We know we want to look into buying and our lease is up at the end of July . When should we start contacting lenders and agents?

Asked by Ashlin Brown, Bryan, TX Sat Mar 3, 2012

We would like to try to avoid a mortgage payment and rent payments at the same time .

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Blake Baxter, Agent, BIRMINGHAM, AL
Sat Mar 3, 2012
I would speak with a lender at your earliest convenience. You might as well find out on the front end what you can qualify for and if there will be any unanticipated roadblocks, so that you can address those concerns now.

I would look at houses online now to get a feel for prices in the market, but would wait until early May to start talking with agents about looking at houses. Also, it may be a good idea to visit open houses on the weekends to speak with agents about your market.
2 votes
bcsgibson, Home Owner, College Station, TX
Fri Jun 21, 2013
Ashlin: absolutely, right now is not too late to start looking and possibly making an offer. Homes go super quickly in our market, demand is just too high and so many parents do the math and buy rather than rent for 4+ years while their kid is in school.

Our house sold in 5 days in May without actually going on the MLS or listing with an agent. It was just fluke that the buyers knew a broker who knew us and knew we were thinking about selling. So they got a fair deal right where they wanted to be and the kind of house they were looking for. WE ended up living with the inlaws while we looked for a house to move in to. In June, but immediately after accepting the offer in May we had all our papers in with our lender so we could start looking. By July we were moving in to our new house.

So if you really want to move in in July you Need to start yesterday. And check with your landlord if he'll let you go month to month in the meantime as it's entirely possibly the closing won't be right when you need it or there will be some hiccough that slows things down or something.
0 votes
Joey Condon, Agent, College Station, TX
Mon Mar 5, 2012
Home buying in College Station is about to start running like a warm refrigerator!

With our market, it is very common to be able to find a home that is occupied and the sellers do not have to immediately move out. This situation gives you the ability to purchase the house and allow the seller to live in it after closing and pay rent to you, the new owner. This helps the seller by allowing them a little more time to pack and move and helps you by not having a house payment and rent payment at the same time. So theoretically, you can buy now and not have a payment until you move in.

This is just one way to prevent double payments. If you start now, you don't have to buy if you don't find the perfect home, but you will know what's out there just in case.

The first step is to find out how much you are able to spend. Speak with a lender that you are comfortable with and see what you qualify for. I know of a few to choose from that I trust. They can usually tell you in about 15 minutes in my experience.

Joey Condon
Rock Solid Real Estate
Century 21 Beal, Inc.
Web Reference:  http://www.joeycondon.com
0 votes
TM5 Properti…, Agent, Bryan, TX
Sun Mar 4, 2012
I would start the pre-approval process first, then once you get your finances in order I would start browsing the internet. Once you find a few areas of interest, contact a Broker and start viewing homes. Our website has alot of great info and you can sign up for new listing alerts. Good luck, let me know if you have any more questions about the Bryan/ College Station market.

Terrence Murphy
TM5 Properties, LLC
Web Reference:  http://www.TM5Properties.com
0 votes
Don Groff, Agent, Austin, TX
Sun Mar 4, 2012
You should speak with a lender or broker right away to ensure there are no problems in qualifying. If anything turns up you have time to work on them before you need to buy. Time goes by fast and this first step is the most crucial.

Best of luck to you.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
0 votes
Barbara Coker, Mortgage Broker Or Lender, San Antonio, TX
Sat Mar 3, 2012
If you close the end of July, your first payment will be due September 1st. So you could really have a month that feels like no payment in August. That's kind of cool.

It takes 30-45 days to close the typical loan. So you'd like to be going under contract in early to mid June to close the end of July. Searches usually take 1-2 months, so it wouldn't hurt to start looking late April to May.

However, you should have a loan officer prequalify you as soon as possible to make sure there aren't any issues we'd need to clear up first. Errors can creep into any credit report, and they can take 30-60 days to dispute.

Good luck!
Barbara Coker
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas
Web Reference:  http://www.thecokerteam.com
0 votes
Don Tepper, Agent, Burke, VA
Sat Mar 3, 2012

Let's work backwards. Closings generally take 45-60 days. That means that, if nothing goes wrong, you should apply for financing at the end of May. You might want to build in a bit of a cushion. So now we're at mid-May.

By that point--mid-May--you'll have an accepted offer. Let's work back from there. How long will it take you to search for a house, make an offer, and negotiate? Maybe you'll get lucky and find a house on your first weekend out. Maybe it'll take longer. A lot depends on how particular you are, and how realistic your price range is. But let's say a month. Maybe 3 weeks to look at houses, then you make an offer, get a counter, and accept. That's about a month. So now we're back to mid-April to begin your house hunt.

How long will it take you to find a Realtor? Probably not long, but you should interview at least 3. Allow a week to interview multiple Realtors and make a decision. Now we're back to early April.

Now: How about your finances? How good is your credit? In fact, what's on your credit score? Are there mistakes that have to be fixed? Are there other things--not mistakes--that should be corrected or addressed? Recognize, too, that many/most sellers ask for some sort of pre-approval or pre-qualification with the offer. So you really have to work backwards from mid-April (when you make your offer) to make sure that your finances are in line.

Understand that credit reports aren't corrected instantly. And if there are some things that should be moved around or adjusted (for instance, paying off a few small debts), that'll take a while to ripple through--from your paying them to the creditor receiving them, and then the creditor reporting the payment to the credit bureaus. Allow at least a month for that. And now we're back at mid-March.

So I guess you can take this weekend easy. But you really should get to it soon.

Hope that helps.
0 votes
Dallas Texas, Agent, Dallas, TN
Sat Mar 3, 2012
You need to start process approx. 75 days prior your close date. It can take up to 2 weeks for lender approval, Approx 60 days search for a home and close

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
0 votes
Jody Luckie, Agent, Bryan, TX
Sat Mar 3, 2012
Hi Ashlin,

I would recommend starting the process at the beginning of May. The first step is getting pre-approved with a lender and then finding a house. If you think you might have credit issues you should go ahead and speak with a lender now so they can help you to get those cleared up for when you are ready to purchase.

Typically once you find a house and go under contract it takes 30-45 days to close and fund.

Jody Luckie, Realtor
Coldwell Banker United
Web Reference:  http://www.jodyluckie.com
0 votes
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