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When should we start looking for a new home if we are on a lease?

By
Real Estate Agent with RE/MAX DFW Associates 0534986

When should we start looking for a new home if we are on a lease?

Question:  Our lease ends March 3; we have to give a 60 day move out notice. So, if we give notice at the end of December, could we start looking then?

Answer: Yes !! Definitely start looking at the end of December. You need to start at least 60 days prior to move out because you need to narrow down your search area. Once you establish the area you are sure you want to live in then we can concentrate in that area.  This should take a least 2 to 3 trips out. 

Once we have the area established you will pick a home to make an offer on. It normally takes approximately 60 days for the whole process to take place, from finding the right home to making an offer, negotiations, inspections, repairs, loan processing and closing.  Go to fullsize image

Posted by

Tracy Lee Parker

Broker Associate with
RE/MAX DFW ASSOCIATES

Servicing all of North & East Texas Areas for home selling, home buying, leasing & property management since 2005!  

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John Cannata
214-728-0449 http://TexasLoanGuy.com - Frisco, TX
Texas Home Mortgage - Purchase or Refinance

I think that some people may wait too long. By the time they find something, they are forced to make a decision on a home they don't truly love or they end up extending their lease another 6 months. The problem with extending the lease is that now you are on the hook for that time period (unless you have an understanding landlord). The lenders are counting that against DTI in some cases. Good suggestion to look at least 60 days out from when the buyer really wants to buy.

Jan 13, 2011 03:53 AM