alicein1derville
Banned
My fiance and I are buying our first home. Any words of wisdom?
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First home
- Thread starter alicein1derville
- Start date
Bargain hard, right now everything is 'on sale' and negotiable.
Also remember that the real estate agent is NOT your friend. Under the laws in most states the real estate agent works for the SELLER not for the buyer. A good agent will pretend to work for the buyer, but really is doing everything they can do to keep the selling price of the house as high as is possible because their commission is based on the selling price. The higher the selling price the more money the R.E. agent makes.
You need to convince your real estate agent that you will not accept counter offers if you place a bid on a house. If they think you will accept a counter off then they will tell the buyer that your price is flexible and will work you up a little bit in price. One of the best techniques is to find a piece of property you want to bid on, come up with a price that you think is fair, submit the offer, but at the same time tell the agent "if the buyer does not accept this offer then please provide me a list of 5 other similar properties that I can look at instead of playing around with counter offers"
Also, realize that you should not 'fall in love' with a property. If you find one you love, chances are there are 5 more out there that are just as 'perfect' for you as the one you just looked at.
Also remember that the real estate agent is NOT your friend. Under the laws in most states the real estate agent works for the SELLER not for the buyer. A good agent will pretend to work for the buyer, but really is doing everything they can do to keep the selling price of the house as high as is possible because their commission is based on the selling price. The higher the selling price the more money the R.E. agent makes.
You need to convince your real estate agent that you will not accept counter offers if you place a bid on a house. If they think you will accept a counter off then they will tell the buyer that your price is flexible and will work you up a little bit in price. One of the best techniques is to find a piece of property you want to bid on, come up with a price that you think is fair, submit the offer, but at the same time tell the agent "if the buyer does not accept this offer then please provide me a list of 5 other similar properties that I can look at instead of playing around with counter offers"
Also, realize that you should not 'fall in love' with a property. If you find one you love, chances are there are 5 more out there that are just as 'perfect' for you as the one you just looked at.
Cowboyjg
Country Club Member
Don't break up.
http://current.com/items/89387960/a_house_divided_estranged_couple_s_home_cut_in_half.htm
"A Cambodian couple who separated after 40 years of marriage may have taken things too literally when it came to splitting their assets: the husband cut the house in two.
"It is the strangest thing I've ever seen," said May Titthara, who wrote about the case for The Phnom Penh Post, an English-language newspaper in the Cambodian capital. "People there never saw this happen in a divorce. It is very interesting for them."
The husband and wife had been living together in the house in a village in the Prey Veng province of southern Cambodia, roughly 50 miles (80 km) from the capital.
The couple would not talk to the newspaper, but the village chief told May Titthara that the husband was angry because his wife wouldn't tend to him when he was ill.
Last week, the husband and his friends moved his belongings to one side of the house -- and sawed and chiseled it off, said the reporter, who interviewed the village chief and neighbors.
The couple also divided their property into four sections: for themselves and their two children.
Because the couple side-stepped the provincial courts when they parted ways, their unusual resolution could pose a problem later, said Prak Phin, a lawyer for Legal Support for Child and Women in the province.
"This was a not a legal divorce. It never went to the court," he said. "If they have disagreements in the future, they will not have a legal (recourse)."
The man moved his part of the house to his parent's property, May Titthara said. He lives with his parents, while the wife continues to reside in her precariously perched, upright half.
http://current.com/items/89387960/a_house_divided_estranged_couple_s_home_cut_in_half.htm
"A Cambodian couple who separated after 40 years of marriage may have taken things too literally when it came to splitting their assets: the husband cut the house in two.
"It is the strangest thing I've ever seen," said May Titthara, who wrote about the case for The Phnom Penh Post, an English-language newspaper in the Cambodian capital. "People there never saw this happen in a divorce. It is very interesting for them."
The husband and wife had been living together in the house in a village in the Prey Veng province of southern Cambodia, roughly 50 miles (80 km) from the capital.
The couple would not talk to the newspaper, but the village chief told May Titthara that the husband was angry because his wife wouldn't tend to him when he was ill.
Last week, the husband and his friends moved his belongings to one side of the house -- and sawed and chiseled it off, said the reporter, who interviewed the village chief and neighbors.
The couple also divided their property into four sections: for themselves and their two children.
Because the couple side-stepped the provincial courts when they parted ways, their unusual resolution could pose a problem later, said Prak Phin, a lawyer for Legal Support for Child and Women in the province.
"This was a not a legal divorce. It never went to the court," he said. "If they have disagreements in the future, they will not have a legal (recourse)."
The man moved his part of the house to his parent's property, May Titthara said. He lives with his parents, while the wife continues to reside in her precariously perched, upright half.
BigAl
Gone But Not Forgotten
Get married first or have a really good and fair legal contract between you two drawn up before you buy stating what happens with the house if you break up .
I know ... I know ....Your in love and nothing could ever break you apart . Wanna Bet ??? Tell that to about 80% of all married couples who ended up divorced and felt the same way as you feel now .
