What should i do now? for buying a home in 9 months

Asked by Ersin, Orange, CA Wed Jul 2, 2008

Hi all, I'm planning to buy a house when my apartment lease ends in march next year. I know i need to take some action, i dont have a game plan at all. Do i have time, how long before end of lease i should start taking action and what actions should i take. Thanks.

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sandytd, , Santa Ana, CA
Wed Jul 2, 2008
Absolutely first, get pre-approved for a loan! that way you will know what you can afford and you will look at homes you can afford.
Second, run your credit report and clear up any discrepancies now. You need a FICO as high as possible.
Third, contact an agent in the area where you think might want to buy and start doing a daily search of propreties which meet you needs so you will knowledgeable about what you can purchase.
Fourth, start going to Open Houses to meet agents and choose the person you would like to work with as well as to see what the homes in your price range look like.
2 votes
Homa Moaddel, Agent, Foothill Ranch, CA
Thu Jul 3, 2008
Hi Ersin,

First talk to a lender and figure out how much of a house you can afford. Then evaluate your credit and financing. Try to save as much money as possible. Try to save and put 20% as down payment. Visit open houses and use this internet site and realtor.com to check the available homes. Meet several agents and pick one that you are comfortable working with.

Hope you will find your dream home.


Broker Associate
Prudential California Realty
2 votes
Jeremy Lehman, Agent, Garden Grove, CA
Wed Jul 2, 2008
Ersin, way to plan ahead.

FIrst off, you need to save money for a down payment and closing costs, and eliminate or pay off as much debt as you can. Do you have a copy of your credit reports? Get them now, and try to deal with any of the negative issues. Lenders have tightened their standards. Also, start your search now for a good lender and Realtor to help you out. You'll be ready to go when you are ready, and already have a good relationship with a lender and Realtor you trust.

Have you decided on an area you would like to live? Research the neighborhood, and start tracking prices of homes with the features you want to have. That way, when you are ready to buy, you will be able to recognise a good value when you see it. I can set you up to start receiving property listings regularly to track this.

Jeremy Lehman
Web Reference:  http://www.LehmanHomes.net
1 vote
gabriel palo…, Agent, Pompano Beach, FL
Thu Sep 22, 2011
There is no better time to act on plans when there is no pressure dictated by lack of.
To delay the process of getting the ball started may be a problem later.
Get you're financing in order preparing documentation required for a pre qualification.Interview loan officers that have your best interest at heart but be careful not to allow your credit report be pulled to often. You loose valuable points on your credit each time someone access it. Checking neighborhoods and visiting open houses may be timely. Since you have plenty of time on your hand and obligations to a lease be careful not to make any commitments on a purchase unless it is a deal of a lifetime and you are able to make the payments and still stay with your lease. Some landlords have agreed to terminate leases with certain penalties if approached or just wave them if you have a good relation ship with the and you tell them the truth.
Otherwise continue make a list of priorities and follow them through.
Good luck
0 votes
Christine Do…, Agent, Costa Mesa, CA
Sun Jul 6, 2008
As most everyone is suggesting, the first step is to talk to a lender. By talking to a lender, you will find out how much you qualify to purchase. In addition, if there are any problems on your credit, this is a good time to work on them as it can take 90 days or more to have the changes reflected in your credit report.

Also, realize that escrow are usually 30-45 days and can be as long as 60 days or more. Figure it will take about 45 days to find a home once you get out and really start looking at them. It may be faster, but expect to take some time.

Now is a good time to be researching different areas, neighborhoods, schools, etc. unless you already know where you want to be.

With my clients, I like to sit down with them in these early stages to make sure that they have a clear focus for what they are trying to accomplish in the purchase of their home (ie. security,. tax deductions, steady housing costs, etc.).

If I may be of any assistance with additional information or helping you with a pre-approval, please let me know.
Web Reference:  http://www.donovanblatt.com
0 votes
Lisa Cartola…, Agent, Oakland, CA
Thu Jul 3, 2008
Hi Ersin,

It is great that you are being so proactive in the process. I would suggest making contact with a lender now. You will want to take a look at your credit report so you have an idea of what your credit looks like. If you have a low score, there are steps you can take to improve your credit score. Definitely pro-actively remove any false claims. A lender can help you access your credit reports and also help you review them.

Talking to a lender early will also help you to determine which loan programs are available for a first time home buyers, and how much money you will need to save for down payment and closing costs. Since you are a first time home buyer there are programs available that can help you with down payment and even closing costs. These programs can vary city to city and also depend on the application/approval process for the program.

Good luck!

Lisa Cartolano
Alain Pinel Realtors

It is great that you are being so proactive in the process. The first thing to do it to take a look at your credit report so you have an idea of what your credit looks like. If you have a low score, there are steps you can take to improve your credit score. Definitely pro-actively remove any false claims. A lender can help you access your credit reports and also help you review them.

Talking to a lender early on will help yo
Web Reference:  http://www.LisaCartolano.com
0 votes
Michael Barr…, Agent, Irvine, CA
Wed Jul 2, 2008
Hi there Ersin, you are smart to start well ahead of time. I would receommend that you sit down with a lender if you are planning on obtaining an mortgage for your new home. Once you do this and have a better picture and snapshot of your financial position. I would then recommend you consult and hire a realtor to help you look for the very best homes on the market. This is a great tome for buyers and you should be able to find a fantastic property and get it for the lowest price.

If you would like to know what advantages my clients receive when I work for them, please let me know

Kind Regards
Michael Barron
First Team Real Estate
(714) 552-6817
0 votes
Dave Osborne, Agent, Orange, CA
Wed Jul 2, 2008
There is a non-profit that I know of for 1st time buyers. They do loans at 100% of the purchase price with no closing costs and rates that are below market rates that are fixed for 30 years. It takes about 3-5 months minimum to get approved as they are very busy these days.

Drop me a line and I will send you the link to their website. Of course there is no charge or obligation whatsoever for this information.
Web Reference:  http://www.400kHomes.com
0 votes
Walter 'Skip'…, Agent, Brea, CA
Wed Jul 2, 2008
Hi Ersin,
I think you can tell from the previous answers that talking to a lender is the first and most important step. To answer some of your other timing questions, a normal escrow takes around 45 days. So it is reasonable to start looking at property 10-12 weeks before your lease runs out. I would start searching the internet sooner than that to get an idea of what is out there in your price range. Please feel free to email me at walter@ocnorth.com if you have any real estate questions. Also, if you email me I will invite you to a web site that allows you to search the MLS much like realtors.
Good luck, Walter
Web Reference:  http://ocnorth.com
0 votes
ScottSchang, , Orange, CA
Wed Jul 2, 2008
All good advice. The absolute first step is to speak with a lender and see what your options are. Everything begins there.

You may find that there is credit repair or additional savings you need to qualify for a home loan. You will have plenty of time to take these steps.

I am a lender in Orange if you have additional questions.

0 votes
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