Scott Sowles

The odd thing about real estate is that the answer to most questions is - it depends. The short answer to your question is: if you start looking now be sure that the properties you look at will give you the flexibility to either close late in the fall or transfer the cost of ownership to the seller until you’re ready to take possession. If you start looking now the risk you run is to find the perfect property too early and you're forced to pay for 2 residences at the same time. If you wait until mid-September to start looking you may run into trouble closing at the right time if it takes you a while to find the perfect property. Either way there's risk involved.

I can think of several scenarios.

Example 1: You see the perfect property on August 1st. You make your offer and close September 30th but demand either that the seller handles all expenses and mortgage payments until November 30th.

Example 2: You see the perfect property on August 1st and it's owned by a private owner - not a foreclosure. They agree to a delayed closing to enable you meet your timetable.

Example 3: You find the perfect property today but it's a short sale. You love the property so much that you write your offer now. Short sales often take 3-4 months to close. This could fit your timetable perfectly. But beware with short sales though as they sometimes don't close at all!

The above examples all assume that you start looking now. If you were certain you wanted to purchase a foreclosed property and you were using an FHA mortgage then you'll probably want to begin your search in September, expecting to ask for 45-60 days to close after you write your offer.

Like I said, in real estate, most questions are answered with - it depends.

Please let me know if I can be of additional assistance. - Tue Jul 14, 2009