my lease ends in aprilof 2009, live in apt. an are looking to purchase a house now, whatr my options?

Asked by Stacey, Davenport, IA Fri Oct 17, 2008

been looking for a home for 2 years an found or dream one an incredible price, but r still in a least with landlord,

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James Mooney, , Urbandale, IA
Sun Jan 25, 2009
First, have your financing in order. I suggest taking it a step further than pre-approval. Get the necessary documents to your lender of choice so they can verify all of the info that you give them. There's a big difference between being pre-approved and having lender commitment...go for the latter.
Hard time picking a lender? Look at 3-4 and I suggest dealing with people in the community you will be living. It's easier to find them if you have an issue to deal with. Apply to all at the same time, then your credit report will only show 1 inquiry, instead of multiple inquiries (within 14 days).
Next, start looking now. If you go the short-sale or forclosure route, the process towards closing can get drawn out longer than a normal.
If you haven't found anything by March, you might consider discussing a month to month extension on your lease with the landlord. Always good to have your bases covered and know what your options will be.
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Daniel, , Baton Rouge, LA
Fri Jan 23, 2009
if you bought today, your 1st mortgage payment will not be due until april 1
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Keith Allen…, , Davenport, IA
Fri Jan 23, 2009
If you have not started looking or not working with an agent, I suggest you call Shellye Meyer with My RealTeam at Mel Foster Co. she works with and for buyers. Her number is 563-370-1508. Davenport,Iowa.
Her web site is under construction, but feel free to look.
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Vicki Masell…, Agent, Duluth, GA
Wed Jan 14, 2009

You will want to select a competent loan officer with a bank, credit union or mortgage broker and start the pre-approval process for financing now. In addition, if you haven't found or selected one yet, you should hire a buyer's agent to represent you in the transaction.

Melissa suggested considering bank-owned properties. I recommend that you also consider purchasing a home that is being marketed as a short sale. The process often requires more time and patience; however, the savings can be tremendous for the consumer.

Best wishes - Ted
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