Help me get my ducks in a row FAST!

[Anonymous]

We've been planning to buy a house early next year, so while we've been scanning the listings to get a sense of what's out there, we haven't taken any serious steps towards getting ready to purchase (although we know our budget, and we know what neighborhoods we want). Today, what may be our dream house came on the market at a price in our range, and in our #1 neighborhood. We're going to the open house on Sunday to check it out, but in the event that we decide we want to move now, what steps should we take? Do we need an agent, or can we just go with a real estate attorney, since we've already found the house and just need someone to negotiate (we're pretty green, so I don't think we'd want to negotiate ourselves)? What else would we need to make an offer? At what point should I start calling banks?

Selling our current house is not an issue -- we've already decided to rent it out if/when the time comes.

[Anonymous]

Don't think attorneys negotiate for you -- that's an agent's job.

Why are you waiting for the open house? it may be gone by then. Contact the listing agent NOW and go see it!

[Anonymous]

your first step needs to be financing and if you are renting out your current home the only thing the bank cares about is your debt to income ratio. You can show them a lease but they will always assume the house is not rented.

Most people are suprised when the bank says you can't afford both houses.

[Anonymous]

I wouldn't wait for Sunday if it's that desirable.

You want to call a lender now for preapproval, if you can get it today (as opposed to prequalification).

I'd get yourself an agent today. If you give us the neighborhood I'm sure people here can recommend good buyer agents. Try to see the house today or tomorrow.

You will need a sizable amount of cash for the earnest money. Liquid.

Be prepared to write an offer before Sunday if you think there will be competition.

[Anonymous]

Anonymous wrote:your first step needs to be financing and if you are renting out your current home the only thing the bank cares about is your debt to income ratio. You can show them a lease but they will always assume the house is not rented.

Most people are suprised when the bank says you can't afford both houses.

THanks -- we're good on that front.

[Anonymous]

go see the house today, do not wait. if the house is nice and the price good, it may not last until the open house (been there - house on the market on a Thursday, I went to the open house on a Sunday with family in tow for what would have been the perfect house for us, and the door never opened. it went under contract that morning - I thought that when there is an open house offers are considered after the open house and I was wrong). if it does, by going today you still have more time to think (for another house, on the market on Friday, we went to see it the same day, and again during the open house on Saturday and on Sunday - it was very useful in giving us the time to decide what to do - no offer) . also, you need to be preapproved for a mortgage now. shop around today and get something. again, the market has been on the seller's side recently, with homes in sought after areas priced right going under contract very fast. if you do not have your preapproval from a bank lined up you cannot make an offer and you may lose a good home. I worked with an agent because I had no experience whatsoever and working full time with kids needed some help, and appreciated the help we got from our agent (plus, if the seller has an agent going without an agent usually does not save you money since the seller's agent gets the entire 6% commission I understand), but other people on this Board apparently were happy without an agent, so I guess it depends.

so my advice, go see the house today, and do the mortgage shopping around, paperwork today. good luck

[Anonymous]

I don't get it. If you have the money, submit a contract now with a realtor. Why wait?

For homeowners, you're pretty green, alright.

[Anonymous]

OP-If you already have a house do you recall the steps you took

[Anonymous]

Anonymous wrote:I don't get it. If you have the money, submit a contract now with a realtor. Why wait?

For homeowners, you're pretty green, alright.

OP here -- I know, right? Thanks so much for your advice!

[Anonymous]

OP here -- I've got my pre approval and am setting up an appointment to see the house today. Am asking around for agent recs from friends who bought in the neighborhood. Thanks to everyone who gave helpful advice!

[Anonymous]

Go with a buyer's agent.

[Anonymous]

I would impress upon the agents you can only work with someone who can take you, today, in the next few hours. I know some people will say do not panic, it's not the right house etc. if it's not meant to be etc. We bought in 2006 in the height of the market. Our dream house came on the market. I was the first person to see it on Thursday. We wrote a contract Friday night with a deadline of Sunday at 9 pm for them to get back to us. They went ahead with the open, and received word they had multiple contracts coming in based on the open house. We were able to get the house. Go for it.

[Anonymous]

Good luck!

[Anonymous]

Good luck, OP--let us know how it goes!

[Anonymous]

Anonymous wrote:I would impress upon the agents you can only work with someone who can take you, today, in the next few hours. I know some people will say do not panic, it's not the right house etc. if it's not meant to be etc. We bought in 2006 in the height of the market. Our dream house came on the market. I was the first person to see it on Thursday. We wrote a contract Friday night with a deadline of Sunday at 9 pm for them to get back to us. They went ahead with the open, and received word they had multiple contracts coming in based on the open house. We were able to get the house. Go for it.

I think you got lucky. If I knew multiple contracts were coming in, I would have ignored your deadline. Those kind of deadlines are effectively meaningless anyway. You clearly wanted the house and wouldn't have walked away if they waited until Monday to get back to you.