My Mission Viejo Lease is Up in 60 Days and I’m Going to Buy a House
My Lease is Up in 60 Days – I’m Going to Buy a House in Mission Viejo!
Really!? Did you just say “my lease is up in 60 days!” What are you doing here? You’ve got a ticking time bomb around your neck if you just said “my lease is up in 60 days” and you’re spending your precious weekend bouncing around open houses? Are you kidding me? When your lease is up in 60 days, you’ll be homeless at this pace. You should be experiencing a high level of FREAK OUT. Let’s review the process you’re facing to avoid becoming homeless before your lease is up in 60 days.
First, you need to get pre-approved by a direct lender, which can take as many days as it takes you to collect all of your financial information required by the lender. Let’s say five days for that. Then you need to allow your lender time to put your info into their qualifying evaluation process. Give that at least two days max. Now you’re down to 53 days.
Second, you need to go through the weeding out process of looking at all the homes you are now qualified to buy, to find the one that you would like to buy. That’s usually at least a 10 day process. Fifty-three days, minus 10 days, now you’re down to 43 days until you’re homeless.
Third, you figure out how much you’re willing to pay for the house you’d like to buy. Then, working with your Realtor to look at the comps and other data, you figure out how to write up your first offer. That’s at least one day, maybe two. Now, you have to allow the seller a day or two to consider your offer, try to drum up offers better than yours, then respond to your original offer with a counter offer. Now you’re down to 39 days by my count.
Then, you have to allow time to draw up your counter offer to the seller’s counter offer, give the seller time to review and respond. Allow at least two days for each counter offer cycle. If you go through three counter offer cycles, which is not uncommon in a normal market like we are currently experiencing, now you’re down to 33 days.
If my math is correct, you need to start TODAY if you’re going to buy a house before you become homeless in 60 days. This is probably the reason that we’re seeing more Mission Viejo hopeful home buyers at open houses these days. Just be aware that if you are in that 60-day-lease-expiring mode, you need to get off the open house trail and enlist the help of a professional Realtor. This may be the deciding factor between home ownership and homelessness.
Which would you choose?
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Whether you are looking to buy or sell, I offer weekly advice via my expert real estate articles. If you are currently trying to find a home, search these listings, and then be sure to get in contact with me by calling (949) 678-3373 or emailing me at Leslie@LeslieEskildsen.com.
Leslie Eskildsen is the Real Deal REALTOR specializing in Mission Viejo real estate.
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My Lease is up in 60 days – what are home prices doing in Mission Viejo?
This post originally appeared here: http://www.eskildsengroup.com/2014/10/17/my-lease-is-up-in-60-days-and-im-going-to-buy-a-house/