You're first home buying experience

Rangerscott · 10-27-2009, 09:19 PM

I'm in the market of getting my first home. Yippie and O MY GOD I'M ABOUT TO SHIT A BRICK!

Post up your experience. Good, bad, OMG I'll never do it again, etc. The most recent purchases would probably be better for me but what ever. Post what ever you want and as detailed as you want. I'll take any info.

Trip · 10-27-2009, 09:30 PM

You get $8k free if you keep it for like 3 years.

Get a good home inspector.

tommymac · 10-27-2009, 09:35 PM

It was brutal and I hope to never do it again. At first it was kind of fun looking at houses but then we were almost in contract on one and got rooked so it was back to square 1. Thing is its hard to gague what something shuld cost since its not like looking at a new car where theres fewer variables. Every house is different and there are many things to factor in which makes comparisons harder.

I guess you first need to figure out where and how much you can comfortably afford, then start searching, remax seemed to be my favorite site for looking at houses, then get out there and start looking.

Tom

Fleck750 · 10-27-2009, 09:44 PM

Plus one on the home inspector. Don't sign anything until it's been thoroughly looked at.

shmike · 10-27-2009, 11:41 PM

Quote:

Originally Posted by Trip

You get $8k free if you keep it for like 3 years.

Get a good home inspector.

Definitely get a good inspector.

The $8k is subject to income limitations: $75k single, $150k joint.

Rangerscott · 10-27-2009, 09:48 PM

That cost money. LOL

I think I'll just move myself into an empty house that's been on the market for awhile. I dont think anyone will notice.

I know how much I want to spend and I'm approved for way more than what I want to spend so thats good. I'm worried about closing cost. Hopefully I can find a seller that is willing to pay the "up to 6%" of the closing cost cause that will really help me out.

I'm probably gonna go with the FHA loan since you dont have to put so much down but the downside is the home has to be within their strict specs before I can offer. A conventional loan, I'd have to put down 20% and I'm no where near that green.

derf · 10-27-2009, 10:29 PM

Get a good lawyer, and a good real estate agent. The first house I nearlt bought through my first agent was actually owned by her brother, and what seemed like a good deal nearly turned into a nightmare. I got lucky and found out through my inspector that there was a ton of stuff wrong with it that he found, and he only found because he looked at more stuff than he usually would, He is also my cousin, and I consider myself lucky.

Then the house I have now, I think I got screwed on my first mortgage, I wound up refinancing a year later to get out of a bad loan. I used the mortgage rep that was recommended by the real estate agent, big big mistake, he didnt give me a good deal at all. It cost me a bunch to refinance which could have been saved if I had gotten a proper loan in the first place.

Dave · 10-27-2009, 10:37 PM

def get a good inspector, and if you get a basement make sure he checks the flood tables and spring for the radon test as well. also if the house was put up in the 60s watch the fuck out for aluminum wires from copper shortages during vietnam. they are kinda fire hazardy

OneSickPsycho · 10-27-2009, 10:45 PM

I'm in the market as well... Been scouring listings and investigating various financing options... Just starting to crack the surface. I'm looking for a dump in a nice neighborhood that I can fix up, live in, and rent out in the future... Given the market, I can save money every month over what I pay in rent, build equity, and possibly look into buying other properties and become a certifiable slum lord.

Amorok · 10-27-2009, 10:51 PM

I bought my house in 06 with a kickass interest rate and a median price for the areas acceptable to live in. Since then my insurance has tripled, my house has flooded due to the county neglecting to maintain the drainage, and property values in my area have dropped by $10 a square foot. Multiply that by 1464 square feet that I paid $99 for and is now worth $90 and you'll see what I've lost. But it's a hell of a time to buy. The guy you buy from will probably end up killing himself over how much he loses, but you'll get a hell of a deal.

10-27-2009, 09:19 PM	#1
Rangerscott Viff6N Mutated Warrior Join Date: Mar 2009 Location: Texas Moto: '01 Honda VFR 800 & '09 ER-6N Posts: 8,704	You're first home buying experience I'm in the market of getting my first home. Yippie and O MY GOD I'M ABOUT TO SHIT A BRICK! Post up your experience. Good, bad, OMG I'll never do it again, etc. The most recent purchases would probably be better for me but what ever. Post what ever you want and as detailed as you want. I'll take any info.

