Can I go check out short sale property/contact an agent 1 year ahead or wait until I'm fully prepared?

Asked by Phuong Arielle Nguyen, 92843 Sun Jul 22, 2012

I found a short sale that has been on the market for 151 days. My planned date of purchase is next summer. Can I go check out short sale property/contact an agent now or wait until I'm fully prepared?

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9
Dana Nguyen, Agent, Westminster, CA
Wed May 22, 2013
In my opinion, you can go check out the short sale property now, because the more homework you do, the better for you. Short sale takes a lot of time to be approved anyway.
0 votes
Kawain Payne, Agent, Seal Beach, CA
Sun Mar 24, 2013
It is best for you to be fully prepared to buy before you contact an agent.
There is no real point in looing at homes with an agent if you are not ready to buy.

I would advise you to start doing some research on which areas you may want to live in.
Check out the school reports, recreation, shopping and dinning near by.

Having a clear idea of what you want is important and will aid your agent in searching for homes for you once you are ready to buy.

Being fully prepared also means being pre approved for a mortgage loan, unless of course you are planning to pay cash..


Much Success to You!!

Kawain Payne, Realtor
0 votes
Brian Huynh, , Orange County, CA
Tue Mar 12, 2013
Hi Phuong,
Yes, you could do them the same time, find a agent to work with you and from there, you could ask him/her to prepare your pre-approval, your income this year (if you are not filling it yet) so that you can ask your CPA or your loan officer to be prepare. Good luck !
0 votes
Kawain Payne, Agent, Seal Beach, CA
Sat Aug 4, 2012
Hello Phuong,

If by being fully prepared you mean: Having a downpayment and funds for closing cost, and being pre approved for a mortgage, the answer is, you should be fully prepared prior to contacting an agent to view properties.

If the property you are thinking about has been on the market for 151days and is still an active listing there could be some issues with getting the short sale approved, or perhaps the property is in very poor condition. If you are tarcking the property on a consumer based website the info you are getting may not be current. The home could l be showing as an active listing in error.

Short sales are moving just as fast as regular sales theses days. It is common to see multiple offers on them as well.

You should be fully prepared to buy prior to looking at properties. This way, when you find something you like, you can make a move on it without delay.

Best of Success to You,

Kawain Payne, Realtor
0 votes
Fred Yancy, Agent, Woodstock, GA
Fri Jul 27, 2012
By then the property will have been sold. There are a lot of properties to choose form. If now is not the time for you then don't waste your time and energy looking when you aren't ready. After you have your finances in order, have been pre-approved for a loan, then look. Only then will you know what you can afford. Good Luck
0 votes
Felix Hung, Agent, Huntington Beach, CA
Fri Jul 27, 2012
Phuong,

You should get your finances in order and talk to a mortgage professional about a mortgage pre-approval to see how much home you can buy. Once you know your top end price; you can go back and budget to see how much of a monthly payment you want to take on. Then we can go out and I can show you what you can buy within that range. Looking at properties now does not hurt but you probably shouldn't be going out regularly for another 6-8 months. Short sales do take a while and know more about your situation would help me to advise you better on how and when to start aggressively looking.

Felix
0 votes
Elizabeth Ce…, , Orange County, CA
Fri Jul 27, 2012
Hi Phuong,

You can begin contacting an agent now. And they should be able to help prepare you for the purchase of a home next year. Should you have any more questions feel free to contact me and I'll be able to guide you. Elizabeth (714) 376-8691
0 votes
Vinny Tran /…, Agent, Huntington Beach, CA
Sun Jul 22, 2012
Chao` co^ Phuong,

YOU SHOULD FULLY PREPARED... as the professional my wife and I we do not take buyers out for showing if they don't have the following:
1) Loan approval from major Lender.
2) Source of Down Payment (I usually ask buyer to use black marker to erased their account # before give us their copy).
3) Credit Fico Score (same as above I usually ask buyer to erased their Social Security # before give us their copy).
Just like you our time are very precious and it cost us a lot of $$$ for Gas & Maintenance our car to drive un-prepared buyer around ... Hope that you understand our situation.

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0 votes
Cindy Davis, Agent, San Diego, CA
Sun Jul 22, 2012
I would say it's too soon...the average short sale time frame is 3-6 months.
0 votes
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