Updated: We bought a house!

Discussion in 'General Discussion' started by Lumpy, Sep 20, 2009.

  1. Lumpy

    Lumpy Taylor Swift Actionmaster Super Mod

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    anyone have any advice? my wife and I have been working on getting our credit ready and everything else and have found a house we like, but its on the westside of town, which is farther away from both of my jobs...but about the same distance to her job and school...any advice anyone has would be great...things to look out for or expect the first year...stuff like that...

    EDIT: our real estate agent is my mother in law, and we trust her fully...we've been looking at houses for over a year...
     
  2. Razerwire

    Razerwire 99 Problems... Super Mod

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    Make sure you pay close attention to what the house inspector has to say.

    Also, make sure your real estate agent is looking out for your best interested and not simply trying to get a deal done as fast as possible.
     
  3. Lumpy

    Lumpy Taylor Swift Actionmaster Super Mod

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    yeah, edited my first post to reflect about our realtor...
     
  4. Razerwire

    Razerwire 99 Problems... Super Mod

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    She's the agent? Well all the advice would be right there for you. :lol 
     
  5. seven

    seven RIP Poopers 4-1993/5-2008

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    This, our home inspector didn't do his job that well. Not long after purchasing the house we had many problems. Luckily our insurance covered some of it, but we ended up having to get a loan to demolish the garage that ended up in much worse shape than was stated.
     
  6. grimlock1972

    grimlock1972 "No Mas" My Wallet

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    get a reputable house inspector the more experience the better and listen to what he says and do not be afraid to walk away if the house turns out to be a money pit
     
  7. foxfan352

    foxfan352 Well-Known Member

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    cool I just bought a house to good luck
     
  8. Drake

    Drake Smooth Is Smooth Baby

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    Congrats!!
     
  9. BigRC83

    BigRC83 I'm singing in the rain

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    Hey, congrats Lumpy! Hopefully I can put a down payment for a nice decent house someday. Hopefully somewhere in California.
     
  10. firehawc_69

    firehawc_69 cloppers = ignore list

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    The only thing I didn't know about was all the fees up front. Insurances, closing fees, HOA dues (I FUCKING HATE HOA's!!!!), property tax, etc. I thought my mortgage was going to be half of what it turned out to be.

    Just be prepared for buyer's remorse.
     
  11. Insane Galvatron

    Insane Galvatron is not insane. Really!

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    This^. I had to walk away from one. It cost me $700, but was worth it. The guy found some pretty bad structural damage that would have cost way more than that to have fixed.
     
  12. Trailbreaker77

    Trailbreaker77 Veteran TFW2005 Supporter

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    Dude your agent should have told you about all this stuff. I also have an HOA yes they suck but you should have know about this before hand especially because of the restrictions on your deed.
     
  13. sunlink

    sunlink Be Transformed TFW2005 Supporter

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    Keep in mind that a home inspector is really only looking for things related to the structure, electrical, HVAC and water systems. But a good one will point out other "defects" that they may see as well as life expectancy of appliances and various other things (like the roof).

    Another good idea is to be as informed a person as possible. Don't rely on the home inspector as your sole source of information. Sure they'll know the code better but it's easy to look around a house to see problems. Are there water stains on the wall, especially after having a huge amount of rain? How's the grading of the yard - does it flow towards the house? Do the windows and doors open and close easily (possible showing of minor or major settling and non-square framing). Are there odd cracks in the wall, etc.

    Don't just see the beauty of the home based upon what the seller is trying to show you. But go beyond that since this could be your future home. What are the things you are willing to live with and fix and not? The worse thing to have is buyers remorse and usually (tongue-and-cheek) it's because it's done in a uninformed manner.

    There's a ton of information out there - be informed.
     
  14. Ops_was_a_truck

    Ops_was_a_truck JOOOLIE ANDREWWWWWS!!!!!!

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    1. Know what you're paying for monthly. Be aware that your monthly payments will not be made up ONLY of your P&I; they'll also include HOA, mortgage insurance (if you put down less than 20% on the downpayment) housing insurance, etc. The additional fees can raise any estimate you calculate for solely the P&I monthly payments by like $300-$400.

    2. The housing inspector bit has been hit on regularly, but I will echo it as well. Hire a good one and trust his judgment.

    3. Gather up a buttload of money for the downpayment, but be prepared to be assertive when it comes to the closing price of the house. Run price comparisons between your house and other houses in the neighborhood to find out if you're getting a deal or being swindled. Calculate the avg. heated sq. ft. / price for your house vs. other houses in the area to determine this. Look at what other houses in the area have sold for, what they were taxed as (re: price) last year, etc. You can use all of this to chip away at the original sale price of the house.

    4. ABSOLUTELY DO NOT COMPROMISE. Get what YOU want, not what the realtor thinks you should get, even if she is your mother-in-law.
     
  15. seven

    seven RIP Poopers 4-1993/5-2008

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    We specifiacally chose a house that was not part of a Home Owner's Association. I can't stand not being able to do what I want with my property (as long as it's not outlandish). I shouldn't have to pay people to have them tell me if I can paint my house a certain color or not.

    Also, we got all of our closing costs paid for by the previous owner. We just had to show that we had the funds in a savings account if need be. We did live/rent the house for a year before buying it though.
     
  16. Razerwire

    Razerwire 99 Problems... Super Mod

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    Don't let your mortgage agent screw around with the numbers either. Make sure there are absolutely no errors with mortgage and that the decimal points are in the right places.

    Another thing to keep an eye out for is the communication between you, your real estate agent, the sellers agent, and the mortgage company.

    One of the things we learned was that 99% of the time our agent, their agent, and the mortgage company were not on the same page.

    Also, be diligent and firm on the negotiations especially when it comes to closing costs. There will have to be sacrifices made but make sure your side is not the only one doing so.
     
  17. Lumpy

    Lumpy Taylor Swift Actionmaster Super Mod

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    there's no HOA's but all the upfront costs are covered by our mortgage, so that's nice...still its a big deal...and the house inspector is a good friend of my mother-in-laws so that's good too...and yeah, if its turns out to be a real shithole, we're so bailing...but its really nice so far, and way better then 95% of the stuff that we've seen...and there's 3 bedrooms, so we'll have the master, a guest bedroom and my toy room! no more splitting the toy room with guests!!! i'm so stoked about that...
     
  18. Lumpy

    Lumpy Taylor Swift Actionmaster Super Mod

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    we don't have much for the downpayment, but we've got a second mortgage set up as our downpayment through the first time home buyers program...and a house in the same neighborhood that has the exact same floor plan just sold in 4 days in the upper 140's and this one is listed at the upper 130's...so everything seems like a great deal...
     
  19. ORIO

    ORIO Plant-Based Bot Super Mod News Staff

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    Cool man! Can't wait till this a done deal, then we can both be Westsiders :thumb 
     
  20. Tyrant

    Tyrant Zombie

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    The Westside must be getting popular around here. It's me, isn't it? I'm just that cool.
     

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