Home Buying Advice

[jwibbity]

Well the time has come for my family to buy a home. The place I'm currently renting is going up ~5.5% on rent, putting the rent out of my "comfortable" payment. After doing weeks of research on the housing market, interest rates, and possible other rental properties, we have come to the decision that buying a house would be a better choice. My lease is up the first week of November and would like to close on a house mid to late October at the very latest. And for this reason I will not be able to attend MV this year. Have to keep a tight squeeze on the finances till I've closed on a home.

I'll be looking at around 15 houses this week alone, not including the 4 I've already seen.

So my question to you guys (and gals) are what tips do you guys have for a first time home buyer??

I don't care if you just bought your own home, been living in one for 50 years, or you currently rent, all advice will be read and taken to heart. This is one of the biggest financial decisions a person can make, so I would like to go into it with full clips and extra grenades!!:uzi:

For those interested I will be using a VA home loan with 100% financing and no requirement for mortgage insurance!!:beer:

Please leave the "I think your too young" comments at home. I've done and seen alot more than people twice my age. :D:D

Thanks for looking peeps!!!!

I do have 2 children, 4&5, which is the reason alot of homes got kicked to the curb. The schools sucked ass!!

[Mebot]

Congrats on the 1st home! My only advice is to interview your realtor or get a good referral before hiring them

[JBFTech]

+1 on get to know the realtor before hand. Also, IMO, these are 7 of the many things that I recommend to pay close attention to , and ask, before you buy. 1 - check the foundation very closely, also look at the foundations of the neighboring homes and the topography of the area. Foundation issues are the most expensive repair. 2 - check the roof, ask if it has been replaced, if so then when was it done, and to what extent. 3 - take a look at the breaker box, all outlets and switches, etc. That will give you a good idea on the shape of the electrical system in the house. 4 - look at all of the plumbing that you can see.....check the date on the water heater, look at the drain lines and water lines, etc. If it all looks good, no worries. 5 - look at the rest of the homes in the area, get an idea of how much you think they all value at, to make sure you don't overpay. No matter how many upgrades and updates you do, if you ever sell, it will not sell for much over what the neighboring homes are worth. 6 - make sure you aren't in a flood plain, if so, ask if the home has ever flooded, and if so, when. 7 - ask the realtor a ton of questions, the only stupid question is the question not asked!


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[cat in the hat]

+1 on get to know the realtor before hand. Also, IMO, these are 7 of the many things that I recommend to pay close attention to , and ask, before you buy. 1 - check the foundation very closely, also look at the foundations of the neighboring homes and the topography of the area. Foundation issues are the most expensive repair. 2 - check the roof, ask if it has been replaced, if so then when was it done, and to what extent. 3 - take a look at the breaker box, all outlets and switches, etc. That will give you a good idea on the shape of the electrical system in the house. 4 - look at all of the plumbing that you can see.....check the date on the water heater, look at the drain lines and water lines, etc. If it all looks good, no worries. 5 - look at the rest of the homes in the area, get an idea of how much you think they all value at, to make sure you don't overpay. No matter how many upgrades and updates you do, if you ever sell, it will not sell for much over what the neighboring homes are worth. 6 - make sure you aren't in a flood plain, if so, ask if the home has ever flooded, and if so, when. 7 - ask the realtor a ton of questions, the only stupid question is the question not asked!


Be on the lookout for all this stuff while you're shopping, but when you finally make an offer make sure that the sale is contingent on an engineering report.
This is absolutely worth the money; these guys are experts and they will check for stuff that you would never dream of.

[gdsqdcr]

When my wife and I bought we looked at school districts. We knew we wanted a family so a home within a good public school district was big for us.

Also, as we visited homes I took digital pictures of everything! After a while they all started to look alike so be pics helped us identify the pro/cons of each house.

[jwibbity]

Congrats on the 1st home! My only advice is to interview your realtor or get a good referral before hiring them

Our current realtor is pretty legit to me. No:bs: and tells me about the houses and neighborhoods straight up. He actually helped me narrow down the houses because of schooling for the kids. They were pretty *****y schools.


+1 on get to know the realtor before hand. Also, IMO, these are 7 of the many things that I recommend to pay close attention to , and ask, before you buy. 1 - check the foundation very closely, also look at the foundations of the neighboring homes and the topography of the area. Foundation issues are the most expensive repair. 2 - check the roof, ask if it has been replaced, if so then when was it done, and to what extent. 3 - take a look at the breaker box, all outlets and switches, etc. That will give you a good idea on the shape of the electrical system in the house. 4 - look at all of the plumbing that you can see.....check the date on the water heater, look at the drain lines and water lines, etc. If it all looks good, no worries. 5 - look at the rest of the homes in the area, get an idea of how much you think they all value at, to make sure you don't overpay. No matter how many upgrades and updates you do, if you ever sell, it will not sell for much over what the neighboring homes are worth. 6 - make sure you aren't in a flood plain, if so, ask if the home has ever flooded, and if so, when. 7 - ask the realtor a ton of questions, the only stupid question is the question not asked!


