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FIND YOUR DREAM HOME OR APARTMENT

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Aug 10, 2014 1:32AM
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This was definitely written by an agent and they do work on commission.  They don't represent anyone but themselves.  Seller agents will always encourage the seller to consider any offer because, you know, you don't know when another one will come along. Buyer agents will always encourage the buyer to "put their best foot forward" and don't ask for concessions or contigencies.  The buyer and seller are the only ones who have their own best interest at heart.  And when they represent you in more then one house transaction, and make over 10K in commissions don't expect as much as a thank you card.
Aug 8, 2014 12:22PM
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Sounds like this was written by a real estate agent.

1st Ok get preapproved it will let you know how much you can borrow, but you need to know what you want to can afford to spend. even if you tell them you don't want to spend that much it is hard if not impossible to get them to show them the best in what you want to spend. if you tell them you are approved for a 200K loan but your top is 150K  you will see everything  in the 140 to 175 range even though you told them you would really like to spend 125. with a few 200K plus houses just so you could see what you could buy.

2nd Never and I mean never tell the agent what you are approved for or what your  top price  is. Most agents work on commission the higher the selling price the more their commission. This is true for listing agent, buyers agent or a random agent.

3rd Most houses don't sell over night so unless it is the perfect house in the perfect location with the perfect price don't get into a bidding war the only ones to "win" this is the seller and sells people.

4th . Easy fixes are not always so easy, quick or cheap, many agents will tell you that is easy to change or fix this or that but are not in the business of repairing homes. they are in the business of selling on commission.

5th while new appliances are nice but if you have them put in the house and included in the price of the house you will be paying for them long after they have been replaced. buy them separate if possible.

6th A rule of thumb is the monthly payment will be 1% of the cost of the house. Interest, principle, taxes.  





Aug 8, 2014 7:10AM
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Buy dirt cheap and fix it...only going to pay for maintenance and repairs all along the way as well.  Do it from the git go...
There are more homes out there than you can shake a stick at so shop...Willow is a great site for a birds eye view...lol.
Aug 8, 2014 5:33AM
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Some excellent suggestions in both the article and the comments. The secret is the buyer has to be realistic. You should have a basic needs list and a wish list, and don't confuse the two. Being over extended on a house is not just a financial issue, it can effect the family relationships and how safe and secure children feel. You are not just buying a house. but creating a home.

Aug 8, 2014 5:27AM
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This was not a very helpful post. This was helpful for those that are selling. It did not mention anything about disclosures that the seller must make. it does nothing to protect the buyer from hidden things. You should never pay full price for a house that has been on the market for a while. It has been on the market for a reason. If you don't mind making costly repairs then take this guys advice. The last thing I want to do when buying a house is spend even more money repairing it. If you are buying a new one that's one thing, but used ones priced like a new one? no way.
Aug 8, 2014 4:57AM
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True that you shouldn't buy the max you are qualified for. Remember you might have had utilities covered in your rent but now you have to pay for them. You are also responsible for repairs and upkeep now so budget accordingly. Big homes are all the rage but a family of three doesn't need a six bedroom home. Seperate what you need from what you want and be smart with the features you choose and let go of. Keep in mind your mortgage stays the same but property and local taxes do go up and increase your monthly payment. Check the hell out of the community statistics and visit the neighborhood on a weekend and a weekday. Make sure you get an inspection done by a good qualified inspection company. Make sure you find a good agent. Be good to your agent because they will be looking out for your best interest.

 

Stop worrying so much. You'll be happy once your moved in and wonder why you stressed out soo much during the process. Make sure you can justify why your bid is lower than asking price. The home may be priced high but you shouldn't low ball and throw the seller an offer 30% lower than asking just because you want to save money. All homes have problems, they can be fixed. Don't let a scary looking inspection report turn you away.  Don't let a bad roof cause you to miss out on the home of your dreams and for god sakes stop asking for a ten thousand dollar reduction for a three thousand dollar roof job. Always ask questions because regardless of how many articles youv'e read your not a professional. Don't call your realtor at three in the morning to ask the question.

Aug 8, 2014 4:44AM
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The best thing new buyers can do for themselves is to engage a Buyer Representative to represent you. All Realtor firms have buyer reps. Do NOT work with a Listing Agent, they represent the Seller. Insist on Buyer Representation!
Aug 8, 2014 4:09AM
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Over the years, I've found first time buyers to be a big pain in the ****. They want a 2300 sq ft house and want it for a ridiculous price,want the seller to foot the bill for closing costs and all manner of upgrades.They're just not worth the effort and and as a seller,never took their offer seriously.
Aug 8, 2014 3:09AM
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#1 - Spend half of what the bank or mortgage company says you are qualified for.  Stuff WILL  happen and you'll be glad you can afford it because you aren't house poor.

#2 - Put at least 20% down.  If you can't afford 20%, save more or buy less of a house.

#3 - Big master suites are over-rated.  Seriously, how much awake time will you be spending in there?  Save that square footage for the living or kitchen areas.

#4 - Location is everything.  You're almost always much better off with a lower priced house in a nicer neighborhood, as opposed to the nicest house in a so-so neighborhood.

#5 - You can survive just fine without granite counter tops, marble tile, stainless steel appliances, his/hers sinks, etc....  If you really, really, really, really want that stuff, put it in later. 

#6 - A working wood burning fireplace or stove is a great feature.  It can help save on energy costs and will keep you warm if you end up without power for an extended time.

#7 -  Garage/shed/workshop space is under-rated.  

#8 - Seriously consider buying a smaller home with more land.  More land means more potential for more self-sufficiency.  Plus, there are lots of ways you can use a few acres to generate income.

#9 - Spend time at the home during different parts of the day before you even make an offer.  That house that looks like it's in a great neighborhood during the day might turn into a nightmare at night - gunshots, loud parties, cars blocking your driveway, etc...

#10 - As a new homeowner, be prepared financially for the unexpected.  Stuff WILL break and it WILL be expensive to fix or replace.  Think sewage main lines that run under the driveway, roofs, water heaters, HVAC units, mowers, septic systems, etc... 
Aug 8, 2014 1:43AM
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Limited inventory?  Where are they writing about?  All I see are For Sale signs everywhere I go.  That and Foreclosure Sale signs. Basically, anywhere within a 300 mile radius from me (probably much more than that, actually) every 5th house is for sale.  There's one little waterfront cove township that every other house is for sale. 
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