When to start looking for a new home?

Question

We exchanged contracts on our property (australia) in October 07. It was a long delayed settlement because it was brought by developers for industrial use. We settle/close the deal in April 09. My question is is it too early to start searching for a new home? We are after 5 acres in the same area we are in. I am worried that if we look now we will find something we love but the sellers wont agree to a longer settlement (usual average is 6 -8 weeks). We will need 7 months at this stage. Should we wait until the new year around end Jan/Feb?

I am just sick of waiting and feel bored with the inactivity. Can't really do much but keep the place here clean as they will be putting a bulldozer through it so no good spending money on anything.

Answer 1

I would start looking now! It takes a while to find the perfect place.  Since you are a cash buyer the seller may be willing to wait.  

It can't hurt anything other than possibly losing out on a place you like.

Answer 2

I'd start looking but tell the sellers about the delay.  Perhaps they will let you make option payments to hold the house until yours has closed.  If you buy their house, the option money counts toward down payment.  If not, you lose it and they get to keep it for their trouble.  

Answer 3

Honestly - the real estate market is pretty deflated right now.  Owner's are getting creative on getting out of their home and settled in to their new property.  The problem they're finding is in some cases they've already committed to moving (be it job location, inheritance, etc.) but they cannot afford the two-home payment.

Enter you!  You're in contract.  You KNOW you're getting the $$'s.  You can show the contract on the property in Australia.  You can write a contract to lease-to-buy, lock in at the lower real estate prices (thereby maintaining the pricing if real estate begins to appreciate again), move in now and begin making the payments.

In fact, if you're really creative and bold, you can do your research in the community and find out BEFORE an owner gets their place on market - work a deal without realtors (suggest hiring a lawyer for sure) and save tons of $$'s.

Here's the rub.  You need to be brave enough to beg the question.  You need to write the contract.  You need a realtor who is willing to wait for their $$'s.  Chances are you'll find realtors who will want you to close now so they can get their money.  But if you look, you'll find someone more interested in your own personal financial health who will not only write the contract but help you track down that perfect place.