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Buying my first house **update** offer accepted, I got a house.
ChadTower:
--- Quote from: BobbyG66 on February 11, 2008, 09:50:21 am ---Also if it has septic, you need a title 5 report. (at least where I live).
--- End quote ---
Are there any states left that don't legally require title 5 inspection in order to sell the house?
Cakemeister:
Like Shardian and Bobby said, INSPECTION.
And don't get an adjustable-rate mortgage. It might be cheaper now but in a year you may have a problem when your payment goes up. If your credit is good then you'll have no problem getting a decent fixed rate mortgage.
With the ongoing subprime loan crisis it is a buyer's market in a lot of places. Have you gotten comparables on other similar houses to get an idea of the current value of the house? Don't act too fast.
ChadTower:
Get a lead paint inspection if you have or plan on having kids. Check the zoning for the abutting lots - don't find out 5 years later that your neighbor is on business zoned land and is tearing down his house to put up a McDonald's.
lordtodd75:
All good advice, thank you. Like I said I am just making the offer today, should I get an inspection before I make the offer? I checked the house out and I asked a lot of questions. All problems I noticed were cosmetic. The roof, siding, windows are all brand new. The only thing I didn't like was that the oil heater looked a bit old. The appliances all seemed good, hell they are even going to leave a lot of the furniture if I want. One thing I did realize was that I don't know why they are so motivated to sell. I know they are moving in with there children, but I am not sure why they want to be out of this house so quickly(end of feb), I suppose that is something I should check out. I will definitely get a full inspection and termite inspection, I am just not sure in what phase of the deal this should happen.
Chad when you say "the little things" what exactly do you mean? I have never bought a house so I really don't know.
@cake
No arm for me, FHA. I did check out comparable houses in the area, they seem to be 10 to 20 grand higher.
edit
@chad
It is a row home so tearing down the neighbors house would definitely present a problem ;D
ChadTower:
--- Quote from: lordtodd75 on February 11, 2008, 10:06:56 am ---Chad when you say "the little things" what exactly do you mean? I have never bought a house so I really don't know.
--- End quote ---
Same as with a car. If you bought a car from a friend, and the fuel injector crapped out after 500 miles, many people would be pissed at the friend. A house has lots of issues like that. What if you discover a year from now that the upstairs wiring is nongrounded run to three prong outlets? Will you consider that your problem or will you be pissed at the seller for not at least telling you? That sort of thing. It's a lot less cut and dry with someone you still know.
"Dude, what's up with the turkeys in the yard?"
"oh, yeah, don't go out there until noon or they'll bite you in the junk"
"WTF, why didn't you tell me that?"
"Uh, why, just wear a cup"
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