Can we buy a home in 30 days?

Asked by Astridplondon%40gmail.com, Mon Oct 15, 2012

My husband will not be eligible for a mortgage until January due to a discharged bankruptcy. Unfortunately, our lease with our apartment complex is up in January as well. Are there any creative ideas on how to buy a home fairly quickly so we don't have to renew our lease? Month -to-month is not an affordable option.

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9
Charles Hajjar’s answer
Charles Hajj…, Agent, Laurel, MD
Mon Oct 15, 2012
YOU CAN BUY A HOUSE IF ITS NOT A SHORT SALE AND YOU HAVE A LENDER THAT WILL COOPERATE. YOU HAVE TO HAVE ALL YOUR LOAN DOCUMENTS READY, A PREAPPROAVAL FROM THE BANK AND A TITLE COMPANY THAT CAN DO THE SETTLEMENT. IT IS POSSIBLE TO CLOSE IN 30 DAYS OR LESS.
1 vote
Akil Walker, Agent, Upper Marlboro, MD
Wed Apr 17, 2013
Where you are able to find a home?
0 votes
Miekeba Jones, Agent, Silver Spring, MD
Fri Feb 22, 2013
Hi Astridplondon%40gmail.com, choose the Realtor you want to work with. Consult a mortgage lender that is able to perform in 30 days. Receive pre approval and find your home.
0 votes
Maria Avella…, Agent, LAUREL, MD
Thu Feb 21, 2013
So It is February, did you find a realtor, loan officer, did the preapproval , etc. or did you renew your agreemet?
0 votes
Akil Walker, Agent, Upper Marlboro, MD
Thu Feb 21, 2013
Hi Astrid,

if you find a property, you can ask the seller to finance the home for you. This does not always appeal to all sellers but some savvy sellers may be open to this option.
0 votes
Maria Avella…, Agent, LAUREL, MD
Sat Nov 17, 2012
The possibility Of closing in 30 days is there but this means advance preparación. Choose several properties thT meet your needs and review new listings Daisy. Have your documentations, and loan ready and other tracks to save time. I will be happy and ready to meet your needs!
0 votes
Greg Myers, Agent, Gaitherburg, MD
Mon Oct 15, 2012
You can settle on your new home the day after the bankruptcy is discharged.
0 votes
Does that mean we can get a pre-approval letter prior to the discharge date and just make sure we close after January? Do we have to work a special lender to get a pre-approval letter? This may work given the amount of short sales on the market.
Flag Mon Oct 15, 2012
Brian Holt, Agent, Fulton, MD
Mon Oct 15, 2012
You can absolutely settle on a purchase in 30 days or less. I would suggest you start the loan process now, to be absolutely certain that you will be eligible for a loan by the end of January. Once you know that for certain, then begin your home search. Im sure you have started it online, but I would not suggest physically looking until the loan is solid.
You may want to consider extending your lease for just 1 month, to give you a little buffer. Many things can pop up in a purchase, and some you cannot control nor forsee. It may cost you a premium in the rent for the month, but would take the pressure and stress off the purchase.
Contact me if I can be of assistance.

Brian
0 votes
Tony McMahon, Agent, WHITE PLAINS, MD
Mon Oct 15, 2012
Time frames sound a little tight, but speaking with a lender to determine specific underwriting guidelines would be a great place to start. http://www.gofirsthome.com/jeffrey_halbert If your lease expires at the end of January it sounds possible.


http://tmcmahon.exitlandmark.com/
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