Any Tips On Buying A House?

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  #51  
Old 03-06-2013, 08:38 AM

RE: Any tips on buying a house?

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Originally Posted by dianak9938 View Post
I was wondering if you could do that! That's the only reason I don't want a fixer upper is because we don't have the extra money for it, I'd love to do it if we could! Is that with an FHA loan you can do that?
Another question is I am looking at mortgage companies and am seeing a lot of places online. Is there anything wrong with using a bank online rather than somewhere local?
Read the reviews and realize that if something goes wrong you will not have a physical address nearby to walk into and scream at someone. I have refinanced locally several times with a discount broker. I never saw him so he might as well be in Timbuktu, but I knew where to hunt him down if need be. House closings/mortgages can be quite tense right at the end and there always seems to be a glitch. I have always hired a lawyer for closing and it was always $300-$400 well spent.
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  #52  
Old 03-06-2013, 09:06 AM

RE: Any tips on buying a house?

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Originally Posted by RNSAMRN View Post

As for a realtor, I chose the one who was selling the home we liked. We asked her to show us other homes for comparison. We actually went out with a second realtor to see another home,minutes liked the first woman, so stuck with her. I did ask around and she had a good reputation. A friend of mine had several realtors all looking for homes for her. That is frowned upon due to the whole commission thing, but it was her time and her money, so that's how she worked it.
When buying a house you should never have the agent/agent's office be your agent. The agent selling the house is working FOR the seller. You want an agent working FOR you. I just bought my 2nd home and used a realtor other than the one selling the house we bought. The seller's agent will not help negotiate price with you since they seller is their client and they have the client's interest.. not yours.

Thats my tip.... Good luck on your search...
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  #53  
Old 03-06-2013, 09:18 AM

RE: Any tips on buying a house?

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Originally Posted by ArwenEvenstar View Post

When buying a house you should never have the agent/agent's office be your agent. The agent selling the house is working FOR the seller. You want an agent working FOR you. I just bought my 2nd home and used a realtor other than the one selling the house we bought. The seller's agent will not help negotiate price with you since they seller is their client and they have the client's interest.. not yours.

Thats my tip.... Good luck on your search...
Unfortunately I may be in that situation. We are buying in a small town. We are shopping with the best agent. Being the most reputable they also have the majority of the listings. But if they are the listing and the selling they get the whole pie and they do not have to share. Also they know we are seasoned and not going to be gaga for a particular house and willing to walk if the price is not right on a house. Maybe they will work a little more to sell us one of theirs over risking us buying one of the competitors and getting just a chunk. Most of the properties have been listed 6+months.
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  #54  
Old 03-06-2013, 10:43 AM

RE: Any tips on buying a house?

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I would not be wanting a mortgage loan at 50% of our income, more like 1/4 - 1/3 of our monthly income. I was just saying that half of our monthly income could go to ALL house expenses, bills, taxes, everything related to owning a house. An thank you for the great info it is very helpful!
So here's a big problem, I checked my credit score yesterday, got a letter today for a ore approval, so they checked out credit causing it to go down 58 POINTS in one day.. I'm freaking out right now..
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  #55  
Old 03-06-2013, 10:48 AM

RE: Any tips on buying a house?

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this is crazy but I got my loan through bmo harris and they had to do the application like 3 times because of negotiations, etc. so they inquired on my credit 3 times. Then they have to nerve (underwriting) to tell me that they need me to write a letter explaining why BMO HArris pulled my credit report. DUH!!$#%$%

If you have to get PMI insurance on your loan then your income to debt ratio has to be like 41% or something ...
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Last edited by ArwenEvenstar; 03-06-2013 at 11:38 AM.
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  #56  
Old 03-06-2013, 11:26 AM

RE: Any tips on buying a house?

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Originally Posted by ArwenEvenstar View Post

When buying a house you should never have the agent/agent's office be your agent. The agent selling the house is working FOR the seller. You want an agent working FOR you. I just bought my 2nd home and used a realtor other than the one selling the house we bought. The seller's agent will not help negotiate price with you since they seller is their client and they have the client's interest.. not yours.

Thats my tip.... Good luck on your search...
This is a good point. Our agent got us a handful of things we didn't even know about, and that the listing agent surely didn't offer, i.e. 2 year home warranty, seller paid closing costs, and some tricky thing with the property tax proration that actually GAVE us cash at closing while still keeping enough in escrow to pay the taxes - all was paid by the seller and none would have happened if we were represented by the same agent.
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  #57  
Old 03-07-2013, 12:26 PM

RE: Any tips on buying a house?

