Can I Start The Purchase Process Early? | REALTOR.com? Blogs

Q: We found a house that we love, but talked to a lender and we won?t be in a position to secure a mortgage loan until we file our 2012 taxes in January. Can we start the process of buying this home? Is there a way to get the ball rolling in good faith?
?Anonymous, Long Island, NY

A: In my area, we don?t even show homes to buyers until they are actually qualified for the loan. It ends up being a waste of everyone?s time. You may fall in love with a home currently on the market only to lose it to another buyers who has their loan ready. Some agents will write offers contingent on the buyer qualifying for financing within a certain time frame once their offer is accepted but honestly, I would advise my seller to take another offer first. It?s just too risky. Especially in today?s market.
Danielle Graychik is a Realtor? with Realty Executives Experts in Rancho Cucamonga, CA.

A: Dear Buyer,

Nope. Your first step is to GET YOUR LOAN in place.

You are experiencing one of the challenges that happen when buyers ?just look? at properties prior to having a loan in place. They risk finding ?the right home? prior to having funds to make an offer.

You might want to try a soft-money lender and then refinance into a more desirable loan in 2013. I work with a lender who specializes in hard-money and soft-money loans. I trust this lender and have worked with her for years. This lender has even provided loans to foreign national buyers and unemployed actors. Her fees range anywhere from 1 or 2 points up to 8 points depending on the scenario. And her interest rates range anywhere from 5% to 17% depending on the scenario. If you?d like to explore this option, it may be a way for you to get the house you found now.

Unfortunately this website does not allow me to provide you with anyone?s contact information. You can track me down or search the web for terms like ?own american property? to get in touch with me. I will gladly refer you to the lender. I do not receive any gifts or referral fees; I share this information to give back to the real estate community.

I hope this information is helpful,

DeniseTheRealtor
CA DRE Lic No 01481788
Denise Shur is a Realtor? with 1:1 Realty in San Jose, CA.

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Related posts:

1. How Do We Get Qualified To Buy A Home?
2. Should I Try Another Bank To Help Me Get A Loan To Purchase A Bank-Owned Home?
3. Why Is A Pre-Approved FHA Buyer Good For Me As A Seller?
4. Should I Start The Home Buying Process With A Realtor Or A Loan Officer?
5. How Do We Purchase A Home After Chapter 13 Bankruptcy?

Source: http://www.realtor.com/blogs/2012/10/18/can-i-start-the-purchase-process-early/

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