10-27-2009, 09:44 PM	#4
Fleck750 Spiker bike Join Date: Feb 2009 Location: KCK Moto: KZ750 Posts: 1,629	Plus one on the home inspector. Don't sign anything until it's been thoroughly looked at. __________________ I ride way too fast to worry about cholesterol. ~Author Unknown

10-27-2009, 10:29 PM	#7
derf token jewboy Join Date: Nov 2008 Moto: CBR 900, KLR ugly ass duckling, Gas Man Posts: 10,799	Get a good lawyer, and a good real estate agent. The first house I nearlt bought through my first agent was actually owned by her brother, and what seemed like a good deal nearly turned into a nightmare. I got lucky and found out through my inspector that there was a ton of stuff wrong with it that he found, and he only found because he looked at more stuff than he usually would, He is also my cousin, and I consider myself lucky. Then the house I have now, I think I got screwed on my first mortgage, I wound up refinancing a year later to get out of a bad loan. I used the mortgage rep that was recommended by the real estate agent, big big mistake, he didnt give me a good deal at all. It cost me a bunch to refinance which could have been saved if I had gotten a proper loan in the first place. __________________

10-27-2009, 10:37 PM	#8
Dave Chaotic Neutral Join Date: Feb 2008 Location: Cherry Hill NJ Moto: GV1200 Madura, Hawk gt Posts: 13,992	def get a good inspector, and if you get a basement make sure he checks the flood tables and spring for the radon test as well. also if the house was put up in the 60s watch the fuck out for aluminum wires from copper shortages during vietnam. they are kinda fire hazardy __________________ TWF Post whore #6

10-27-2009, 10:51 PM	#10
Amorok Issukangitok Join Date: Nov 2008 Location: Biloxi, MS Moto: '06 Suzuki Boulevard C50T Posts: 2,225	I bought my house in 06 with a kickass interest rate and a median price for the areas acceptable to live in. Since then my insurance has tripled, my house has flooded due to the county neglecting to maintain the drainage, and property values in my area have dropped by $10 a square foot. Multiply that by 1464 square feet that I paid $99 for and is now worth $90 and you'll see what I've lost. But it's a hell of a time to buy. The guy you buy from will probably end up killing himself over how much he loses, but you'll get a hell of a deal. __________________ What goes around comes around. Sometimes you get what's coming around, and sometimes you are what's coming around. You see what I mean?

10-27-2009, 09:35 PM	#3
tommymac Moto GP Star Join Date: Nov 2008 Posts: 11,022	It was brutal and I hope to never do it again. At first it was kind of fun looking at houses but then we were almost in contract on one and got rooked so it was back to square 1. Thing is its hard to gague what something shuld cost since its not like looking at a new car where theres fewer variables. Every house is different and there are many things to factor in which makes comparisons harder. I guess you first need to figure out where and how much you can comfortably afford, then start searching, remax seemed to be my favorite site for looking at houses, then get out there and start looking. Tom

10-27-2009, 09:48 PM	#6
Rangerscott Viff6N Mutated Warrior Join Date: Mar 2009 Location: Texas Moto: '01 Honda VFR 800 & '09 ER-6N Posts: 8,704	That cost money. LOL I think I'll just move myself into an empty house that's been on the market for awhile. I dont think anyone will notice. I know how much I want to spend and I'm approved for way more than what I want to spend so thats good. I'm worried about closing cost. Hopefully I can find a seller that is willing to pay the "up to 6%" of the closing cost cause that will really help me out. I'm probably gonna go with the FHA loan since you dont have to put so much down but the downside is the home has to be within their strict specs before I can offer. A conventional loan, I'd have to put down 20% and I'm no where near that green.

10-27-2009, 10:45 PM	#9
OneSickPsycho Ride Like an Asshole Join Date: Feb 2008 Moto: nothing... Posts: 11,254	I'm in the market as well... Been scouring listings and investigating various financing options... Just starting to crack the surface. I'm looking for a dump in a nice neighborhood that I can fix up, live in, and rent out in the future... Given the market, I can save money every month over what I pay in rent, build equity, and possibly look into buying other properties and become a certifiable slum lord.