When should i start looking for a house/relator?

Question

We want to buy a home around June when our lease is up in our townhome. When should we start looking for property? I feel if we look to early then a house would probably be sold before we were ready to move in.
What is the best way to get the timing just right?
THanks

Answer 1

Why not start "window-shopping" right now? Find a reputable realtor (begin by asking your friends and/or family members for referrals ...) and view available properties. With doing this early, you can start to get a much better idea of what you like and want in a home (features, location, price range etc.) without feeling rushed (never let your realtor push you into making a hasty decision!). If you haven't found anything two - three months ahead of your lease expiry date, it's time to get serious. As possession date approaches, there will be plenty of other work to do including packing, cleaning, visiting your lawyer's office ...

On the offchance that you haven't found the ideal spot by June, see if you can negotiate staying in your townhome on a month-to-month basis until you're ready to leave. This is the route I took when buying my first place ... my landlady was more than happy to have me remain and continue to pay her rent (this meant continued revenue for her and far less headaches with trying to find a replacement tenant).

One other suggestion which I'd like to make is for you to visit your bank and ask about prequalifying for a mortgage (unless, of course, you've just won the lottery and can afford to buy your new home on a cash basis). With prequalifying, you will know exactly what property price range you are looking at ... while you still can look at those $350,000 lofts if you wish, doing so gets a might depressing if one can't nearly afford them.

Good luck and enjoy the home hunting!

Answer 2

first, i would get a pre-approval from a mortgage company to know how much of a house i could afford and to ease the closing process. generally, once you find a place and make an offer, the closing will take 20 - 45 days depending often times on the sellers timetable combined with the normal course of appraisal, survey, paperwork, etc.

if your lease is up in june, there would be nothing wrong with even having your closing in may which would simplify your moving timetable. so, late february or march. depends too on the local market - how fast they are moving, supply, etc.

Answer 3

A pre-approval is usually good for 90-120 days. Get a Buyer Agent now and start reading everything they can give you. Work with them early. I feel that I can best serve a Client that I have worked with from the start. If someone tells you it is too early to find an agent then find another. Agents that specialize in Buyer Representation use ABR or CRS behind their names. Go to REBAC.com and jackosullivan.net for more info on Buyer Agents.
Good Luck

Answer 4

2-3 months before you want to move