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Be on the lookout for all this stuff while you're shopping, but when you finally make an offer make sure that the sale is contingent on an engineering report.
This is absolutely worth the money; these guys are experts and they will check for stuff that you would never dream of.

The VA requires that their own inspector comes out to go to whichever house you put a contract on and from what I've read and heard the VA inspection is one of the most thorough home inspections since they back part of the loan.

[jwibbity]

When my wife and I bought we looked at school districts. We knew we wanted a family so a home within a good public school district was big for us.

Also, as we visited homes I took digital pictures of everything! After a while they all started to look alike so be pics helped us identify the pro/cons of each house.

The camera is a pretty good idea actually. So that way you can take pictures of the stuff not shown on the listings

[cat in the hat]

The VA requires that their own inpsector comes out to go to whichever house you put a contract on and from what I've read and heard the VA inspection is one of the most thouroguh home inspections since they back part of the loan.

Good deal, and saves you some money, too :) - home inspections here cost about $300.

[Mebot]

There's a ton of different factors that will apply to each and every home-buyer.

Are you in a good school district (if you have kids)

What's the resell market? Any forecloses in the neighborhood?

How's the commute? Traffic?

Near to any shopping malls, theaters, or grocery stores for convenience? Or do you like to be far and away from everyone?

What side is the house facing? Kinda dumb question, but for me I hate the morning sun, so I wanted a master bedroom facing west.

I also read somewhere that it's a good idea to check your house out at different times of day ( and seasons too if possible). This will help to determine the commute around your new house at different times, the lighting, the neighborhood, etc....


Various things to consider, but above all, ask yourself what you want in a new house

[Mebot]

Also I don't know what your timeline is, but when Michelle and I bought our first place in Virginia, we both knew it wasn't the "forever" home. It fit us at our stage in life.

Looking back, it was the smart decision. We knew what we liked and what we didn't. So moral is, give yourself a timeline. If this is the be-all, end-all, retiring here after 30+ years, then maybe scrutinize a little more

If, on the other hand, you're looking at this as a 3-5 yr house, keep my comments above in consideration, as well as everyone else who posts in this thread.

[jwibbity]

There's a ton of different factors that will apply to each and every home-buyer.

Are you in a good school district (if you have kids)

What's the resell market? Any forecloses in the neighborhood?

How's the commute? Traffic?

Near to any shopping malls, theaters, or grocery stores for convenience? Or do you like to be far and away from everyone?

What side is the house facing? Kinda dumb question, but for me I hate the morning sun, so I wanted a master bedroom facing west.

I also read somewhere that it's a good idea to check your house out at different times of day ( and seasons too if possible). This will help to determine the commute around your new house at different times, the lighting, the neighborhood, etc....


Various things to consider, but above all, ask yourself what you want in a new house

Will keep all in mind, thanks!


Also I don't know what your timeline is, but when Michelle and I bought our first place in Virginia, we both knew it wasn't the "forever" home. It fit us at our stage in life.

Looking back, it was the smart decision. We knew what we liked and what we didn't. So moral is, give yourself a timeline. If this is the be-all, end-all, retiring here after 30+ years, then maybe scrutinize a little more

If, on the other hand, you're looking at this as a 3-5 yr house, keep my comments above in consideration, as well as everyone else who posts in this thread.

My wife and I both agree this wont be our "retirement" house but I would like to keep it as long as I can. hopefully close to 10 yrs. or until the kids gets to high school. Thats when I'll consider buying another home.

[sailsmen]

Commute to / from the house same as you will when you live there. Also drive around at night around your bedtime/wake up time weekday and weekend with the windows in your car rolled down.

If your cash flow is tite look into a home warranty, but there are warranties and there are warrantless.

Also get a quote on home owners and Flood insurance.

[Mebot]

Will keep all in mind, thanks!



My wife and I both agree this wont be our "retirement" house but I would like to keep it as long as I can. hopefully close to 10 yrs. or until the kids gets to high school. Thats when I'll consider buying another home.

You have kids. Good to know. Suggest looking into school districts for them and if it's not good, send them to Catholic school.

[Bigdogjim]

You and the wife should first sit down and make a list of you are each looking for in a house. Then compare notes and go from there. You need a plan of attack. Don't just start looking at houses. Know what you want, you are going to live there for a while.

