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Larry And Su…, Home Buyer in 22554

when in a leaseing situtation when is a good time to start looking into purchaseing a home?

Asked by Larry And Susan, 22554 Sun Jun 3, 2007

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Larry this is an excellent questsion. It actually depends on the state you are in - and I mean state as in "New York" not "frantic" - lol. For example in NYC a closing can take an average of 90 days. Your search could take you another 90 days, so at the 6 month mark is a great place to start.

However in Florida, the closing process is much simpler as is the oppt'y to find a home fast. So 2 months may be fine there.

The other thing to consider is the type of property - New Construction is almost always late, so it is better to look at things already built and legally ready to occupy as opposed to something on paper, or waiting for a certificate of occupancy.

The last thing to consider is your mortgagability - i.e. Waht kind of mortgage/financing will you be doing. A 100% financed 0 down is more complicated to do in NYC as opposed to a 35% down purchase with a conventional loan. Therefore I highly recommend a knowledgable, local real estate agent to guide you through the process in your area.

good luck!
0 votes Thank Flag Link Sun Jun 3, 2007
I would recommend starting about 2 to 3 months prior to the lease expiring. This will give you some time to find a great agent and lender, research areas, find a home and open escrow. It will also allow you time to give notice to your landlord. Good luck!
0 votes Thank Flag Link Sun Jun 3, 2007
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