My husband has a bankruptcy that will be discharged 2 years on January 5, 2013. We have a pre-approval letter. When can we put a contract on a house?

Asked by Astridplondon%40gmail.com, Tue Nov 27, 2012

My agent is telling us we shouldn't put a contract until mid-December because we need 30 days to close and it would be safer to have a closing date in mid-January. Houses in the area we want are going fast, I've seen at least 4 of the houses we wanted go under contract in the last 10 days. Is it unreasonable to find a house this weekend, put in a contract and ask for a closing date in the second week of January?

Help the community by answering this question:

+ web reference
Web reference:

Answers

10
Miekeba Jones, Agent, Silver Spring, MD
Fri Feb 22, 2013
Greg, That's Lovely! Good for Astridplondon
0 votes
Greg Myers, Agent, Gaitherburg, MD
Fri Feb 22, 2013
Miekeba,

The last I heard from Astridplondon she was going settle the end of January.

Greg Myers
Re/MAX Realty Group
0 votes
Miekeba Jones, Agent, Silver Spring, MD
Fri Feb 22, 2013
Hi Astridplondon%40gmail.com It is reasonable to place an offer scheduled to close in 45 days. Consult your mortgage lender about the best settlement date for the lender.
0 votes
Akil Walker, Agent, Upper Marlboro, MD
Thu Feb 21, 2013
Hi Astri,


If you have a pre-approval letter already & there are no contingencies, & BR has been discharged why does it matter when the offer is submitted? unless , here are some other factors that are not noted.

Otherwise, when you see a property put an offer in.

Good luck
0 votes
Astridplondo…, Home Buyer,
Wed Nov 28, 2012
Thanks everyone for the information you provided!
0 votes
Wayne Christopher
Jason E. Clarke REO/Agent
Licensed Real Estate Agent
RE/MAX 2000
11900 Parklawn Drive Suite 100
Rockville, MD 20852
(301) 881-1700
(240) 381-8441
(202) 251-2851
Email: info@kensingtonareahomes.com
http://www.kensingtonareahomes.com
Flag Sun Jan 20, 2013
Theresa Shea…, Agent, Ellicott City, MD
Wed Nov 28, 2012
I'm sure your agent has good intentions, however it is up to you ultimately to make the decision of what and when to make an offer and choose the settlement date. Asking to close in February is not that far of a stretch. Anything farther out than that might be a bit too far for most sellers unless it's a short sale. See what your lender says about how long it would take. It's is up to the seller whether they want to accept an offer with an extended settlement date (giving the lender 30days at least to approve in addition to your specific circumstances.) All sellers have an ideal timeframe that they would like to sell. Some allow for "time on the market" and some want to sell immediatly. It may work out for the best with a seller to settle in February or so, and it's not up to your agent to make that call. Mr/Mrs seller may LOVE the fact that they are under contract (and won't have to worry about keeping the house perfect for showings,) but have some extra time either to find their home of choice or have extra time to pack up after the holidays. OR like I said before, if it's a short sale you're probably safe either way. Not all sellers are looking to settle immediatly. Your agent works FOR YOU. You call the shots whether they like it or not. I would start looking now unless your lender says it would be March before you could get approval. If ;that's the case I would suggest waiting or only putting offers on short sales for a little while because they take longer to settle.
Best of luck,
-T
http://activerain.com/tsheaffer
0 votes
Natalie Dean, Agent, ANNAPOLIS, MD
Tue Nov 27, 2012
Not at all! You want your Realtor to be agressive because the market is/has become agressive and some of us as agents just aren't realizing the change. I am certain that your agent values your relationship and will work with you to ensure your succezs!
0 votes
Richard Iaro…, Agent, Gambrills, MD
Tue Nov 27, 2012
If you submitted an offer on a home today, it's not unreasonable at all to schedule a settlement for mid January. It can usually be done sooner, but you should really be talking to your lender about that.
0 votes
Greg Myers, Agent, Gaitherburg, MD
Tue Nov 27, 2012
I see no reason why you shouldn't as long as the seller agree's contractually to the settlement date. I don't think a January settlement date is that far out when you consider the upcoming holiday season and it interruption to the overall loan approval process.

Go for it.


Greg Myers
RE/MAX Realty Group
0 votes
Akil Walker, Agent, Upper Marlboro, MD
Tue Nov 27, 2012
It shoulds like your agent is trying to allow enough time for your lender. I would suggest you talk to your lender of how long it will take for them to process your loan and get everything done.

Good luck
0 votes
Search Advice
Search
Ask our community a question
Home Buying in Laurel Zip Codes

Email me when…

Learn more