First time home buyer looking for advise? | |
Pabamus V
User ID: 1033203 United States 11/28/2021 11:22 PM Report Abusive Post Report Copyright Violation | |
Reality Czar dodger007
User ID: 77690112 United States 11/28/2021 11:22 PM Report Abusive Post Report Copyright Violation | Getting a Realtor to be your buyer-agent ( seller pays his fee at closing) would work you through almost all of the advice youre getting here Property valuation, tax history, lenders, insurance, regulations and zoning issues, known plans for future development, school reports (schoolx have a big impact on property value): housing inspections and issues of concern, If you go FHA or VA they may make the seller fix a lot of issues you’ve been living with…lead, asbestos, even peeling paint. Contract issues. Etc etc etc Talk with several Realtors that specialize in buyer-agency. Get references. They will negotiate with the seller on your behalf, factually. You can count on America to do the right thing after exhausting every other alternative." Winston Churchill |
Anonymous Coward User ID: 80262763 United States 11/28/2021 11:25 PM Report Abusive Post Report Copyright Violation | Lots of great advice on this thread. Thinking outside of the box, would your landlord be willing to sell to you? Sounds like you'd have a built in rental opportunity to help offset costs. Plus, you'd be saving 6-7% off the top by not needing a realtor. You already know the property and maintenance history. FHA does have some downpayment assistance programs available, some are grants while others are deferred loans that need to be paid back when the house is paid off. Here is a link to the grants: [link to www.fha.com (secure)] Rural Development is a great opportunity if you're buying in a qualifying area. You can put in the desired address to see if it qualifies: [link to www.rd.usda.gov (secure)] I'd stay away from quicken loans, had some great transactions with them and some not so great transactions. Loans are assigned to brokers so you don't know what you're getting. I'm sure there are local lenders in your area that are good, ask around. Once you find a lender you like, he/she will guide you through the process. You'll need bank records and a couple of years of tax returns to get the ball rolling. Don't do something silly like buy a car or anything else on credit until you get the house deal closed. Good luck! |
Anonymous Coward User ID: 80518909 United States 11/28/2021 11:37 PM Report Abusive Post Report Copyright Violation | Don’t purchase a home with a HOA & CCRs. The yearly increases and special assessments are a killer to finances. It will price you out and you’ll be unable to age in place come later retirement/last stage of life years. Whatever the bank preapproves you for, buy at least 10-25% below that. Save the difference for home upgrades, repairs, and routine maintenance. Accept no home is perfect. Look for good bones and disregard cosmetic blemishes. Research property owners. How many times was it sold. Stay away from rental homes now being placed on the market. Definitely stay away for quick flips. |
Anonymous Coward User ID: 80300488 United States 11/28/2021 11:42 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 81181811 United States 11/28/2021 11:42 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward (OP) User ID: 80409806 11/28/2021 11:47 PM Report Abusive Post Report Copyright Violation | Getting a Realtor to be your buyer-agent ( seller pays his fee at closing) would work you through almost all of the advice youre getting here Quoting: Reality Czar dodger007 Property valuation, tax history, lenders, insurance, regulations and zoning issues, known plans for future development, school reports (schoolx have a big impact on property value): housing inspections and issues of concern, If you go FHA or VA they may make the seller fix a lot of issues you’ve been living with…lead, asbestos, even peeling paint. Contract issues. Etc etc etc Talk with several Realtors that specialize in buyer-agency. Get references. They will negotiate with the seller on your behalf, factually. thank you so much |
A Jackson
User ID: 77883747 United States 11/28/2021 11:53 PM Report Abusive Post Report Copyright Violation | i know about construction need lessons on finance lets say i get a interest at 3.5 but next year the interest rate jumps to 6.7 and property tax is raised should you buy now or rent people are paying 3 to 4 times asking price on homes here? Quoting: Anonymous Coward 80409806 Don’t ever get a loan where the rate changes. Mortgage rates will change but your rate shouldn’t. If people are paying 3-4 times asking, I think you are years too late. The good thing is in a couple of years those people will want to back out and the market will collapse, that’s when you buy. Smoke me a kipper, I’ll be back for breakfast. If you do not take an interest in the affairs of your government, then you are doomed to live under the rule of fools. — Plato “AI is kind of a fancy thing, first of all it’s two letters. It means artificial intelligence.” Kamala Harris VPOTUS |
