How long before one wants to move should one start the house buying process?

Asked by slrg66, Burbank, IL Mon Oct 14, 2013

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Gene Mundt, Mortgage Broker Or Lender, New Lenox, IL
Tue Oct 22, 2013
slrg66: Ironic that you ask this question, as I just wrote a blog on this very topic today. Especially if you are a first-time buyer .. or have suffered through a Short Sale or Foreclosure ... the more time you allow yourself prior to starting a home search, the better. I would suggest as much as one year ahead of that search or action. That allows me ample time to help improve credit scores, address credit issues, establish credit (if needed), provide guidance regarding Down Payment/Savings, and more. Best to inquire well in advance and have more than enough time, than wait too long and be under stress when you hope to buy.
Should you have questions, please feel free to contact me. I'd love to earn your business ...
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Ashley Pimen…, Mortgage Broker Or Lender, Lombard, IL
Tue Oct 15, 2013
I agree with Maria that the first step is to get pre-approved for a loan. That way you know the price that you are approved for by a lender and can appropriately search for homes that fit your budget. I am a loan officer who works with over 40 lenders, so we have a lot of loan programs available. Feel free to contact me and we can see if we are able to get you pre-approved.

Thank you,

Ashley Pimentel
Senior Loan Originator
Market Place Mortgager
246 E Janata Blvd. Suite 220
Lombard, IL 60148
Office: (630) 396-7787
Cell: (630) 217-7013
Fax: (630) 396-3698
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Maria Cipoll…, Agent, Coral Springs, FL
Tue Oct 15, 2013
Your first step should be shopping around for a mortgage broker that can explore all your finances and give you a pre approval letter. Lenders limit the amount that you can borrow based on your income and the amount of other outstanding debts you have to pay each month. The maximum amount you can borrow depends on the interest rate and terms of the mortgage you want to take out.

After you have that figure, it is time to contact a real estate agent that can assist you to find your dream home. If you already know How much you can afford and have an idea of the area that you would like to move in, it may take 2 to 3 months to finalize the buying process.

Best of Luck,

Maria Cipollone
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Suzanne Hami…, Agent, Orland Park, IL
Tue Oct 15, 2013
I usually recommend a minimum of 3-5 months. These days it takes about 45-60 days to close on a home. Backing that out, the rest is how long it takes to find one. That is an unknown. Sometimes you find what you want right away and sometimes it takes a while. The market is competitive for the best properties. There is an inventory shortage, so you may need to put several offers down before you get one.

Timing is always tough, you don't want too soon or too long. Looking in the fall/winter can be a huge advantage - less competition - but sometimes people take homes off the market.

I would be happy to break down the home buying process in more detail and help you with your timetable to figure out a strategy. Please feel free to contact me.

Suzanne Hamilton
RE Homes Source
Managing Broker/Owner
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Ed Marill, Agent, Manhattan Beach, CA
Tue Oct 15, 2013
There are lots of factors that go into this. It depends on what type of house you want to buy. Short sales take a long time so if you start looking today and submit an offer, it could take 3 months before your offer is accepted. If you are paying cash, buying a home could happen a lot faster. It all depends on your situation. If you're not ready to make an offer, just finding a good real estate agent you trust could be the first step.
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Bill Eckler, Agent, Venice, FL
Tue Oct 15, 2013
Often the best decisions are those that people are not pressured into.....with this said, it's important to allow yourself enough time to arrange for financing, identify and agent with which to work, search for and find the right home, and eventually close on the property.

Since the closing process in itself can consume 30-45 days, it would probably be wise to allow 60-80 days for the entire process. However, in the event you are able to do a cash transaction you could shave weeks off this process.

You can begin your buying process any getting pre-approved for financing and identifying your own agent that can support your efforts.

Best wishes,

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Bob Brandt, Agent, Schaumburg, IL
Tue Oct 15, 2013
It varies depending on the family discussions, the areas you consider, the ease of you getting a mortgage, the quantity of homes in your price range, how much you want to do on a computer vs seeing the real thing, how important you think it is, how much the market will change as you are searching and how much fun you are going to have or not have with the process.
It could be done in one weekend or it could take years.
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