Buying a house, we're facing crunch time, running out of time that is!?

Question

I know a bunch of stranger's can't really say do this or do that lol, the decision is ultimatly mine. But advice, words of wisdom, anything is appreciated.

We're looking to buy, our lease has to be renewed or declined by Aug 15th. I do not want to stay another year. It's too small for my family of 5 (only a 2 bedroom, we'll have to make the dining room a 3rd if we renew our lease, its connected to our LR, so there goes even more space) our search boils down to 3 homes (none of which we've yet to see other than online, we are this week though)

My dilemma... What do I do if they aren't sufficient? Stay here, obviously. But what if next year at lease time (if we renew) we're in the same rut? I feel in one hand we're obligated to buy right now due to the tinyness of our apt. But in the other hand I don't want to buy out of irrationality.

blah... anyone been in my shoes? what did you do?

Like I said, I just want opinions, advice, whatever. I'm really stressing over this.

Answer 1

You are REALLY short on time considering that if you did in fact find a house it will take at minimum 3 months for all the paperwork.You will then have to resign the lease and owe him an entire year or find a temporary place to live(with family maybe)while going through the closing.

Hope that helps.

Edit...Yes,it stinks.I'm going through a very similar situation myself right now. LOL

Answer 2

The key here is you WANT to buy, rather then need. I am afraid that 30 days barely gives you enough time to close on a house, much less find suitable ones, make SMART offers, get approved for financing, get it under contract, ensure the house will fit your budget, and purchase it.

It sounds to me like you are making a rash last minute decision based on the pressure brought about by resigning the lease.

Why don't you do this instead: talk to your landlord. Tell him of your desire to buy a house, and that you plan to do this within the next 6 months. Ask him if you can put an early termination caluse in your new lease contract (such as pay $150 extra to buy out of it early). Or just ask for a 6 month lease.

This will give you plenty of time to EDUCATE yourself before you rush into such a huge decision. Remember, the economy and the housing market is the way it is right now because so many people made decisions based upon emotion and not sound judgement.

Answer 3

As a military wife I've done this - move in a minute thing before...

Contact a realtor. If you're facing a money crunch too consider a realtor who specialises in HUD Foreclosures.

They had access to homes you can't find on your own.

It's not uncommon for military to purchase homes with less than a week. Three days to house hunt with a realtor - one day to sign paperwork. Then another day down the road to close.

It's important to tell your realtor what you want. Start with having them print out photos - I know that they hate for you to turn down houses after just seeing a pic but sometimes you can't exactly put into words what you want but know you don't want immediately. Then select what you'd like to see from those. Plan on looking at 10-20 a day if possible. Let your realtor have 2 wild cards a day. Even though you said no - they are professionals and they do know what they are doing - so let them have a chance to wow you.

From there - be decisive. It's a thirty year mortage but that doesn't mean you have to live their til you die. Pick one that you could fall in love with. Nothing's perfect.

Make this fun. Pretend it's a game. Otherwise you'll get too stressed out and miss important details.

Best of Luck