[sailsmen]

You can obtain a lot of data from the US Census.

[stevengerard]

try not to get emotional over a house you are trying to buy - this way you won't over pay. There will always be another one (just like buying a car) - unless you know its a great deal

buy the smaller house on the block - not the biggest. Your house will increase more.

Try to buy the neighborhood as well as the house - for the kids sake

Don't buy too big of a house. I have so many people in my neighborhood adding onto their house and 3 years later the kids are in college - I hear all the time - "boy that went fast, now we don't use half the house" - believe me that 4 and 5 year old will be 18 and 19 fast.

Brick houses need less maintenance - I now have a 110 year old wood hose - I get to paint part of it every year :rolleyes: - makes for a nice looking house but keeps me way busier than I'd like to be.:violin:

[Pat]

Mortgage insurance is cheap and a good buy. If you croak during the payment period the house is paid for and the family is not on the street, don't skimp here.

Taxes, who are the taxing authorities and how do they increase taxes, referendum or just because they can? There are city, county and special taxing districts.

A home warranty is paid by the seller and is usually for a year. Insist at closing.

Termite protection, goes up 15% per year. Can you assume the current policy from the current owner? If not, it could have a big start up cost.

The cost of home ownership is not cheap. Don't overbuy for your income level, seen that too many times. Wrecks the family life.

The bank will determine if you are in a flood zone,

The home inspection is a negotionable thing, and is usually paid by the buyer. Just because the inspector flags something doesn't mean the present owner has to fix it. Of course the bank doesn't have to make you a loan either.

Utilities, see if the present owner can tell you what the average monthly bill for electric, water and or gas is for a year. Receipts would be good. If there are modifications, additions to the structure are they up to code? There can be nasty surprises here.

Is the buyer anxious to sell, has the property been on the market long, what's the turn around time for existing home sales in the district? What's the realitor's fee? They will come down if asked. It's like sticker price, can be reduced.

Know this, there is "cosmetic" damage that can reduce the price but you could fix and then there is heavy damage that could require a contractor. What skills do you bring to the table?

One more thing, homeowners property insurance, get a policy from a reputable company cause when the tree falls on your living room they will fix it. Fine print is very important.

Good luck

[EMAS]

You are definitely not too young. I bought my first house about that age. The best advice I can give to someone your age is to buy below your means. I also strongly suggest to first time home buyers that have the skills to buy a cosmetically challenged house. Not a serious fixer but one that has some deferred maintenance and/or has suffered from some questionable decorating in the past. You would be amazed how few people can see past the purple and green bedroom, pink carpet ect. That usually means a below market price because it appeals to so few people and thus the possible instant equity. It is always a good idea to drive though the neighborhood and check out the activity after dark.

Not sure about the market in your area but be ready to jump on a deal when you find it. A number of the houses that did me best were those that I bought the first day on the market. On the other hand the people who have had their house on the market for a long time just might take that low ball offer, I've done OK on those too.


One other thing that was mentioned earlier that I have all first time buyers do is for you and your wife to sit down independently and write down your own 5 "must haves" and 2 "don't wants". Then compare notes and decide which things you get to keep on your must have list. You need to make sure that you are both looking for the same house. Now is the time to make those negotiations.

[RubberCtyRauder]

Buy within your budget..if you work 60 hours a week and buy based onthat extra income and then you go to 40 hours..well, then you will be house poor quick. I know many people that "over bought" during good economic times and then paid for it when they got rough. If you have extra money, then make extra payments towards prinicple, or furnish it or redecorate. In my opinion kitchen and baths sell homes as they cost alot to redo so alot of people never end up dong them so buy based on ones with nice fixtures and cabinets, appliances and flooring you can live with..When I was searching, I saw plenty of homes with 1970's kitchens etc. and it was a turn off so I ended up buying a cheaper home and gutted the kitchen and bath and got what I wanted. Paint will be your best freind to change a mood of a room..You can often ask for a flooring allowance if you see old torn carpet or heavily stained etc..make them help pay to replace it..carpet can get expensive

[Gryphonzus]

I tend to look for homes that require little upkeep. Like Brick or stone then vinyl. So far it sounds like a lot of good advice. Good luck on finding your home!

[Jeffonebuck]

Who ever you buy a house from has to have a place to go and have banking setup and approved, as so the person they are buying from and on down the line and if the house is empty then you will have a smoother transition. A lot of good advice here given. Sounds like you are in good hands with a realtor for your first purchase as he will help in lining up the stars for you. You will be paying them good money for their service so stay on top of the details and make sure timelines are being met, one cog can stop the Wheel. Good Luck


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[lji372]

Sounds like your on the right track with looking for school districts.