Rhinodawg
User ID: 76941489 United States 11/28/2021 11:53 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 80360585 United States 11/28/2021 11:58 PM Report Abusive Post Report Copyright Violation | |
A Jackson
User ID: 77883747 United States 11/29/2021 12:00 AM Report Abusive Post Report Copyright Violation | OP, the fact you are getting this many cautionary comments means a lot of people get screwed or have regrets about buying houses. Take your time. Smoke me a kipper, I’ll be back for breakfast. If you do not take an interest in the affairs of your government, then you are doomed to live under the rule of fools. — Plato “AI is kind of a fancy thing, first of all it’s two letters. It means artificial intelligence.” Kamala Harris VPOTUS |
Anonymous Coward User ID: 80037527 United States 11/29/2021 12:15 AM Report Abusive Post Report Copyright Violation | Hey friend, check out on YouTube a guy whose videos are under Reventure he has excellent analysis of places all over the country for investors where the job market is great cost of living is low housing is affordable you might have to watch a few but you'll see the pattern developing of the best areas of the country to move. Not just for investing but to live. He's very thorough and analytical. Best of luck. |
Anonymous Coward (OP) User ID: 80409806 11/29/2021 12:16 AM Report Abusive Post Report Copyright Violation | OP, the fact you are getting this many cautionary comments means a lot of people get screwed or have regrets about buying houses. Take your time. Quoting: A Jackson i dont have time is the fact been renting here for 14 years 350 a month i was told there selling this house on the river so there 14 year olds has a place to fish i offered to buy it but no |
Anonymous Coward (OP) User ID: 80409806 11/29/2021 12:17 AM Report Abusive Post Report Copyright Violation | Hey friend, check out on YouTube a guy whose videos are under Reventure he has excellent analysis of places all over the country for investors where the job market is great cost of living is low housing is affordable you might have to watch a few but you'll see the pattern developing of the best areas of the country to move. Not just for investing but to live. He's very thorough and analytical. Quoting: Anonymous Coward 80037527 Best of luck. thanks brother will look |
Anonymous Coward (OP) User ID: 80409806 11/29/2021 12:25 AM Report Abusive Post Report Copyright Violation | I don't understand finance in 1995 the house i am looking at sold for 25 grand now it is 147 grand taxes are a 200 perecent so if i buy in at a interest rate of 3.5 and next year it jumps up to 8% on a 30 year loan in this market is better to pay higher rent than buy into the housing market i know nobody knows the trends but i know for a fact my grandfather made 16 a hour in the 50s and paid 5100 $ for a new home |
Anonymous Coward User ID: 80683191 United States 11/29/2021 12:48 AM Report Abusive Post Report Copyright Violation | |
Dumbgambler
User ID: 77741880 United States 11/29/2021 12:50 AM Report Abusive Post Report Copyright Violation | |
Butch DeFeo
User ID: 44546351 United States 11/29/2021 12:53 AM Report Abusive Post Report Copyright Violation | I dont know where to start i see a house that i want the next day it is sold looked at single wide trailers was pre approved for 110 grand. should i look into FHA of bank or a morgate lender? what is the first step i should do right keep renting for 345 dollars a month water trash and sewer included on the river or buy? housing is spiking her in 1995 housing sold for 40 to 80 grand now there tripled Quoting: Anonymous Coward 80409806 Keep renting for 345$!! keep saving your money for later, house prices will come down in a few years. :DOCSRBAFFLED::redblueLED::DONTBEAPANDEMICS: Only you can stop the fake pandemic for yourself, no one will ever tell you the pandemic is over. It's time to WIN. |
Anonymous Coward User ID: 15053411 United States 11/29/2021 12:53 AM Report Abusive Post Report Copyright Violation | Please no H O A ! Or what name they changed it to ... How tall your fence or colour of house or how high you grass is ' what friends you have over and their cars How many cars can park what business you do at home..... Can make life very bad ! When you get insurance need a few things ( rides) "Guarantee replacement" ( most will give you100$ for a 2,000$ TV because it is 3 years old and average life is 5 But if you have that rider you will get 2,000$ or more to replace what was lost damaged Also( code up grade) say you have damage and the insurance States you need the wire to go through pipe now but you do not have that rider policy you are out of pocket for 10,000$ because the new codes need to have this .... Just examples , I have had over the years ! Next how close are the houses to each other Can you yell with out someone calling c p s Finding the right house for yourself can make a lot of happy years: Enjoying the sun , garden, view , the peace and quiet! . |
