Real Estate Time Frames to Buy:
These are about the same time frames we're seeing in the local PA market. Thanks Kris.
Inevitably a phone call from a prospective home purchaser gets the wheels running
inside of my head and I ask the question:
"Could I have your permission to write a blog article about your question?"
With thanks to Lisa for her wholehearted agreement, here was her question:
"My apartment lease isn't up until October 1st, but I read your article about not
waiting until the fall to start the process to purchase a home. I don't want to miss
out on the 1st time home buyers tax credit, but I also don't want to pay extra for
my lease and a mortgage payment. What do you suggest?"
Lisa asked a very good question and one in which I'm sure many prospective home
buyers are asking themselves.
My advice to Lisa was pretty straightforward and simple: Start gathering your
paperwork for your mortgage pre-approval and sit down with a mortgage lender (or
her bank or credit union loan officer).
Lisa could then start to look for her new home in July and August, with a target date
to have an offer to purchase accepted by the end of August - early September.
Closing is taking approximately 30-45 days for an FHA mortgage. With that in mind,
the home Lisa decides to purchase wouldn't close (become hers) until the end of
September - beginning of October.
What about her October apartment rental payment? She would pay for that and
not have a double housing payment as her first mortgage payment wouldn't be due until
Lisa thanked me for my time, but I was the one who was grateful that she called.
Her phone call stressed to me the importance of getting the word out to potential home
buyers who do not want to miss out on the First Time Home Buyers tax credit. She also
was a very good sport and gave me permission to post her question here, so that others
could learn from the question that she asked.
~Kris Wales~ A partner for your real estate needs in Macomb County MI
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