Like others have said having a good realtor is nice, just remember they are there for a commission and want you've signed it's your baby. I would be more concerned with a good home inspector imho.

[vkirkend]

Try not to buy the largest most expensive series of homes in the neighborhood. if possible but the smallest in the complex. Any improvements you make afterward will increase the value of the home and your equity. Also ask about corporate listings. Companies with employees homes on their books will be more willing to negotiate than a home owner.

[jwibbity]

lots of good advice people, this thread will be a useful tool for me :banana2::banana2::banana2:

[71cyclone]

+1 on get to know the realtor before hand. Also, IMO, these are 7 of the many things that I recommend to pay close attention to , and ask, before you buy. 1 - check the foundation very closely, also look at the foundations of the neighboring homes and the topography of the area. Foundation issues are the most expensive repair. 2 - check the roof, ask if it has been replaced, if so then when was it done, and to what extent. 3 - take a look at the breaker box, all outlets and switches, etc. That will give you a good idea on the shape of the electrical system in the house. 4 - look at all of the plumbing that you can see.....check the date on the water heater, look at the drain lines and water lines, etc. If it all looks good, no worries. 5 - look at the rest of the homes in the area, get an idea of how much you think they all value at, to make sure you don't overpay. No matter how many upgrades and updates you do, if you ever sell, it will not sell for much over what the neighboring homes are worth. 6 - make sure you aren't in a flood plain, if so, ask if the home has ever flooded, and if so, when. 7 - ask the realtor a ton of questions, the only stupid question is the question not asked!


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Also -- See your State or county offer first time home owner plans . The other members were correct in getting to know your realtor [ many of them are SHARKS] :mad2:

[martyo]

I have a refrigerator box you can live in.

[71cyclone]

I have a refrigerator box you can live in.
HA haa ->- funny AND COOL AT THE SAME TIME :cool:

[J-MAN]

A bit off track, but do you and the wife have life insurance? When working too many of my union brothers died unexpectedly leaving, in many cases, a young wife, kids, a BIG mortgage and little or no savings. We would put on fund raisers and hold raffles to help out the remaining family, but the reality is it takes a lot of $ to replace someone's income What I'm talking about is a 500k policy that would fill the financial void left by a death. These plans are available from several insurance companies. Take a look at Select Quote. The younger you are the cheaper the policies.

Good luck on finding the right home!! Get your own inspection and don't rely on the government.

[lji372]

A bit off track, but do you and the wife have life insurance? When working too many of my union brothers died unexpectedly leaving, in many cases, a young wife, kids, a BIG mortgage and little or no savings. We would put on fund raisers and hold raffles to help out the remaining family, but the reality is it takes a lot of $ to replace someone's income What I'm talking about is a 500k policy that would fill the financial void left by a death. These plans are available from several insurance companies. Take a look at Select Quote. The younger you are the cheaper the policies.

Good luck on finding the right home!! Get your own inspection and don't rely on the government.

big +1 forget mortgage insurance and go with at least a term policy

good to know timmy is going to be safe with this kind of forethought :bows:

[jwibbity]

the va has to send out their inspector even if I hire my own

[jwibbity]

A bit off track, but do you and the wife have life insurance? When working too many of my union brothers died unexpectedly leaving, in many cases, a young wife, kids, a BIG mortgage and little or no savings. We would put on fund raisers and hold raffles to help out the remaining family, but the reality is it takes a lot of $ to replace someone's income What I'm talking about is a 500k policy that would fill the financial void left by a death. These plans are available from several insurance companies. Take a look at Select Quote. The younger you are the cheaper the policies.

Good luck on finding the right home!! Get your own inspection and don't rely on the government.

Currently that is a no, I had one when I was still on active duty but now that I'm in the inactive reserves I dont know how it appplies.
I have been looking at life insurance plans, though its not on the top of the list of priorities right now.

[cer0413]

Congrats on the 1st home! My only advice is to interview your realtor or get a good referral before hiring them
2nd this guy

[lji372]

the va has to send out their inspector even if I hire my own



I got nuthin :shake:

[whitey]

Get a motorhome: home is where you make it, no gas and electric bills, home schooled kids, 10 gallon hot water heater(cheap to replace when needed), microwave, etc.....luxury at its finest!

Crap, i thought this was about the private instigators US tour....nevermind:P

[jwibbity]

just got back from looking at houses today and I was a little dissapointed with most but one stood out as a pretty good deal

[J-MAN]

Currently that is a no, I had one when I was still on active duty but now that I'm in the inactive reserves I dont know how it appplies.
I have been looking at life insurance plans, though its not on the top of the list of priorities right now.

