Advice needed on house hunting!

[coreyphil]

Help! This is the second time we've looked at a house that we really liked and it gets put under contract before we have a chance to go back and look at it again!!! Any suggestions? This last one was a BUMMER because it had been on the market for over 500 days!!! We looked at it the week before Christmas, then the holidays happened and we were out of town for a week. We came back and it's under contract! What do you do? It's scary to think that you have to make a decision the same day you look at something!!!

[Diana]

Don't stress about it to much. It is a buyers market right now and they say it will only get better. I don't think that you need to make a decision the same day you see a house but should make a decision soon after. I am sure you will be able to find all the things that you are looking for... you will find the right one!

[Heidi]

Did anyone see this today on AOL? If you're willing to move to Toronto...

 

Would You Buy This Tiny House? - AOL Real Estate

 

http://thelittlehouse.com/

[AlmostMrsForbes]

Hi, Corey

 

I'm sure you've probably thought of this - but I'd suggest being pre-approved by your lender so that you can put an offer on a home right away if you decide you love it!

 

Good luck - I know buying a home can be frustrating and exciting all at once!

[becks]

Sorry that the one you liked went under contract. Your agent really should have told you that someone was that interested.

 

Something will come along, don't worry. The market is in your favor.

 

A couple of thoughts on things that I'm doing to improve my position:

 

(1) Find a contractor or architect that you like and can work with - if you need anything done, its better to have them lined up now. You don't want to have to go looking for someone after you've found the house or you'll lose precious days before you're comfortable making an offer.

 

(2) Call your bank (or several banks) and get a letter of pre-approval for your mortgage. The ability to waive your financing contingency is an enormous asset should you ever find yourself competing against another buyer for the house of your dreams. Inability to get financing is one of the major reasons houses fall out of contract these days.

 

Good luck! Let us know how it goes!

[monicabrandon2008]

I'm sorry that happened to you. Luckily, Dallas is a great housing market and you are sure to find something you want AGAIN = )

 

You should definitely bring a pre-approval letter with you to show the sellers that you are serious. I suggest you don't put a contract on a home unless you are really sure you want it. On the other hand if you are scared of not getting the property if you don't immediately put a contract on it then you can go ahead and make an offer. You will have a 10 day grace period to back out of the contract if you decide that you don't want to go forward with it.

 

Good luck! Buying a home can be stressful but if you work with a great lender/broker and real estate agent they should take care of you.

[LCBride2007]

that really sucks! but i will say, anytime i've bought a house (5 over the last 10 years) i've moved fast and always made an offer within a few days of seeing it for hte first time. typically i go back to see it at least once, if not twice over the next day or so -then make an offer. the longer you look, the more you will know EXACTLY what you want and it will be easier to make that decision. good luck!

[fogdog]

Try house-hunting the Bay Area! Typically, houses get listed on Thursdays, open houses on the weekend, and then (several) offers Tuesdays.

Once you've looked at enough houses (we looked for 8 months) you should know within a few minutes of walking in and then scanning the disclosure packet whether it's right for you or not. As time goes by, you'll become more comfortable with moving quickly. Also, depending on your offer, you should be able to use your contingencies to back out if you need to.

Very good advice to have your inspector and mortgage broker lined up ahead of time. Both can act quickly (less than 24 hours) if you have an already established relationship.

[Kelly C]

I'm really sorry to hear that happened to you. I personally work for a builder in Sales. And I have already notice a change in the market. It is picking up at least here in Mo. The best advice i can give is to have everything lined up and redy to go. Check with the realtor to see if the house has a firm contract or contigent. You can bump a contigent contract if all your ducks are in a row. Normally they give the first buyer 24 to 48 hours to firm up and if they cannot they loose their spot. Also you may look in new construction. If you don't want to build they usually have plenty of market homes available and are will to negociate. Hope this helps.

[monicabrandon2008]

Let me know if you need to get pre-approved. I'm a TX loan officer and can help you with anything you may need.