I will have down payment for house in Sept. I've gotten pre-approved. Do I have to wait till Sept to start looking for my new home?

Asked by Justme, West Sacramento, CA Sun Jul 18, 2010

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Kawain Payne, Agent, Seal Beach, CA
Tue Dec 24, 2013
You will need the down payment to actually get a deal closed, so you should wait until you have it.

Kawain Payne, Realtor
0 votes
Debra B Albe…, Agent, Port St Lucie, FL
Mon Jul 19, 2010
Justme,
No, don't wait...you might miss out on a great opportunity now! You can make an escrow deposit with a little money now and more to be deposited at a later date...at least that is how our contracts in Florida read. Start looking now, there is a lot out there. Try to identify your area, you have your price range and I am sure you will find an excellent realtor in your area to work with!

Debbie Albert, PA
Coldwell Banker Residential
Web Reference:  http://www.ronanddebbie.net
0 votes
Pacita Dimac…, Agent, Oakland, CA
Sun Jul 18, 2010
It depends....are you open to buying a short sale property? If so, the short sale process can take 4-6 months from the time your offer is accepte to actual closing of escrow (assuming that the short sale is approved).

It can't hurt to start looking now and get familiar with the home prices and home values in areas you're interested in.

If you're looking to buy, using a conventional loan, close of escrow may be 30 days or less. If you're getting an FHA loan, it could take 45 days or longer.

If you find a home where the owners would like a rent-back, by the time you close escrow, it will be September.

What do your realtor and your lender say?
0 votes
Jim Walker, Agent, Carmichael, CA
Sun Jul 18, 2010
You don't have to wait to start looking. It will help you get familiar with the market. Some sellers might accept a 60 escrow, which puts you into mid September to close. Some houses stay on the market for longer than 60 days, so some of the houses that you view in this early period will still be available in two months, perhaps with a price reduction.

Go look at your leisure and your agents leisure. let your agent know your time line, too.
0 votes
Cari Hendric…, Agent, Sacramento, CA
Sun Jul 18, 2010
It depends. If you've already selected the neighborhood and know what you can get for your money, you can wait. If you're not familiar with the various West Sac neighborhoods, you'll probably want to start now so you know the right home when it hits the market. The downside to starting now is if you find something you love, you won't be in a position to make an offer. If it's a short sale you identify as the
Web Reference:  http://Carihendricks.com
0 votes
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