Can't afford $25.00-$30.00 per month? :(

Buy a rabbits foot! :D

[1Marauder]

all above is great... Buy the one you LIKE, saving 10,000 to 20,000 on a home you do not like is like saving money buying a K Car vs. a Marauder.


ALSO LOCATION LOCATION LOCATION. buy the worst home in the nicest neighborhood you can afford, and you can never go wrong. Local shopping, bikable distance, etc... mean a lot.

Check for all updated major stuff like Heat and AC, and water heaters etc... old units cost more to run

[EMAS]

There are a couple of misconceptions here.

Mortgage insurance is to cover the lender in case you default. It is to pay the difference between what is owed and what they get when they re-sell it after you've not made your payment for months or years and possibly trashed the place. I see a lot of foreclosures that are now being re-marketed that the amount he owner was in default by the time the foreclosure was processed that someone was able to go a couple of years without making a payment and a fair number of houses where the owner did things like take the kitchen cabinets, appliances, doors and punched holes in the wall or otherwise trashed the place. Whether you are required to buy mortgage insurance or not is a condition of the loan based on the type of loan and the amount you put down.

As a buyer you do not pay the agent/broker anything. That is payed by the seller and is negotiated between the seller and their agent. The other thing to consider are the laws in your state. In some states since the seller is paying both agents the agent's fiduciary duty is to the seller not the buyer even though your agent appears to be representing you. You need to check the laws in your state regarding this. The exception is when you are purchasing a for sale by owner and the owner is unwilling to pay any commission. In those cases the agent and you can negotiate an amount that you will pay them to represent you.

[MOTOWN]

Currently that is a no, I had one when I was still on active duty but now that I'm in the inactive reserves I dont know how it appplies.
I have been looking at life insurance plans, though its not on the top of the list of priorities right now.


I wont get into giving advice to a first time home buyer as its a learning curve no matter what you choose to buy the first time!

I will tell you this as your only a year older than my son , so ill tell you like I tell him , get a life insurance policy! I know at your age you may think your invincible , but your not , truly remember no one is promised tomorrow!

If your in a fatal accident , or whatever you don't want your family on the verge of being on the streets because you did not plan properly , life insurance is a simple priority that must be in place , its not something to gamble with.

[Marauderjack]

I would continue renting since it affords much more flexibility in our current economy!!;)

There are ways to use rental property to your tax advantage but you will need advice from an expert in this arena!!:beer:

"Owning" a house does not have the advantages it did 15 to 20 years ago......appreciation is NOT guaranteed and being "upside down" in a house when you must sell is not nearly as much "fun" as with a car!!:shake:

My $0.02 and Good Luck!!:beer:

[EMAS]

I would continue renting since it affords much more flexibility in our current economy!!;)

There are ways to use rental property to your tax advantage but you will need advice from an expert in this arena!!:beer:

"Owning" a house does not have the advantages it did 15 to 20 years ago......appreciation is NOT guaranteed and being "upside down" in a house when you must sell is not nearly as much "fun" as with a car!!:shake:

My $0.02 and Good Luck!!:beer:
It all depends on the market in a given area. In many places the price of rent has risen quicker than the price of houses so on a straight cash outlay, particularly with a VA 0 down loan it is not uncommon to have lower costs by buying than renting and that is not including the tax advantage of being able to deduct property taxes and interest paid. Even with a 5% down payment and considering the opportunity cost of that money there are many places where you still come out ahead or at least even sometime between year 1 and 2.

There is a reason that there are now many commercial investors in many markets, and that is because buying houses and renting them out is providing a better return on investment that other options in the short run and has the highly likely potential for even greater return over the long run.

Again it does depend on the market in a given area.

[jwibbity]

I would continue renting since it affords much more flexibility in our current economy!!;)

There are ways to use rental property to your tax advantage but you will need advice from an expert in this arena!!:beer:

"Owning" a house does not have the advantages it did 15 to 20 years ago......appreciation is NOT guaranteed and being "upside down" in a house when you must sell is not nearly as much "fun" as with a car!!:shake:

My $0.02 and Good Luck!!:beer:

In my area renting is more expensive. There are the advantages fo renting, but over a long period of time, renting a place is basically throwing away money. Just like leasing a car. If you dont plan on buying either after the term is over then you just waste money!

[jwibbity]

There are a couple of misconceptions here.

