Nsmith, Home Buyer in North Providence, RI

I have almost 9 months in my rental lease. When should i reach out for a realtor or start the pre approval process etc.?

Asked by Nsmith, North Providence, RI Tue Feb 22, 2011

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Davide Salaf…, , Rochester, NY
Mon Mar 7, 2011
It wouldn't be a bad idea to get in touch with a Realtor now so they can put you in touch with the right people to qualify for a mortgage. It's also a good idea because then if you have things that need to be cleared up in order to get a mortgage, you have plenty of time to do so. Good luck and enjoy the process!

For more buying and selling tips, please visit http://www.RochesterHomeLocator.com

The Salafia Sold Team
1 vote
x, , Warwick, RI
Mon Mar 14, 2011
start now: many sellers are putting their houses on the market now to sell this year. the risk of waiting too long is that your house gets bought by someone else. If you don't find something now, you'll know the market well by the time you're ready to purchase and move.

you also might be able to find something now/soon; make an offer with a far away close date and a pre-qual (different from a pre-approval) as proof of funds/financing and come to agreement. some sellers might appreciate knowing their house is in agreement and that they have the summer to stay there. If you were to do this, I recommend extending the inspection period as well as mortgage contingency until it's closer time to close.

the other option is to find something, close this spring and leaseback to the seller until you're ready to move out. you could leaseback at the amount of your monthly payments or whatever is fair. the struggle on this option will be to get owner occupied financing when you do intend to leaseback for a couple months.

but with a creative mortgage broker, it seems doable.

Good Luck with the process. Have fun with it ;)
0 votes
Dorene Slavi…, Agent, Torrance, CA
Mon Mar 7, 2011
Dear Nsmith,
It might take some time to find the right Realtor for you so now would be a good time to begin to visit Open Houses in your target area and meeting the agents who are holding the house open. It's a good way to get to know the local Realtors.
0 votes
Daniel Ferra…, Agent, Cranston, RI
Mon Mar 7, 2011
You should definatly start educaating yourself on the home buying process. You should meet with a lender and have them look into you religibilty. You would not ne ale to get a pre-approval yet but they could tell you if there is anyhing you need to work on.

Also, it would be a good idea to start looking at some open houses. This will give you an idea of not only what you want in a home , but a what you do not want.

If you are interested I can set you up in my weekly "edutizing" email program. This contains some great facts about the home buying and ownership process.
0 votes
Stacy Carter, Agent, Roswell, GA
Tue Feb 22, 2011
If you have any question about your credit, then it wouldn't hurt to meet with a lender now to see where you stand. If you have any blemishes on your credit, a lender will be able to tell you exactly what you need to do to get your credit improved in order to buy a home.

And, if it doesn't look like you'll be able to meet the 9 month timeframe, better to know now so you can make rental arrangements instead.

Hope this helps!
Stacy Carter
Associate Broker
Better Homes & Gardens Real Estate Metro Brokers
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Tue Feb 22, 2011
Are you talking about to buy a house? Not that house I assume. If you found a house you liked - today - it will take 45 days to close on it. Now that leaves you another 45 days to get preapproved and find a place and offer-counteroffer-reoffer and counter counter offer. Then do inspections and close.

I would get started soon.
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