Home Buying in Pittsburgh>Question Details

Erika Zerans…, Home Buyer in Pittsburgh, PA

If our lease ends in September, when should we look for a home to avoid overlap of paying rent and mortage?

Asked by Erika Zeranski, Pittsburgh, PA Tue Feb 3, 2009

We want to allow enough time, but we don't want to look too early either...

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Hi Erika,

This is a great question and many sellers are willing to to delay your closing date to best meets your needs. I would start to look as early as March and you might want to close a month or two before you move to get any work done.

Good luck and let me know if I may assist with any other questions.

Liz Caplan
1 vote Thank Flag Link Tue Feb 3, 2009
If you are buying new construction check with the builder.If it is a resale you can write the settlement date in the contract . If you work with a good buyer's agent , the agent will guide you while writing the agreement of sale. First make sure you sit down with a loan officer to get pre qualified so that there are no surprises on your credit report. It is a Buyers market so there is a large inventory of homes so you should be able to find one quickly.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Thu Feb 5, 2009
Hi Erika!
To add to all of the great answers below;
There are many parts to a sales agreeement and your closing date is one of those parts that is certainly negotiable!
If you find a home that you would like to put an offer in on and you are 90 days out from where you feel comfortable closing - you can certainly make the other parts of your offer (such as the amount you are offering, your hand money, and your inspection contingencies)
Also - be sure to get pre-approved, but also rememeber that a lender can only lock you into a rate for a fixed period of time. You will want to make sure that if you have an extended closing - that the rate the lender has offered will stay locked in during your contingency period.
Please let me know if you have any other questions!
Web Reference: http://erinmarton.com
0 votes Thank Flag Link Wed Feb 4, 2009
Make sure you have a good, full time, professional Realtor representing you as a buyer's agent and you will not have to even be concerned with it. That is what we get paid for. A good Realtor can help you with this question and ones you do not even know you will be asking yet!
0 votes Thank Flag Link Tue Feb 3, 2009

It takes approx. 60 days from point of loan approval, search, execution of sales offer, inspection, appraisal, close.

Budget time HOWEVER prior to search know exactly what you want, area of town, configuration of home # bedrooms, baths, living, single story, pool, and etc. Realtor can then have specific info work on your behalf, many 1st home buyers ask us as realtors make their decisions. Knowledge has power.

Keep in mind when you close 1st month mortgage does not usually start till AFTER 30 days from close.

Reduce your credit card debt NEVER close an account, save for down payment approx.3.5% or more

You receive annual tax benefit owning a home
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Feb 3, 2009
It can take anywhere from 30 to 60 days to close from the date a Sales Agreement is finalized. This is also dependant on if you get into an agreement where one of the contingencies is the sale or or purchase of another home.

If you are currently on an annual lease, when you continue renting after the end of the lease, it is usually done on a month to month. Check with your landlord.

First and foremost, before looking for a home, get in touch with a mortgage broker who deals with local lenders, or get in touch with a credit union or local bank. Figure out there rates and see which ones would come up with better services. The reason I say local lenders is the fact that they have not been as affected by the mortgage crisis by lending to people who can't afford to pay back the loans. Find out what they are looking for in downpayments and see what you will be able to afford. REALLY afford.

As for when you should start looking, I would say now is a great time to start looking at the neighborhoods you would be interested in. Check out the tax rates of the communities. See which areas would offer better comutes to work, play, etc. Figure out what type of places would be good. Single family, twin, townhome, condo. See what the pros and cons of everything is.

Once you have that done, I would then get in touch with a real estate agent to help you find a home. They will represent you and all of your wants and needs. I think the real search should be in the June/July time frame.

Hope that helps,

Terrence Charest, e-Pro
0 votes Thank Flag Link Tue Feb 3, 2009
First you need to get pre-approved: http://www.floridadreamloans.com/AreYouPre-Approved

This will save you a lot of time once the contract is in.
0 votes Thank Flag Link Tue Feb 3, 2009
When you purchase a home the closing will take place within 45-60 days. Some lenders are able to close within 30 but most loans close within 45-60 days. If you were to purchase a home and close at the end of August, your first mortgage payment would not be due on October 1st. I have some buyers that start looking and it takes them 6 months or more to find a home. I have other buyers that walk into the first house and fall in love with it and put in an offer right away. If you don’t want to start working with an agent right away, you could go to open houses on Sunday to see what homes are available. If you are interested, I could set you up to receive emails of homes from the MLS that have your criteria. I would be happy to answer any of your questions, please feel free to contact me via email at cpalmer@prudentialpreferredrealty.com with your information. Good luck in your home search.
0 votes Thank Flag Link Tue Feb 3, 2009
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