Mortgage insurance is to cover the lender in case you default. It is to pay the difference between what is owed and what they get when they re-sell it after you've not made your payment for months or years and possibly trashed the place. I see a lot of foreclosures that are now being re-marketed that the amount he owner was in default by the time the foreclosure was processed that someone was able to go a couple of years without making a payment and a fair number of houses where the owner did things like take the kitchen cabinets, appliances, doors and punched holes in the wall or otherwise trashed the place. Whether you are required to buy mortgage insurance or not is a condition of the loan based on the type of loan and the amount you put down.

As a buyer you do not pay the agent/broker anything. That is payed by the seller and is negotiated between the seller and their agent. The other thing to consider are the laws in your state. In some states since the seller is paying both agents the agent's fiduciary duty is to the seller not the buyer even though your agent appears to be representing you. You need to check the laws in your state regarding this. The exception is when you are purchasing a for sale by owner and the owner is unwilling to pay any commission. In those cases the agent and you can negotiate an amount that you will pay them to represent you.

With any VA loan, mortgage insurance is not required since the VA guarantees a certain portion of the loan. I don't see a point in doubling up on mortgage insurance:confused:

[Marauderjack]

In my area renting is more expensive. There are the advantages fo renting, but over a long period of time, renting a place is basically throwing away money. Just like leasing a car. If you dont plan on buying either after the term is over then you just waste money!

Not if you Incorporate.......BAM!!:beer:

[jwibbity]

Not if you Incorporate.......BAM!!:beer:

Can you elaborate please.....:confused:

[EMAS]

With any VA loan, mortgage insurance is not required since the VA guarantees a certain portion of the loan. I don't see a point in doubling up on mortgage insurance:confused:

No there is no reason to double up on mortgage insurance and there really isn't a way to do so. You earned your right to the VA loan however it was you served our country so you should certainly take advantage of it.

[jwibbity]

May have found a really nice house in Statesville, NC. It shortens up my commute to work by almost 15 minutes, has a sidewalk in front (crazy wife requirement), has almost 1000 more sqft then most houses I have looked at, and comes with a pool!!!!

We will be putting in an offer early next week before I ship out to Atlanta before the trade show.

Wish us luck people!!!

[EMAS]

If it is "The One" don't wait, make an offer today or tomorrow, particularly if the market is moving fast in your area or you are going to offer less than full price. There is a saying "if you sleep on it you may never sleep in it" someone may look at it tonight or tomorrow or looked at it yesterday and today/tomorrow is the day they will make their offer. Your agent can put in clauses that will give you a couple of days to back out. The big one you have is the inspection clause. Write it so you have to be happy with the results not just the VA. You really want the ink dry on the contract before you ship out.

Once the ink is dry there are some important things to do between now and closing.

Do not spend money on ANYTHING except gas and groceries. Do not buy that new couch, TV or what ever you want to put into your new house or new tires for your car ect.

If you've got a bill from a credit card, utilities ect pay it today even if it isn't due for a couple of more weeks. Things do happen like the check getting lost in the mail or your payment being credited to the wrong acct.

If you are carrying a balance on a credit card do not pay it off keep making the payments how you always have.

Also do not sell your car or do anything that will result in you making a deposit to your acct that is out of the ordinary.

The things above can cause lenders to get a bad feeling and them to pull your approval. It is crazy but people have ended up killing their own deal for one of the above reasons.

[jwibbity]

If it is "The One" don't wait, make an offer today or tomorrow, particularly if the market is moving fast in your area or you are going to offer less than full price. There is a saying "if you sleep on it you may never sleep in it" someone may look at it tonight or tomorrow or looked at it yesterday and today/tomorrow is the day they will make their offer. Your agent can put in clauses that will give you a couple of days to back out. The big one you have is the inspection clause. Write it so you have to be happy with the results not just the VA. You really want the ink dry on the contract before you ship out.

Once the ink is dry there are some important things to do between now and closing.

Do not spend money on ANYTHING except gas and groceries. Do not buy that new couch, TV or what ever you want to put into your new house or new tires for your car ect.

If you've got a bill from a credit card, utilities ect pay it today even if it isn't due for a couple of more weeks. Things do happen like the check getting lost in the mail or your payment being credited to the wrong acct.

If you are carrying a balance on a credit card do not pay it off keep making the payments how you always have.

Also do not sell your car or do anything that will result in you making a deposit to your acct that is out of the ordinary.

The things above can cause lenders to get a bad feeling and them to pull your approval. It is crazy but people have ended up killing their own deal for one of the above reasons.

Already made the move and the offer will be going in tomorrow morning. Hopefully I'll have an acceptance or counteroffer by this time tomorrow evening.

And yea the lender went into full detail about everything. I will be paying things as normal until the papers are signed!