Anonymous Coward User ID: 80090618 United States 11/29/2021 12:58 AM Report Abusive Post Report Copyright Violation | I dont know where to start i see a house that i want the next day it is sold looked at single wide trailers was pre approved for 110 grand. should i look into FHA of bank or a morgate lender? what is the first step i should do right keep renting for 345 dollars a month water trash and sewer included on the river or buy? housing is spiking her in 1995 housing sold for 40 to 80 grand now there tripled Quoting: Anonymous Coward 80409806 Keep renting. Thats less that half of what you would actually pay after mortgage, insurance, tax etc. On a 110k mortgage. Also upkeep on the new home would be a grand or more per year. A collapse or bubble in real estate is drawing very near. Housing prices will fall drastically, so new buyers will go negative after home values collapse. |
Anonymous Coward User ID: 79814538 United States 11/29/2021 01:02 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 80223608 United States 11/29/2021 01:05 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward (OP) User ID: 80409806 11/29/2021 01:08 AM Report Abusive Post Report Copyright Violation | OP seems dead set on buying a house at the worst possible time in U.S. history rather than finding a new place to rent for a while so that he can make a well thought out decision without being under pressure. Quoting: Anonymous Coward 79814538 no SIR or MAMA when does one buy into a market? its like me asking you about bitcion right ? |
GT Big hair
User ID: 80710612 11/29/2021 01:52 AM Report Abusive Post Report Copyright Violation | |
LameDame
User ID: 80798415 United States 11/29/2021 01:53 AM Report Abusive Post Report Copyright Violation | I don't understand finance in 1995 the house i am looking at sold for 25 grand now it is 147 grand taxes are a 200 perecent so if i buy in at a interest rate of 3.5 and next year it jumps up to 8% on a 30 year loan Quoting: Anonymous Coward 80409806 in this market is better to pay higher rent than buy into the housing market i know nobody knows the trends but i know for a fact my grandfather made 16 a hour in the 50s and paid 5100 $ for a new home I like to talk to people face to face. With that in mind, I would stay with a local credit union or small local bank. It sounds like you need help understanding the financing. As someone already suggested, get a fixed interest rate not one that fluctuates. Interest rates are the lowest they have been since you grandfather bought that house. 3.6% interest on 100,000 = $3600/ yr or $300/mn interst. 12.0% interest on 100,000 = $12,000/yr or 1000/mn See the importance of interest rates? You do pay a small amount of principal(the amount you borrowed) each month, so gradually less of your payment goes towards interest and more towards principal. So, the most extra you can pay towards principal in the first years of your mortgage, the better off you will be in the long run. If you file taxes long form, the interest and taxes are deductible. Now, the standard deductible has been raised so high that, unless you live where there is high property tax or you interest is real high, most don't have enough in deductions to file longform. Most of the payment on a 30 year loan is the interest payment up until about year 20. You get better interest rates on shorter term loans which is less risk for the bank but you have to pay a higher principal amount to pay it back quicker. Make sure that there are no penalties if you pay the loan off early. What I do is get a 30 year loan eventhough the interest is a bit higher and pay extra towards the principal as I can. That will cut back on the number of years on the loan. Then, I have a lower payment due if I get strapped for cash. Many may disagree with this. Decide what is best for you. With a fixed interest rate loan, the only thing that would cause the payment to fluctuate would be a change in property taxes or your homeowners policy. They shouldn't change that much. I also recommend flood insurance. It is not that expensive in a prefered zone, uh, unless you are in the desert then you shouldn't need it. Homeowners will not pay for any water damage due to flooding. I also use escrow. Many recommend against this. Escrow is when the bank takes extra money, besides the principal and interest, to cover the property taxes and homeowners insurance. Again, it protects them. It is easier for me to let them make those payments for me. Back when you could get interest on your money, homeowners would prefer to save the money and earn interest on it then make the yearly payment. You do not earn interest on the money the bank holds in escrow. Talk to several banks/agents about the loan. Most are very helpful in explaining it. Have at least a 20% downpayment otherwise a bank will charge PMI insurance to protect themselves if you default. That is money thrown away. I wouldn't buy anywhere with an HOA (homeowners association) which is most condominiums and some subdivisions unless you like other people spending your money and telling you what to do. You have a great deal where you are. Stay there as long as you can. Do you have a lease? Unless you landlord is a really, really good person and likes you a lot, they want you out! Hopes this makes sense and it helps. Last Edited by LameDame on 11/29/2021 02:04 AM |
