Home Buying in 95355>Question Details

paidtoshake, Renter in Modesto, CA

Our landlord is selling the house we are in, we would like to buy it if possible, what is our first step? how do we get pre-qualified??

Asked by paidtoshake, Modesto, CA Sat Feb 16, 2013

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12
Be sure to let your landlord know you are interested in buying! Then contact contact your bank or other lender to get prequalified.
1 vote Thank Flag Link Mon Feb 18, 2013
Be sure to let your landlord know you are interested in buying! Then contact contact your bank or other lender to get prequalified.
1 vote Thank Flag Link Mon Feb 18, 2013
Make your interest known to your landlord, you may get a leg up since you have an existing relationship. Of course, your ability to buy will be the driver, so talk with a reputable lender asap. Be very clear and complete about your financial situation and he/she will advise you on your readiness to buy, your budget and be able to provide you the necessary pre-approval which you will need to include with any offer.

Good luck,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Sun Oct 6, 2013
Its nice if you don't have to move. Your first step is to make an appointment with your local mortgage lender or bank. If you can qualify for the purchase amount your landlord is asking, you should find a Realtor that would represent you in your purchase
0 votes Thank Flag Link Sun Oct 6, 2013
I agree with the other responders that you should contact your landlord and let them know of your interest. Of course the next and most important thing you need to do is make an appointment with a good loan broker and determine how much you really qualify for. Hopefully it will be enough to match what the landlord is hoping to sell the property for. If it is, you may be able to save a little if the landlord is comfortable selling it without a Realtor. In the event you don't qualify for the property, then you should find a good Realtor who can give you the time and consultation you deserve. For interviewing questions you can visit my website for some examples. http://www.mcgrathaguirre.com
0 votes Thank Flag Link Mon May 20, 2013
Contact three local lenders and go over their different loan products with them.

This will be your first step.
0 votes Thank Flag Link Sun Feb 17, 2013
Hello There,

Your first step would be obtaining your pre-approval with a good local lender! My preferred lender is Amy Costa with Imortgage in Tracy. Simply follow the instructions below to begin your pre-approval process & have a Sensational Sunday! Your friend & Realtor, Henry Brooks 209-814-0119

1. Completed online application at http://www.imortgage.com/amy.costa (Click on Apply for a Mortgage and use TBD for a property address)

2. 2010 & 2011 Federal Income Tax Returns & W2’s

3. One month’s pay stubs

4. One month’s bank statements

5. Copy of Drivers License

You can fax or email these items directly to me. Once I have everything, I can have the pre-approval and a written estimate prepared for you within 1 business day.

If you have any questions, please do not hesitate to contact either myself or Brittany. We look forward to working with you!


Regards,

Amy Costa
LOAN CONSULTANT
NMLS ID 270094

DIRECT 209 229 4121
OFFICE 209 229 4120
FAX 877 385 6015
CELL 209 603 9648
http://www.imortgage.com/amy.costa
504 W. 11th St.
Tracy, California 95376
0 votes Thank Flag Link Sun Feb 17, 2013
Thank you all for your help I will be contacting some of you for furthere questions and hopefully to get us started
0 votes Thank Flag Link Sat Feb 16, 2013
Hi, there are a couple of steps you need to take in order to make an offer on a home you are living in.
I have done that successfully a couple of times this year. You need to find out the price on the home first of all, then get yourself pre approved with a local lender that will verify that the home is within your price range. If you are a Veteran or a first time buyer, there are some great programs out there to help you with financing costs.
Once you know the price is affordable, it might even be cheaper then the rent you pay, then you need to find a trust worthy Realtor that will help you put a fair offer together. Then the Realtor can present the offer to the seller and accepted for you.
This is a fantastic time to be a home buyer. I hope all goes well for you. if you need any help, please feel free to contact me.
Lura Bailey Realtor Prudential California,Modesto, Ca
209-495-0915 or http://www.Luracv.com
Thanks!
0 votes Thank Flag Link Sat Feb 16, 2013
I always think it's easiest to start with your bank...they have a credit history on your, so it's at least a good place to start. If your bank can't find an appropriate loan for you, I like using independent mortgage brokers. They tend to have access to more programs and can compare mortgage products for you. Check out 'yelp' in our community for one with good reviews.

Best of luck.
0 votes Thank Flag Link Sat Feb 16, 2013
As Dorene mentioned, your first step is to get pre- approved for a loan that can help you qualify for at least the purchase price your landlord is asking for. If you don't feel comfortable using your bank for the loan, there are plenty qualified lenders in Modesto that can do the job and offer many options some banks don't offer. Then contact a local
Realtor (I am available if you need me), to help you negotiate an acceptable offer with your landlord.

Chuck Bukhari - Your Realtor
DRE#01416945
Exit Realty Consultants
209/694-9858
Web Reference: http://Www.ehouse2home.com
0 votes Thank Flag Link Sat Feb 16, 2013
Dear Paid,
You can go to your bank, and ask to speak to the loan officers there. That might be the easiest since access to your accounts will be available. You need to provide all your financial information( W-2's, check stubs etc) and based upon your income and debt, a mortgage amount will be determined for you.
Take your loan Pre-Approval and meet with the local Realtors and begin working with a good Buyer Agent.
0 votes Thank Flag Link Sat Feb 16, 2013
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