[VMARAUDER]

May have found a really nice house in Statesville, NC. It shortens up my commute to work by almost 15 minutes, has a sidewalk in front (crazy wife requirement), has almost 1000 more sqft then most houses I have looked at, and comes with a pool!!!!

We will be putting in an offer early next week before I ship out to Atlanta before the trade show.

Wish us luck people!!!

Best of wishes on new home!
Pool...Good to have but requires a lot of maintenance
It's doable though and I am glad I no longer have to keep one up.
I guess what made it rough on me was that I had to maintain 2 houses, mine (no pool) and my in-laws (pool) that my WIFE insisted they buy for their grandchildren. They have 30 and no one else attempted to help and I got the call on everything. And, it was the same with the hot tub.
That's what I get for being a "fixer".

[whitey]

Cool deal man! Wish you luck!

[J-MAN]

I wont get into giving advice to a first time home buyer as its a learning curve no matter what you choose to buy the first time!

I will tell you this as your only a year older than my son , so ill tell you like I tell him , get a life insurance policy! I know at your age you may think your invincible , but your not , truly remember no one is promised tomorrow!

If your in a fatal accident , or whatever you don't want your family on the verge of being on the streets because you did not plan properly , life insurance is a simple priority that must be in place , its not something to gamble with.

Another reason to like Roger, pure genius!! :hug:

[MOTOWN]

Another reason to like Roger, pure genius!! :hug:

LOL!:beer: I do what I can!

[lji372]

LOL!:beer: I do what I can!

Uh over here..... A little for jerrys kids :D

:run:

[MOTOWN]

Uh over here..... A little for jerrys kids :D

:run:

Did you run out of Christmas in a cup? go to bed! LOL

[lji372]

Did you run out of Christmas in a cup? go to bed! LOL

There you go with that fatherly advice :P

[MOTOWN]

There you go with that fatherly advice :P

Just call me Papa MOTOWN:rolleyes:

[J-MAN]

big +1 forget mortgage insurance and go with at least a term policy

good to know timmy is going to be safe with this kind of forethought :bows:

Thank you for keeping little Timmy in your thoughts. No need to worry about his future, at least financially wise, that has been covered since his birth. Medically we hope for the best, but it's an emotional roller coaster that keeps us wishing for a better day. A recent deeper concern is that somehow, it may be a neurological problem, he has started talking about being in a band when he grows up. Somehow he has gotten it in his head that's what he wants to be when he grows up. This troubles those of us who are close to him. You don't have to look far to see where this distorted dream might go.

:violin:

[whitey]

Thank you for keeping little Timmy in your thoughts. No need to worry about his future, at least financially wise, that has been covered since his birth. Medically we hope for the best, but it's an emotional roller coaster that keeps us wishing for a better day. A recent deeper concern is that somehow, it may be a neurological problem, he has started talking about being in a band when he grows up. Somehow he has gotten it in his head that's what he wants to be when he grows up. This troubles those of us who are close to him. You don't have to look far to see where this distorted dream might go.

:violin:

Lmao, this guy^^^^………:D

[lji372]

Lmao, this guy^^^^………:D

Right lol

I took papa motowns advice and took a nap then woke up to the news about Timmy. Not sure if I should laugh or cry...........okay I decided but won't tell in fear of upsetting anyone here.

Tell Timmy we sad hi!

Hope everybody has a great Sunday....

[jwibbity]

Just an update I made an offer on the house in Statesville, NC and the sellers accepted. Closing date is October 1st.

Its a really nice house in a pretty decent neighborhood(form what I've seen) and downtown has alot more to offer than either Kannapolis or Mooresville and the schools that the kiddies will be attending are pretty decent, not better than Mooresville, but still pretty good compared to Charlotte schools.

Home Inspection was done prior to the listing, and they have paperwork for everything that needed to be corrected.

Versus renting I'll be saving a little less than I expected with it only being 50-60 bucks cheaper a month, but I also couldn't find anything even close to this house on the renter's market for this price,

Thanks all for your advice!:banana:

[BLACKMARAUDER04]

Make sure to get the property inspected for all the littlethings that the house might need or need repairs like Termites or no Smoke Setectors.... The Home insurance policy for the first year is a suggestion also.

[jwibbity]

Make sure to get the property inspected for all the littlethings that the house might need or need repairs like Termites or no Smoke Setectors.... The Home insurance policy for the first year is a suggestion also.

Pest inspection is being done this week. I will be looking at home insurance here in the next week or so

[Vortech347]

I didn't read past page one because I saw a big worry. The VA inspector comment. The appraiser will have VA guidelines but it is NOT an actual inspection or inspector. An appraiser spends 10-20 minutes at the home at most. Checks off a few boxes and is on the way. Their job is to make sure the bank isn't over lending on a home. That's it.... Sure sometimes they come up with repairs required but don't ever have the mindset that if an appraiser says it's OK that is a clean bill of health.

