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Buying my first house **update** offer accepted, I got a house.
SavannahLion:
--- Quote from: ChadTower on February 11, 2008, 11:42:00 am ---
I had an independent buyer's agent help my find my house. One of the best decisions I've ever made - she worked purely out of the MLS database. Every other realtor I talked to would show me their listsings rather than choosing from the whole market. They were trying to sell me houses rather than helping me to buy one. Subtle distinction but it was huge in practice given how stupidly quick the MA market was moving right then.
--- End quote ---
So that's what the big deal is all about.
Where I live, the housing market is slumping big time. A lot of realtors are putting up signs that essentially state they'll show you their house listings for free. I've been racking my brain for weeks trying to figure out why anyone would charge to view house listings much less keep it private.
bishmasterb:
Purchase yourself (or have them purchase) a homeowner's warranty. This will remove some of the possible strain should small problems with the house pop up (and they will). It won't cover every conceivable problem of course, but it's a cheap security blanket, and if (when) something goes wrong, at least you can deal with the warranty company instead of having to deal with a friend/family about fixing your house.
I've purchased a home warranty for the buyers on all three of the houses I've sold in my lifetime, and have never once received a call from them after the sale.
Good luck.
BORIStheBLADE:
Buying a house is rough. Are you looking to buy their house because they are giving you a good deal or something?
I don't know how much your spending on the house, but you might want to wait because probably in the next two months the government is going raise the conforming loan amount probably near $700k. Right now the conforming loan amount ends at $417k. So if your getting a loan for more than $417k you will have a jumbo loan and you will spend alot more on your loan.
Have you had your credit checked to see if you qualify for a home loan?
myntik1:
As a recent homeowner I would like to provide a few things I wished I had done:
I wish I would have visited the house after a good rain storm. My basement leaked and because it was an estate sale and the daughter lived in Cali she claimed she had no knowledge of it.
Turn on a bunch of applainces and lights and see what happens. I had 50 Amp fuses, but it was wired wrong in half of the house.
Don't just turn on the water, let it run for a minute and see if the drains are clogged
Talk to someone in the business a realtor, attorney or a pest guy, someone. Ask them who the most thorough inspector they know and go with that guy. I went with a guy my realtor recommended and he missed a few things in addition to those above. To his defense he can't check everything, but my guy glossed over a lot of small items that I'm paying the price for now. And when he tells you it will be X amount to fix this and that. call someone immediately and get a free estimate before you commit to it. It may be only 3 bones for him to have a chimney repointed because he may have a great relationship (referrals) with someone. The average guy who doesn't know anyone is looking at a lot more.
And this is the myntik factor, save some cash for an emergency. I originally had a good amount budgeted for the basement. But after replacing the hatch door, replacing the fridge, dryer and stove my basement budget is now 38 cents. I just wish all of my appliances would have gone at the same time I probably could have gotten a deal. Good luck with the purchase though. There's no better feeling than knowing you own something.
lordtodd75:
Well I put in a bid today for 10000 less then the asking price and I am pretty sure I am going to get it. I didnt speak to a buyers agent yet, but the pressure is getting to me, so I think I am going to talk to one tomorrow. I didnt sign anything that said I couldnt use a buyers agent so it shouldnt be a problem. unfortunately there is such a huge time issue that I wasnt able to talk to an agent before I put in my offer. The paperwork seemed standard and I read it very carefully, so I dont think there will be any surprises with that. When all is said and done I wont be surprised if I get this house for 20000 less then the appraisal. These people really want to get out quick.
I found out why there is such a time issue, turns out there daughter is buying another house next door to the one she already owns and there is no way she can float both mortgages, so mom and dad are coming to the rescue. Plus mom just retired and she is tired of climbing to the 3rd floor to get to her bedroom. Seems a little bizarre that the daughter has to have 2 houses but whatever. I got the information on good authority from my bros fiance who is there niece. So I am not actually related, but close enough. I will let you all know how this all goes as it unfolds.
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