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Quote:
Originally Posted by ArwenEvenstar

When buying a house you should never have the agent/agent's office be your agent. The agent selling the house is working FOR the seller. You want an agent working FOR you. I just bought my 2nd home and used a realtor other than the one selling the house we bought. The seller's agent will not help negotiate price with you since they seller is their client and they have the client's interest.. not yours.

Thats my tip.... Good luck on your search...
That makes so much sense!! Thank you!
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  #58  
Old 03-07-2013, 03:16 PM

RE: Any tips on buying a house?

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Originally Posted by ArwenEvenstar View Post
When buying a house you should never have the agent/agent's office be your agent. The agent selling the house is working FOR the seller. You want an agent working FOR you. I just bought my 2nd home and used a realtor other than the one selling the house we bought. The seller's agent will not help negotiate price with you since they seller is their client and they have the client's interest.. not yours.

Thats my tip.... Good luck on your search...
I totally agree...however we bought a short sale. We ultimately had to negotiate with the seller's bank, not the realtor for the seller, who was just a middle man.
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  #59  
Old 03-08-2013, 01:22 PM

RE: Any tips on buying a house?

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Does anyone know what a good amount of money would be to have left each month after all other bills and expenses?
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  #60  
Old 03-08-2013, 02:54 PM

RE: Any tips on buying a house?

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It depends. Before you can get to that answer, you need to figure out how much you think you need to retire, how much you need to start setting aside now to get to that goal, and what you need to bank to pay for kids' college if you have children, etc. The retirement amount also depends on what your pension situation is, and what your job security situation is.
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  #61  
Old 03-09-2013, 08:37 AM

RE: Any tips on buying a house?

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It depends. Before you can get to that answer, you need to figure out how much you think you need to retire, how much you need to start setting aside now to get to that goal, and what you need to bank to pay for kids' college if you have children, etc. The retirement amount also depends on what your pension situation is, and what your job security situation is.
Ideally your retirement savings should be coming out just like your mortgage and other set expenses. Dave Ramsey and Suze Orman have good advice to get you started. Having just done the sending two kids to college and two more left I agree with Dave ans Suze. Make your retirement your priority. The kids have many ways to pay for college and it is amazing how their priorities change when they are paying for it. You do not want to burden them by having nothing for retirement while they had a grand 4 years at college. Also a good rule of thumb is your education should not cost more than what you will make in one year of that career. Some say your first year. So if you are putting in $ 150,000 for a $50,000 at most a year job...well you need to rethink your plan. Go to a cheaper school or get a better major.

Long bad story...but one kid learned this by experience. Against our very adamant advice spent $$$$ studying a worthless and low paying major. Now can not get any job. He is waiting tables after graduating with a 4.0 from a big 10 school and can not make his bills.(part of the problem is he had relative partially paying his college and it was out of our control. If he had to pay it himself he now admits he knows he could not afford it and would not have done it. He would have been more practical. It just sounded fun!)


Ok more answer than you asked. Bottom line check out Dave and Suze's sites.
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Old 03-09-2013, 12:11 PM

RE: Any tips on buying a house?

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Well we really haven't talked about saving for retirement except having a 401K. I do agree the kids can atleast contribute to paying for college, I paid for mine myself but they will obviously take it more seriously if they are earning the money as well. I guess 12 years will be here quicker than I think. Although its gonna be 36 years until retirement.. I'm assuming you retire at age 60? I definitely don't like the idea of paying for EVERYTHING while a kid is at college, not letting them work, and watch them party the years away.
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Old 03-09-2013, 04:46 PM

RE: Any tips on buying a house?

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Originally Posted by dianak9938 View Post
Well we really haven't talked about saving for retirement except having a 401K. I do agree the kids can atleast contribute to paying for college, I paid for mine myself but they will obviously take it more seriously if they are earning the money as well. I guess 12 years will be here quicker than I think. Although its gonna be 36 years until retirement.. I'm assuming you retire at age 60? I definitely don't like the idea of paying for EVERYTHING while a kid is at college, not letting them work, and watch them party the years away.
Yep, 12 years will definitely be here quicker than you think, and most people have a 30 year mortgage, sooooo.....even if you got a 15 year, they'll still overlap! Sometimes you just have to do what is best for your family now, and work towards the future. But as to your question about how much to have left over per month, my answer would be "more than you think you'll need".....by about 1/3. You never want to be "house-poor". There is such a difference between gross pay and take-home pay. Only go by your take-home pay. They may calculate your mortage approval on gross, but you can't spend gross. You'll want to be increasing 401k contributions and other savings whenever possible (like with raises, bonuses, etc), and health insurance goes up every year. And no matter how many times I had a budget and thought I had tons left over, something always came along that we didn't think about.....as your kids get older, there are lots of unexpected costs.
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  #64  
Old 03-09-2013, 05:31 PM

RE: Any tips on buying a house?

