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General Discussion (Everything Else) Discuss anything that doesn't belong in any other forums here. |
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#1
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buying a house questions
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#2
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IMHO
Get pre-qualified with a bank or mortgage company first... Money is dirt cheap right now !!! Find a GOOD Realtor, do some homework and ask around... This will save you time and money in the end... Work with your Realtor and find something that matches your needs and budget... Once you find what works for your situation, spend the bucks and get a good home inspector... Good luck to ya' !!! Hydro |
#3
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Rule # 1 do not fall in love with any property, don't let your wife say " but babe I love this house" when you find out something is right after home inspection ect... This is an investment don't let emotions get in the way. When making an offer have a limit on what you will counter offer if the don't accept move on .
Get home inspection Don't let realtor convince you it's the right house just so they can get paid , make them show you TONS of homes so you can make a educated choice |
#4
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#5
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I will be happy to guide you thru the mortgage process. I dont lend on MS properties, but can educate you on rates, closing cost etc.
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#6
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My advice...
A bank will approve you for a much bigger [ie. more expensive] house than what you really should be buying. Intrest rates are very low right now, which is really good for people buying homes. I remember when 30 yr morgages were 9% or higher. Some of the obvious things: good neighborhood, good schools, shopping, does the area flood and most importantly....condition of the house. Floors, walls, roof, etc. What amount of storage space does the house have? Also, make sure everything in the house works, don't make assumption that say the proch fans, A/C or hotwater heater work. When it comes to the actual buying process, don't tie yourself into just one bank. Shop around for best interest rates. A little difference in interest rates can mean 1000's of dollars over 30 years. Also if there is any way you can afford to pay a little more each month, a 20 year loan will save a ton of money. If I ever finance a home again...... When the loan officer gives you a "good faith" estimate of the closing cost, I will make him sign the paper and say that the bank will pay all cost above his estimate. They know what all these closing items will cost and there "estimate" will be several hundred dollars under that actual cost just to make there loan look better than another bank. When looking for a home.....look at as many as you can. Get a good feeling for the "value" of a home. By value I mean how does it compare to other houses you have seen. Ask your realitor lots of questions about the area you are looking in and ask what he knows about each house. I worked with a realitor for a few weeks one time. She kept showing me homes that did not meet what I told her I was looking for. I started doing some looking on my own and found a couple of houses I wanted to see and told her about these houses. Next time we went looking, guess what houses we did not look at. A couple of weeks later, with another realitor.... I bought one of these homes. In some cities, taxes are different if you buy in a different county or outside the city limits. Purchasing a home is a big investment. Don't be shy about asking to look at the house again before you make the offer. I once spent 2 or 3 hours looking at and checking a house before making an offer. Speaking of offers, don't be afraid to start off with a really low offer on a house. This is your decision, not the realitors. When you finally find "the" right house.....think about the house and talk it over with your wife for a day or two. Does this house really have everything [or almost everything] that you want. If the house you like still has "stuff" in or outside the house, make sure you know exactly what you are getting. Don't assume the fancy BBQ pit left out back will come with the house. |
#7
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Do allot of shopping without a realtor, on line and then drive bys. Get your own list of what you want to look at, then take a realtor you have choosen.
Know that is costs some where between $75 to $100 per sqaure foot to build. This is turn key, total area under roof including the attached garage. The realtor display SF at living area. Then divide the price of the one you want by the total SF to compare to the cost of building. This will give you important information in your bid process. I bid as follows: House listed at $200,000 I offer $150,000. This may upset the seller, so what. If the seller counters at $175,000, the stage is set. Then counter back n forth, moving to the middle gorund between $175 and $150. Purchase the home warranty package, and ask about an upgraded warranty verses the one offered. |
#8
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good advice given.. Try to put down at least 20%
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#9
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The Cost per square foot is the basic starting point to evaluate a home.
Then you factor in other things like location, neighborhood, housed next to this one, age of home, type of construction [brick, vinal, wood] condition of home/interia, size of lot, landscaping, trees, etc. One thing that is important to me is to have a back porch that is shaded in the afternoons. I like to cook out a lot and I would not buy a house that faces to the east. The condition [age] of the roof can be a major consideration. A new roof can cost $ 10,000+/-. |
#10
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