you need assistance, please feel free to give me a call at 301-917-5721 or visit my website http://www.dmvmetrohomes.com to set up listing alerts.

Good Luck house hunting!
1 vote Thank Flag Link Fri Mar 8, 2013
Em,

Maybe I'm a little slow. Are you looking to rent again or would you like to buy a home?
I am a lender and if you want to see how the buying process works just let me know. Many people are learning that their mortgage payment is equal to or even less than their rent. It might be worth a look at least.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
0 votes Thank Flag Link Mon Mar 4, 2013
Em-

I think its a good idea to start getting a feel for what is available in your price range- have you been prequalified yet? What areas are you looking in? Have you selected a buyer's agent yet? I am an ABR which stands for accredited buyer agent and can work with you in making the whole home buying process stress free! Call or email me to get started.

Kathy Hutchins
Broker/Owner
Hutchins Property Management
301-785-1995
khutchins@realtor.com
0 votes Thank Flag Link Mon Mar 4, 2013
Em,

This would be a good time to start examining your finances and getting financially prepared to purchase a home. There are many law changes taking effect in the next few months.that could cost homeowners using FHA financing a lot of money if they buy after June 3, 2013. Often you can break a lease with proper notice and/or small penalty. That would be small change compared to what you save with the new MIP requirements on FHA LOANS.

Here's the link to HUD Press Release
http://portal.hud.gov/hudportal/HUD?src=/press/press_release…


Good luck.

Kinard Alston & Associates, Realtor
The Home Team of Maryland
http://www.thehometeamdmd.com
0 votes Thank Flag Link Sun Mar 3, 2013
If you have a lease until September 13th, you should have plenty of time before you start actively looking. The only exceptions would be if you are considering new constgruction or possibly buying a short sale. If either of those two are viable options for you, then you should begin sooner than later. The other answers are very good. It is best to get your financing set up and in place. This way if there are any errors in your credit report, you would have plenty of time to get them corrected as well. Good luck in your house hunting process. It is a great time to take care of these historically low mortgage rates.
0 votes Thank Flag Link Sun Mar 3, 2013
Hi Em,


This is a good time to start your search particularly, if you are looking at purchasing a home. A lot of the properties will be potential short sale and can take some time before approval occurs and the ability to actually purchase.

1st step is obtain an approval letter to purchase a home from your bank, credit union. if you need assistance finding a good loan officer feel free to send me an email or call.

Second obtain a local agent who knows the area and you feel comfortable working with.


Good luck on your search and happy house hunting.
0 votes Thank Flag Link Sun Mar 3, 2013
Hi Em, below me are two great answers if you are looking to buy a home. Start with a loan officer. See how much you are worth in the marketplace. Having the pre-approval is golden. THEN get with a great Buyers Agent and begin the search! Happy Hunting!
0 votes Thank Flag Link Sun Mar 3, 2013
Hello There!

It's not to early to Start, depending on the type of homes your looking at. New Construction takes about 6 months, Short Sales Min 90 days or longer to settle.

But, if your looking at regular sales, and Foreclosures I would say unless you are planning on breaking the lease than you shouldn't .

If your not currently working with an Agent, I would be glad to sit down and discuss a plan that would benefit you. You can check out my reviews here on Trulia. Feel free to call or email me.

Good Luck
Ella
202-439-7391
0 votes Thank Flag Link Sun Mar 3, 2013
Hello Em,


Have you been preapproved for a loan? That is the first thing you need to do. Talk a loan officer at your bank.
0 votes Thank Flag Link Sun Mar 3, 2013
EDIT: We are looking to rent right now, not buy, so we aren't looking for a loan. We are interested in the possibility of a rent to own property, but not to buy right now.
Flag Sun Mar 3, 2013
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