If we are looking to close in mid-August, when is the best time to start seriously looking?

Asked by Abby, Boston, MA Wed Mar 11, 2009

My husband and I would like to close in mid-August as our lease is up Aug. 31. When should we start our search in earnest?

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12
Voices Member, , Benton County, OR
Wed Mar 11, 2009
Abby, How hard would you work for an extra 5--7--10--15 thousand dollars to put towards your purchase. In this market you may save that by doing nothing more than starting to learn what's going on in the area you're interested in.

Start looking and learning
Good luck, Dunes
1 vote
Manish Patwa…, Agent, burlington, MA
Fri Mar 27, 2009
I have had clients look for houses for 6-8 months. You have to love the house you want to buy and it can happen tomorrow and it might not till mid- August. What if the Seller is willing to buy out your lease of the place you are Renting and you want that house and /or what if the Seller is ready for the mid-August close?
0 votes
David Sampson, Agent, Boston, MA
Thu Mar 12, 2009
HI Abby,

You should start looking immediately. That doesn't mean you need to sign a purchase and sales now, but start the process now, and be sure your represented by a Realtor.....
Typical times from P&S to close can be 30, 60 to 90 days....depending on financing. I think 60 days is fair to assume. Be sure your pre-qualified and know your budget. Call anytime if I can help.
David
617-595-5082 cell
0 votes
Shaun G, , Jamaica Plain, MA
Wed Mar 11, 2009
Be sure to have your offer placed around end of May. You should start seriously looking by the end of this month.

Search online for now and start looking at Agents. You may use my web-site to search MLS online for free (See Below). You'll see all of whats available in Massachusetts.

Best of Luck,
Web Reference:  http://ShaunsHouses.com
0 votes
Territory.c…, Agent, MA,
Wed Mar 11, 2009
Quick an easy: start "getting your feet wet" online now and in the spring check out open houses on your own time (no need to include the hassle of a RE agent unless you need it) to get a sense of pricing and neighborhood trends. Mid May you should start your serious property search. The quickest you can close (if financing) - taking into consideration the banks recent position (clinching economy) - would probably be around 30-40 days, so mid may gives you a month cushion.
Hope that helps! Good luck.
0 votes
Ronn Huth, Agent, Wenham, MA
Wed Mar 11, 2009
Hello Again Abby,

From the time you get a property Under Agreement to the closing usually is about 30-45 days. Attending Open Houses for now and deciding who you want to represent you in your home purchase are two priorities.

My agents service all of the North Shore towns and we would be delighted to chat with you about your home buying strategy.

Check out our free Home Buying course at http://www.LearnAndEarnCash.com
email me if you like Ronn@BuyersChoiceRealty.com
http://www.FindaHomeOnYourPhone.com
http://www.BostonHomesNorthShore.com

Phone 800 25 BUYER 800 252-8937
0 votes
Zelda Kohn, Agent, Pleasanton, CA
Wed Mar 11, 2009
Abby,

now is a great time and, certainly, no later than May!

Whether you are an educated home buyer or just starting, to buy a home you need the time:
- to view listings, visit properties and identify the one you want to buy (this varies greatly. i recommend: 1-2 consecutive months)
- time to process the purchase - offer=>inspection=>P&S=>closing - which typically varies: 2 weeks to 2 months, depending on how you buy: with cash or mortgage, with requirement for a seller to fix something in a house as a result of an inspection or not)

I suggest: give yourself time to choose, start now! If you find the house "too soon" you can ask for the closing date to be in August. Good luck house hunting, Abby!
Web Reference:  http://www.boc-re.com
0 votes
Monroe Heyman, , Jamaica Plain, MA
Wed Mar 11, 2009
Dear Abby,
Now would probably we a good time to start to interview Buyer's Agents. Please note not all Buyer Agents are Acrredited. If I can be of any assitance please call me for an interview.
Web Reference:  http://www.MonroeHeyman.com
0 votes
Mikem, , 01803
Wed Mar 11, 2009
Depends on your financing (seems to take a while to get a mortgage under written at this time) but you'll likely want an accepted offer around 2 months before your planned closing.So, you'd want an accepted offer by mud June. How long will it ake you to find a house you like?

You probably want to start looking in May at the very least, but you might as well start looking now to get to know the market, and start seriously looking around April.
0 votes
Scott A. Nel…, , 02155
Wed Mar 11, 2009
With the average closing taking 30-45 days that would put you needing to have a property under agreement by the end of June. It will take longer if the property that interests you is a short sale or bank owned property. You should start now looking at the different neighborhoods out there that interest you so you can become familiar with local amenities that are important to you & the prices being asked in those neighborhoods.

Now would be a good time to interview several buyers agents to possibly work for you. Below I pasted a link to another question in how to find a good Realtor. It should help you in your search.

Having some overlap in your purchase & the end of your lease will come in handy if your new home will need work, painting & refinishing floors are usually easiest done prior to moving in.

Good luck in your search, please post some follow up, there are alot of people that are interested in seeing how these questions evolve.
0 votes
Rob Goodwin,…, , Easton, MA
Wed Mar 11, 2009
Hi again Abby:

Let's back into it. Two weeks to do a home inspection and sign a P & S agreement and another two weeks to get mortgage commitment on average. That means an accepted offer by mid July. A few days to a week, assuming not foreclosed property or short sales to have offer accepted brings us to making an offer by the beginning of July. I would start looking in May to give yourself plenty of time, if you find something ahead of time you can always ask for a longer closing and close on Aug. 15th. Not a process to be rushed, you can make mistakes, and some transactions may fall apart which takes time. Spend some quality time putting your team together, the best realtor, mortgage broker and attorney.

Regrads,

Rob
0 votes
Andrew Sarno, Agent, Medford, MA
Wed Mar 11, 2009
Hi Abby,

Every property is different but a usual "Offer to Closing" transcation will take 5-8 weeks. Of course, that once you've found a house. I recommend consulting a Buyer Agent for the specific area in which you a looking and start receiving property updates directly from the MLS (from your agent) based on your criteria. At the same time acquire a written pre-approval from a lender (a buyer agent can also recommend some).

Begin identifying property that interests you, consult your agent with questions, request some showings and Off You Go!

Call or email me with any questions or if I can assist you.

617-755-8897 or Andrew.Sarno@era.com

Best, Andy
Web Reference:  http://www.AndrewSarno.com
0 votes
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