Anonymous Coward User ID: 75225977 United States 11/29/2021 02:10 AM Report Abusive Post Report Copyright Violation | |
American Indian Elder
User ID: 80679716 United States 11/29/2021 04:39 AM Report Abusive Post Report Copyright Violation | Hi, you have to get out in a hurry, try a piece of land with no history of floods and get a little prefab and you can build onto it.DONT get a basement, they are all dark and damp and moldy and housing for mice and spiders, i dont care how cute they look on tv. The pricing for prefabs is fairly stable but make sure local laws let you put one up. NO house trailors: hot as heck in the summer and freezing in winter; they do not appreciate in value and are death traps in high winds, tornadoes or fires. Bears around here walk right up to the smaller ones and rock them till they tip over then rip them apart. Trees are nice but if too big and too old, a good wind can land them on your house, if near basement, roots can push the wall in and if near your sewerpipes, nothing but trouble. AVOID septic tanks at all costs. Dont be too close to the next house or on a street where some houses look junky and run down. I dont recall seeing this mentioned but whatever you do, get a home inspector to go over the house. They can save you from paying for a new foundation, new roof, avoiding black mold, etc. Start watching all the HGTV shows you'll her Holmes ask a crying homeowner,"didnt you have a home inspection" and they reply (crying), NO.we saved money not to. We bought our 100 yr old small home 15yrs ago for 30k, it wasnt much to look at but all solid built Amish style wood and brick.And two bdrm, two bath. Inspecter said foundation not much. OK, but its lasted 100yrs, I thought, if it folds, Ill move the furnace and electric up into the where the stairs area is and fill the rest with sand and gravel, it was two story so the foot print to do that wasnt much. We added a front porch first year and every year, did one project,the roof, next the windows and so on, just a really cute place with a double lot and the trees we dug up here and there for free are great now.Planted all perrenials and lots of wild berries. Dont get bogged down with imaginary scenarios.My car was only 12k slightly used when I bought it, and now it would have cost 22k so what. The fact is look for a good deal, tax sales, or estate sales. Ours, the kids out of state wanted to unload the property fast when an uncle died and left it to them.Drive around and watch for sale by owner. We both worked and I got a 40 yr mortgage from our credit union and it let me pay off on the principal without penalty so I made my payment and all the money I made on my paintings or bakesales etc or that he made, we paid down on the principle and in 12 years we owned it free and clear and we retired. amdg Forgiveness means giving up every hope for a better past, In exchange for a better future. P.S. Ive always had an American Flag, now all of a sudden you gave me a Canada one. ?? Please whoever did this change it back. Not that free Ojibwe/Chippewa acknowledge any imaginary boundry lines... |
JimmyBones
User ID: 53188484 United States 11/29/2021 04:46 AM Report Abusive Post Report Copyright Violation | I would buy now. Be comfortable with payments. If the housing crashes, it crashes. Houses are well above the prices they were pre 2009 crash. Quoting: Its Time They are not making any more real estate. Good luck OP Good advice. People saying to wait have no clue. Blackrock and the like are buying up property like crazy and driving regular folks out of the market. Interest rates are great right now and guaranteed to go up big time soon. Lock in a low rate and nickel and dime repairs. |
Anonymous Coward User ID: 14546829 United States 11/29/2021 05:35 AM Report Abusive Post Report Copyright Violation | If you can acquire some acreage with a slab that use to have a mobile home attached, for a decent price, then that's what I would do. They typically already have a well drilled and septic hookups already, along with power and phone available sometimes. Then you can slap your own mobile unit on it and hook it up. A 60-90k, *2-10 acre parcel with those options, plus a 10k mobile unit and approximately 3-5k moving cost will net you not only a house but some acreage also if you can find something like that. In total might cost you 110k or so. I came across several some years back that fit the bill for such a scenario. You might get lucky and find one. Shop around. Look at every listing carefully. |
Anonymous Coward User ID: 78988871 United States 11/29/2021 05:39 AM Report Abusive Post Report Copyright Violation | |