An inspector will actually be at the home 3-4 hours.

I've been a Realtor for 13 years. Things can be different state to state but if you have any questions feel free to message me.

Also congrats on your first home. I too was 23 when I bought my home. I remember solicitors would ask me if my parents were home the first few years. Haha

[VMARAUDER]

Home Inspection was done prior to the listing, and they have paperwork for everything that needed to be corrected.

Get an independent inspection, My wife has been a broker for over 20 years and always makes sure her clients do so
Only thing is, is it too late?

[jwibbity]

I didn't read past page one because I saw a big worry. The VA inspector comment. The appraiser will have VA guidelines but it is NOT an actual inspection or inspector. An appraiser spends 10-20 minutes at the home at most. Checks off a few boxes and is on the way. Their job is to make sure the bank isn't over lending on a home. That's it.... Sure sometimes they come up with repairs required but don't ever have the mindset that if an appraiser says it's OK that is a clean bill of health.

An inspector will actually be at the home 3-4 hours.

I've been a Realtor for 13 years. Things can be different state to state but if you have any questions feel free to message me.

Also congrats on your first home. I too was 23 when I bought my home. I remember solicitors would ask me if my parents were home the first few years. Haha

I actually had it wrong earlier, the VA requires a pest inpsection be done on the home along with a VA approved appraiser, the home inspection was already done prior to me making the offer on the house, the appraisal and pest inspection have not been done yet.

[VMARAUDER]

The VA approved inspector does not do an in depth inspection. Home inspection by a qualified inspector will go over every nook and cranny and that is much more than VA or FHA require

[jwibbity]

The VA approved inspector does not do an in depth inspection. Home inspection by a qualified inspector will go over every nook and cranny and that is much more than VA or FHA require

the home inspection was done a couple weeks before the house was listed and was done by a legit home inspection company in NC, thats why I didn't have another one done after I made the offer

[VMARAUDER]

If you feel comfortable with that then that is what you do. Good luck.

[jwibbity]

If you feel comfortable with that then that is what you do. Good luck.

We made the offer the first week of August, the home inspection was dated on the 28th of july along with paperwork for any repairs noted on the report, which were very minor, like window seals, nothing major

thats why I figured why have it done twice for no reason

[Vortech347]

I would never let my buyer trust an inspection paid for by a seller unless it was a company the buyer picked after the home went under contract.

[jwibbity]

Well for all those who helped me by giving your advice and suggestions in this thread, thanks :beer:
We closed on the house Oct 1st. I actually got money back at closing!

So far the house is nice and alot warmer than the one I was renting, plus my mortgage payment is less than the rent I paid, WINNING!!!!!:banana2:

[Fastbob]

Post deleted - old thread.

[71cyclone]

Being an X realtor >>> Everything our Fellow club members listed is sound Advice . The First thing you need to do ,is go to a "Reputable Bank" and see how much HOME you can Qualify for .Right now using 'simple math' a 100,000 home with a 30 year mortgage 4% loan will be 400 dollars per 100,000 spent // 200,000 will be 800 dollars and so on, also factor in insurance [ at least 900 per year based on home value ]depending upon the state 500 to 5000 average based on land and property. Super hi end houses more Money. right now with your family you can go from 0 exemptions to 3 exemptions and take home more money, for example if you are paying 900 a month rent ,you can easily afford 1,200 a month increase on your new mortgage. And the end result still get a refund. talk to your Tax advisor for conformation. Also ask your realtor if your State or County has a First Time Home owners program. Good Luck Cousin, [ Just my 2 dollars worth ]

[fastblackmerc]

Being an X realtor >>> Everything our Fellow club members listed is sound Advice . The First thing you need to do ,is go to a "Reputable Bank" and see how much HOME you can Qualify for .Right now using 'simple math' a 100,000 home with a 30 year mortgage 4% loan will be 400 dollars per 100,000 spent // 200,000 will be 800 dollars and so on, also factor in insurance [ at least 900 per year based on home value ]depending upon the state 500 to 5000 average based on land and property. Super hi end houses more Money. right now with your family you can go from 0 exemptions to 3 exemptions and take home more money, for example if you are paying 900 a month rent ,you can easily afford 1,200 a month increase on your new mortgage. And the end result still get a refund. talk to your Tax advisor for conformation. Also ask your realtor if your State or County has a First Time Home owners program. Good Luck Cousin, [ Just my 2 dollars worth ]
Re.... post #72... he already bought a house....