Rentals in Dallas>Question Details

tlportwood1, Renter in Memphis, TN

If I plan on moving about 8 months from now, when should I put a deposit down to save a home I'm interested in?

Asked by tlportwood1, Memphis, TN Mon Feb 3, 2014

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If you're planning on leasing instead of purchasing, a landlord usually will not hold a home for more than a few weeks. So, you really wouldn't be able to start looking for a new place until about 4 to 6 weeks before your planned move. If you're planning on purchasing a home, then you would want to place a deposit on a home about 60-75 days before you're planned move. With that being said, I would begin your search about 4 months before your move to give you time to find the right place. The close date is negotiable so you can always ask for a longer close date if you find your house really quickly. If you do need to ask the seller for a longer close date, you'll want to make the other parts of your offer strong. Hope this info helps!
2 votes Thank Flag Link Tue Feb 4, 2014
If you are buying a home, you will give a check for earnest money after the offer has been accepted by the seller, and all parties have signed the contract. Seller typically will want a buyer to close within 30-60 days after the contract is signed...Depends on the terms of the contract. If renting, a deposit is paid when your application is accepted by the landlord, and the lease is signed by all parties. Again, most landlords want a tenant that can move in quickly. I hope this helps. (Cell 972-658-4401)
1 vote Thank Flag Link Tue Feb 4, 2014
If you are leasing it is still too early to do anything now since you are still 8 months away.

Susie Kay, Realtor®
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1 vote Thank Flag Link Tue Feb 4, 2014
Hi, I'm not clear whether you are looking to buy or rent, but either way, no one will want to hold a house off the market for that long so Suzanee's time frame is good advice. However, if you are looking to buy, it is not too soon to get going on the pre-approval process. In fact, the earlier the better as the more lead time I have with my clients, the more I can counsel them as to how to tweak themselves to command the best mortgage product possible. I'm available to help you at your convenience if you wish.

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1 vote Thank Flag Link Tue Feb 4, 2014
I agree with the other posts, however, I would suggest that you find a Realtor to work with. If you are Leasing or Buying, a Realtor will have all the answers to any questions that will come up. The Realtor's fee is paid by the owner of the property in either case. You will have expert advice at no cost to you!
1 vote Thank Flag Link Tue Feb 4, 2014
I agree, now is a bit too soon, I would recommend 60-90 days out since properties go so fast. If you are looking to lease, landlords like to get their properties leased right away vs. hold them.
1 vote Thank Flag Link Tue Feb 4, 2014
8 months is a little soon. Most closings take about 60 days. I would start looking at 120 to 90 days prior to my desired move date, so about half that time.
1 vote Thank Flag Link Tue Feb 4, 2014
tlpwood1 I can get a little more information from you concerning this rental, or you txt me...(214) 646-8447
0 votes Thank Flag Link Fri Feb 7, 2014
Depends on the housing conditions of the place you want to live. Homes priced correctly and in good shape are selling in days in Dallas to weeks. Most Sellers will want a 30 day close and will probably pass on any offer more then that. Just consult with your Realtor.
http://www.tcrdallas.com
0 votes Thank Flag Link Wed Feb 5, 2014
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Leasing is all time high here in Dallas - property owners would want you take possession within 30 days from execution date of lease agreement.

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0 votes Thank Flag Link Tue Feb 4, 2014
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