Jul. 27, 2007 - Starting Your Home Search

1)  Determine your price range - 3 to 4 times your annual income plus your downpayment, is a good guideline if you don't want to talk with a lender yet.  Stick closer to 3 times.

2)  Go to my site or any Broker's Website with a property search function

3)  Put in all of the cities you might like to live in

4)  Put in your price range

5)  If you are using my site, you will see two types of property.  Active and Offer STI.  The Offer STI properties are "SOLD Subject to Inspection", but will most often better represent what your dollars will buy in a given area.

6)  Narrow down the places where you would like to live and can afford, using this method

It's a start.

Any questions?  Just ask below or email me.

Oct. 23, 2007 - RE: Starting Your Home Search

I am wondering if you could provide any information on how lease to own options work.

I have been seeing a lot of properties sit and languish on the market. Over the last month they have been reduced multiple times and by as much as 20 to 30%. Now I am seeing the same places with ads on craigslist with options to rent or to lease to own.

The area I am watching is Magnolia and Queen Anne.

Nov. 10, 2007 - RE: Starting Your Home Search

Nov. 10, 2007 - RE: Starting Your Home Search

Sid,

The post says three to four times your annual income, not your monthly income.  The monthly payment should be three to four times your monthly income, not the sale price.

Most single family homes require a downpayment, for the buyer to qualify on this basis.  That would be from savings or from selling a condo or townhome with equity, prior to buying a single family residence.

Nov. 10, 2007 - RE: Starting Your Home Search

Still Looking,

Sorry I didn't see your comment up there back on October 23rd.  At this point in time, lease options are not likely the best method of purchase.  It is better for a buyer to lock in a price by doing a lease option when markets are clearly on the rise.  Today it would be better to rent until you can save enough to purchase.

The only reason people would do a lease option is if credit score were the only barrier, and there was reason to believe that credit score would rise due to an event and not just more time.

If you cannot purchase now, then it is not likely a good idea to commit to purchasing in the near future via a lease option.