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Against our very adamant advice spent $$$$ studying a worthless and low paying major.
I agreed with everything you said except maybe that part - because I hate to see people counseled into a career they hate just for the money. I have a fine arts degree (aka low paying degree) from an expensive school, and it took a decade of other jobs and a determination to get back to this, but now I do make my living in the arts, and I love my life. My daughter also went for a pricey fine arts degree, and she is also making her living in the arts.

There's a tradeoff because she and I both are capable of earning more money, but I think when we're on our death beds, we aren't going to be wishing we'd working in a cubicle all our lives for more money.
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Old 03-09-2013, 05:39 PM

RE: Any tips on buying a house?

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I agree it's more important to be happy than to be wealthy.. Id rather make less and and do a job I love, kinda like my job now.. A SAHM, I could be working as an accountant right now making a pretty decent amount of money but I am pretty sure I wouldn't be as happy!
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Old 03-11-2013, 12:57 PM

RE: Any tips on buying a house?

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I was trying to give basic information when we had gone through this. Not to get into the whole thing...but if he had paid for it we would not have cared and would have been fine with whatever he was doing as long as he was doing it himself. Do what makes you happy. You are an adult. For us it ended up ugly. Very ugly all the way around. There is alot I did not reveal and do not want to. It would take pages and read like a soap opera. It was a divorce situation so a crazy ex wife was involved. A court battle over the cost of college. The kid is strung out on drugs....It is ugly layers upon layers you can not imagine.

Following your joy is wonderful if you are realistic about it, but there has been nothing realistic about this kids thinking for the last 6 years. It is one impractical grandiose idea after the other. At least legally the whole nutty bunch of them are legally out of our wallets forever. So follow your joy...just pay for it yourself.
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  #67  
Old 03-11-2013, 10:34 PM

RE: Any tips on buying a house?

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When I went to college I paid my own way. Lots of girls were there on daddys wallet and showed little interest in anything but weekend mixers to snag their MRS.

My son starts in the fall and he's on his own paying it.

Back to the house . When I bought my house I based what I could afford off one of our incomes. That way if something had happened my kids wouldn't lose their home. The bad things did happen (worse than I imagined!) and we still have our house!
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Old 03-16-2013, 07:38 AM

RE: Any tips on buying a house?

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We only have one income. I do make some extra money here and there doing rag quilts on eBay but that's not steady so we won't count on that. My husband normally gets 7 OT hours a week but I'm only going to count the lowest he'd get which is 2. So 42 a week. Even with that number we can get something nice. It will be close but I've been told to aim high. You don't wanna be stuck in a little house for 10 years and end up having more than enough to make payments knowing you could be somewhere better. He's always going to get raises, not pay cuts. He is amazing at what he does and is always moving up very quickly. Yeah things can come up and this or that can happen but it doesn't matter which house we buy, "things" happen. We've been stuck in this tiny crappy apartment for 6 years.. We've been ready to move for 5. We deserve something nice, something we love. We don't want to waste time with a starter house, just gonna skip straight to the point and find our dream house.
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Old 03-16-2013, 01:21 PM

RE: Any tips on buying a house?

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I hope things work out for you. I was our main breadwinner. Made good money that got better every year. Then bam I got sick. My neighbor recently lost her husband in an accident. You always have to plan for the unexpected.
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Old 03-17-2013, 09:00 PM

RE: Any tips on buying a house?