Bob gives some excellent advice . Its a buyers market now . You might even want to run a ad advertizing you want to purchase a "By owner" home . That way you can save the real estate commission from the get go . Check with the banks and see what kind of Foreclosers they might have avalible . Get pre qualifed for a loan amount . Know what you can borrow before wasting yours or someone elses time .
You do not need a real estate agent to buy a home .Most agents are glorified used car salemen who do not know their ass from a hole in the ground . Oh they will tell you you need them ,but its more that they need you . You really want to pay someone 6% or more to pick up the phone and make 2 or 3 phone calls ????
You go to a Title company and they will guide you through the transaction effortlessly . Get a termite report and a house inspection along with repair cost and use it to adjust or leverage the offering price .
One last thing , You want a perfect brand new home ... than go build one . Don't expect a seller to upgrade his home better than when he lived in it or expect to pay the difference plus some for the upgrades . Thats fair and you would expect the same thing if you were selling .
Oh and one last thing .... Welcome to the Forums .
Welcome to the forum.
You've gotten some great advise already.
If you can, pay at least 20% down to avoid paying PMI.
Don't get in over your head financially. Basically, don't set your payment amount as such that you have enough to cover the mortgage and be able to squeak by from paycheck to paycheck. What you pay in mortgage (principal & interest) is really about 50% of the total $ needed for owning a home. Taxes, insurance, utilities, repairs, upgrades... is normally about the same as your P&I. Don't forget you'll want to furnish as well.
Kitchens and bathrooms are the 2 most expensive rooms in the house. Pay particular attention to those. E.g. If the kitchen cabinets are terrible and you know you're going to need to replace, figure in the cost of the new ones before proceeding.
You've gotten some great advise already.
If you can, pay at least 20% down to avoid paying PMI.
Don't get in over your head financially. Basically, don't set your payment amount as such that you have enough to cover the mortgage and be able to squeak by from paycheck to paycheck. What you pay in mortgage (principal & interest) is really about 50% of the total $ needed for owning a home. Taxes, insurance, utilities, repairs, upgrades... is normally about the same as your P&I. Don't forget you'll want to furnish as well.
Kitchens and bathrooms are the 2 most expensive rooms in the house. Pay particular attention to those. E.g. If the kitchen cabinets are terrible and you know you're going to need to replace, figure in the cost of the new ones before proceeding.
D
darroll
Guest
I try and not give lectures, so I won’t.
Have someone you trust crawl UNDER the house and inspect everything.
Any mounds of dirt could be termites.
Have your attorney look over the paper work.
Act like you are not in a hurry, then haggle.
Tell the seller there is a house two blocks over that is selling for 40 grand cheaper.
If they ask where, give them a cute smile.
Welcome to FF.
The only person that you should keep a watch out for on FF is…………….. me
Have someone you trust crawl UNDER the house and inspect everything.
Any mounds of dirt could be termites.
Have your attorney look over the paper work.
Act like you are not in a hurry, then haggle.
Tell the seller there is a house two blocks over that is selling for 40 grand cheaper.
If they ask where, give them a cute smile.
Welcome to FF.
The only person that you should keep a watch out for on FF is…………….. me
alicein1derville
Banned
Thank you so much for all of the great advice. I will make sure and take everything you said into consideration. Thanks again guys! 
Alice, you or your fiance should thoroughly inspect the home you are thinking about purchasing. You can do this yourself, assuming you know what to look for, or you can hire a professional to do it for you.
Darroll gave some excellent advice when he recommended you have someone crawl under the house and inspect everything (foundation walls, floor framing members, HVAC ducts, plumbing (both fresh water and waste lines), the crawl space floor for moisture, etc.). You need to ensure you look for deteriorated wood under all exterior doors, especially doors that open onto a deck or porch that does not have a roof. Rain water will splash off of the deck floor onto the door and eventually run under the door. Also look at the framing members under bathrooms and kitchens around plumbing pipes. You may have to move the insulation to look at the framing members.
I recommend you also have someone go into the attic area and look for water stains on the roof sheathing and framing members.
If you will send me your email address, I'll send you a PDF file, The Complete Book of Home Inspection. This is a great file that describes the things to look for, but you have to have some knowledge to be able to tell if something is deteriorated or not functioning properly.
Good luck, Bob
Darroll gave some excellent advice when he recommended you have someone crawl under the house and inspect everything (foundation walls, floor framing members, HVAC ducts, plumbing (both fresh water and waste lines), the crawl space floor for moisture, etc.). You need to ensure you look for deteriorated wood under all exterior doors, especially doors that open onto a deck or porch that does not have a roof. Rain water will splash off of the deck floor onto the door and eventually run under the door. Also look at the framing members under bathrooms and kitchens around plumbing pipes. You may have to move the insulation to look at the framing members.
I recommend you also have someone go into the attic area and look for water stains on the roof sheathing and framing members.
If you will send me your email address, I'll send you a PDF file, The Complete Book of Home Inspection. This is a great file that describes the things to look for, but you have to have some knowledge to be able to tell if something is deteriorated or not functioning properly.
Good luck, Bob