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Friday, September 25, 2015

Timing Your New Home Purchase - Can you accurately predict?

Timing the purchase of a home can be a challenge.   The challenge is a little greater when one is in a lease.  What if one has six months left on the current lease?

In an ideal world one could work backwards.  Say 45 days to close after contracting (inspections, mortgage approval, survey, etc.) and about a month to find the target property.  In the ideal world  it would seem about three months to find and close the transaction and move in. 

But this is not an ideal world.

What happens if you do not find the house within the parameters above?   If your lease can be extended on a month to month basis then there is no problem.  Then there are some landlords that will charge a new higher fee on a month to month term or prefer to get a new 12 month tenant.

One of the key steps a renter can do now before ever looking is to check with your landlord and find out if there are any "outs" now or if you find a house before the end of your lease.   Most leases have an early termination provision although most have penalties.   I have seen some leases where the early out provision required two month's rent or continued payment of rent until a new tenant has moved in.

So talk to your landlord about arrangements to end your lease just in case.  Very often a good relationship with a landlord will translate into a willingness to work with you.

I believe it is a good idea to put the home purchase wheels in motion at least six months out at a minimum.   This provides time for research, mortgage inquiries and finding your real estate agent. 

In the current Brevard County. Florida residential real estate market waiting to find your new home could be a costly wait.  Prices are rising every month month.  While interest rates are very attractive now what happens when interest rates rise? They will - eventually.

Here are ten articles that discuss the home buying process I have previous posted on my blogs.  Please read and let me know if you have a question or a suggested topic.

Are you buying a home or just browsing?
Mortgage Pre-Approval and Mortgage Pre-Qualification - Different Animals!
Home Buying Process - Is it really that difficult?
Searching for Your Home - Bracket Your Desired Price and See What Happens!
Know what the seller thinks about closing time frame.
Don't Spend Too Much - Your Realtor Will Not Be Paying the Mortgage!
Qualified For is Not The Same As Must Spend! 
How Long Does It Take to Close?
Home Buyer Strategies in a Seller's Market.
From Contract to Closing in (About) Twenty Steps.

If you plan to buy a Melbourne, Florida home in the next year, call me at 321-693-3850  or ...

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