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I cannot stress enough to visit the home several times without the realtor at different times of the day. Get out of the car and listen for loud dogs traffic and trash ur neighbor may have brought out of hiding. ALSo home inspection is number one!!!!!! I'm in my first home and would move if I could afford to fix it in order to sell it. Foundation on back addition is leaking, duct work to addition are fake, electrical almost killed me on the deck my first summer and then deck and electrical had to be torn off, termite damage so bad I have so far put in new studs in three rooms, floors so bad with termite damage I just laid extra thick pad and new carpet. Neighbors next door so trashy, when they were foreclosed on 9 years ago their roaches came to my house in search of food. First night in my new home pregnant and two toddlers with me, I awoke to kids smashing out car windows of cars parked on street. A few years later tile in shower starting falling off in random spots. The list goes on and on. I was in the middle of a divorce when I bought this home and hindsight I should have stayed in theI apt a few more years, I rushed and trusted my realtor to set the inspection, she faked both the termite and mechanical inspections, and I wrote her checks for both. And did I mention the home needed a new roof the third year? That was $5k I didn't have to spend not to mention the extra cost of new guttering cause the roofers ruined what I had. Just be careful and don't rush, if u feel pressured to buy then run the other way fast !!!!!!!!!!

I want to add I did seek advice from attorney who found the original owner had dementia and didn't disclose problems with house, nothing I could do, lawyer said agent didn't have any assets so pointless in me to pay him to get nothing in return.

Last edited by kittycatinkc; 03-17-2013 at 09:03 PM.
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Old 03-18-2013, 09:44 AM

RE: Any tips on buying a house?

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Quote:
Originally Posted by kittycatinkc
I cannot stress enough to visit the home several times without the realtor at different times of the day. Get out of the car and listen for loud dogs traffic and trash ur neighbor may have brought out of hiding. ALSo home inspection is number one!!!!!! I'm in my first home and would move if I could afford to fix it in order to sell it. Foundation on back addition is leaking, duct work to addition are fake, electrical almost killed me on the deck my first summer and then deck and electrical had to be torn off, termite damage so bad I have so far put in new studs in three rooms, floors so bad with termite damage I just laid extra thick pad and new carpet. Neighbors next door so trashy, when they were foreclosed on 9 years ago their roaches came to my house in search of food. First night in my new home pregnant and two toddlers with me, I awoke to kids smashing out car windows of cars parked on street. A few years later tile in shower starting falling off in random spots. The list goes on and on. I was in the middle of a divorce when I bought this home and hindsight I should have stayed in theI apt a few more years, I rushed and trusted my realtor to set the inspection, she faked both the termite and mechanical inspections, and I wrote her checks for both. And did I mention the home needed a new roof the third year? That was $5k I didn't have to spend not to mention the extra cost of new guttering cause the roofers ruined what I had. Just be careful and don't rush, if u feel pressured to buy then run the other way fast !!!!!!!!!!

I want to add I did seek advice from attorney who found the original owner had dementia and didn't disclose problems with house, nothing I could do, lawyer said agent didn't have any assets so pointless in me to pay him to get nothing in return.
Wow that's awful, I'm so sorry to hear that! The house we are looking at was recently updated throughout, the owners had to move all of a sudden (military, which happens a lot around here living by the air force base) and are trying to sell it quick. It looks like they did everything top notch planning to have it for themselves. There is only one neighbor to the side cause it's out in the county, which I will be investigating. I do not feel pushed at all, our realtor suggested we still do some first looks before doing a second on this one but still can't find anything to compare. When we do have our inspections I am going to be there as well. We are going back today for the second showing.
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Old 03-18-2013, 12:20 PM

RE: Any tips on buying a house?

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We are on the search as well. We basically need to find a foreclosure to get enough house in our price range in a good part of town. We have last 2 houses, one we absolutely loved and are heartbroken but were back on the search. We have driven by every house in our price range in a 30 mile radius from my husbands work. We have a point system and a weighted scale in excel (my hubby is a tad crazy ) we've looked at about 10 houses and hitting 5 more today.
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Old 03-18-2013, 01:08 PM

RE: Any tips on buying a house?

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I love my current home. It suits us very well. I only wish I could have gotten a similar home, for the same price with more land so we could raise chickens (not allowed on the amount of land I have).

Reading some of the posts brings back memories of how unhappy I was during my first marriage in a 'fixer upper' home. The stress of living in a home you regret buying can be unbearable. Especially when it is falling apart around you. Even living in a home that is only 4 years old, there is still always work to do. Things break. That's life. So given my choice, I would go with a newer home within an affordable price range.

I could have bought the home we rented for about $40,000 less than my current home, and paid the mortgage off much quicker. However, the home was far too small for us, and had electrical issues, and a mold issue in the bathroom. Knowing the issues, I opted to go elsewhere.

Good luck in your house hunting.
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