Advice for the first time home buyers/owners . . .

[ColdBlooded]

We've got quite a few older or rather "mature" people on here doin the whole 9-5 with the family and a happy home. Drop your knowledge gained from experiences and help the inexperienced out when it comes to home ownership.

Tips on:

Dealing with banks/Obtaining loans

Picking a realtor

Home searches

Renovations/Improvements

Budgeting

Finding the right place at the right price

Etc.

 

[The Anti-Vidual]

My plan is buying something, fixing it up, and renting it out. Then I'll make those payments pay off the loan. Repeat...

 

[CHAPO GUZMAN]

my idea is.... wait for that earthquake thats supposedly supposed to hit the bay area.. soon as the housing drops in price, i buy a crib. fix it up.. keep it til the prices go back up and flip it.

 

[JLMACN]

We've got quite a few older or rather "mature" people on here doin the whole 9-5 with the family and a happy home. Drop your knowledge gained from experiences and help the inexperienced out when it comes to home ownership.

Tips on:

Dealing with banks/Obtaining loans - Get a fixed Rate DO NOT FUCK WITH A Adjustable rate! If you know you have a GOOD score 730+, use that to your advantage and MAKE banks give you a the lowest Interest Rate you can get. Also, whatever Loan you get make sure you sign a document stating your bank CAN NOT sell your loan, this will help you not get bills from other banks you never heard of.

Picking a realtor - Fuck Realtors!!! Try to buy a home For Sale by Owner, you will most likely get a better deal because they do not have to pay the 6% to a Realtor! Just my opinion.

Home searches - www.fsbo.com www.forsalebyowner.com www.realtor.com , and your local newspaper.

Renovations/Improvements - If you can get a home for cheap and you can do the work, good! I suggest buying a house that DOES NOT need work. Most of all though, Do not buy a house that needs foudation repairs or has Big Structural problems! and do not buy a house that needs a roof.(unless you can do it for cheap or negotiate it with the seller)

Budgeting - I suggest you have atleast 6 months of your calculated house payment in your savings, and the other 6 months in your checking. So thats 1 year you can live in your house comfortable. Remember though, banks approve your loan for your income based on NO grocery, gas, phone, internet, cell phone, bills!!!! So when they tell you, you can afford a $250,000 house, you really cant. Keep that in mind.


Finding the right place at the right price - Location Location Location!!! Make sure you buy in a area that will give proper appreciation in the future. Buying a house is an investment! If your value of your house does not rise, then when or if you ever have to sell, you will not get what you need out of it.

Etc.

I bolded everything for you.

 

[Tony]

Good lookin'.... Good info J-Mac!

 

[Joey]

Get a fixed rate, not for 5 years get a 30 year fixed...Cause you never know when you might not be doing as well as the time you purchased.....when that payment goes up it might make a big difference...

Dont rush...be patient...trust your heart...dont base your decision on what a saleseperson tells you....BE PATEINT!!!!

Stay within your means...fuck a big house or some extravegant shit if your whole paycheck goes to the mortage.....Its funner to take vacations, and have days out once in while than pay a big note...

Yeah and watch out for the flipin house shit.....4 years ago people bought, and got breded........2 years ago people bought and got beheaded....forclosure's, short sales.....= fucked up credit for 10 years...

When i think of more i will post more!! GOOD TOPIC

 

[Likwid]

Fuck a $250,000 house? That's rare around these parts of cali.

 

[Joey]

I bolded everything for you.

Yeah your right man...When i submited reply your quote was here....pretty much the same shit....Good info.....

 

[SuiPSYedKing]

Take what JLMACN said and run with it.

Also get your property taxs included in your mortgage payment. It sucks to have to come out the pocket a large chunk in Nov & Feb atleast in Cali it is.

Save Save & Save your money for a rainy day. You never know when they come and when it rains it pours.

 

[JLMACN]

Fuck a $250,000 house? That's rare around these parts of cali.

Well you get my point. $250,000 here in the midwest is a nice home.
Im sure a $250,000 house here in Midwest is about $500,000 in Cali.

 

[JLMACN]

no problem folks...

I bought my first house when I was 20, and I have learned much since then.

5000

 

[imported_jay_jay]

If your a first time home buyer the best thing to do is check into the programs your city has for first time home buyers... they ALWAYS have something typeof program zero closing costs... or something like that!...

 

[Nod-A-Skank]

this is a great topic. i will prolly be buying a house next year.

 

[Likwid]

Well you get my point. $250,000 here in the midwest is a nice home.
Im sure a $250,000 house here in Midwest is about $500,000 in Cali.

Yeah good info you put down.

But shit here 500k will get you a nice fixer upper. Down the street 3-4 bedroom houses are starting in the 580k's. I'll probably ending up buying a home out in the midwest where I have family. I remember seeing homes with huge yards for well below 300k in OH and KY. Shit I don't think living this close to the coast or Silicon Valley is really that worth it lol.

 

[Likwid]

If your a first time home buyer the best thing to do is check into the programs your city has for first time home buyers... they ALWAYS have something typeof program zero closing costs... or something like that!...

Heard about that ish too. Good stuff.

 

[Nod-A-Skank]

Yeah good info you put down.

But shit here 500k will get you a nice fixer upper. Down the street 3-4 bedroom houses are starting in the 580k's. I'll probably ending up buying a home out in the midwest where I have family. I remember seeing homes with huge yards for well below 300k in OH and KY. Shit I don't think living this close to the coast or Silicon Valley is really that worth it lol.

yeah houses are way too expensive ehre. ithink i will either be moving to or, az or around bakerfield.

 

[Likwid]

Man Bakersfield!? That place is boring as hell and just as hot!

 

[phil]

if you buy a house on a slab make sure the plumbing is straight, if you have plumbing issues they will have to tear up carpet, flooring, walls, etc and that shit costs a grip. leaky basements stay away from. also be well aware of your neighbors. do they own or are they renting etc... theres lots more, i'll add later when i get a chance. oh and definitely dont fuck with an adjustable rate. i never understood why anyone would do that other than thats the only way to get a house. i feel sorry for you folks in cali and south florida. 200k doesnt buy you shit there, but in the midwest you can have a pimp ass house for 200k with plenty of land and nice location.

 

[RevoL]

Picking a realtor - Fuck Realtors!!! Try to buy a home For Sale by Owner, you will most likely get a better deal because they do not have to pay the 6% to a Realtor! Just my opinion."

Do you think the average seller knows the ins and outs of selling a home? i'm not just talking about the marketing aspect, but all the contracts, disclosures, inspections, title and escrow process, closing, ect. Also what about protection and liabilty. Did you know that if for some reason it goes to litigation, the broker is held liable, not the buyer/seller. so without an agent, you have no legal protection. why do you think that 95% of for sale by owners end up listing and selling their home with a real estate agent (this is a fact). from my experiences, most fsbo's overprice there homes anyways, so there goes the idea of getting a better deal. with the current market we are in, there are tons of great deals out there and tons of opportunities for a great agent to negotiate a price well under market value. also how well do you think the majority of FIRST TIME home buyers know the buying process? do you think they will get all their questions and concerns answered working directly with a seller? do you know how much a buyer pays their agent? nothing. why not hire an agent who will find them a home that matches their needs, guide them thru the process, handle all the paperwork, use their resources of loan officers, inspectors, title and escrow officers, ect., provide legal protection, and get them into a new home with as little work and stress on the buyers as possible?

if anyone has any questions about buying or selling, let me know. as you can probably tell, this is what i do for a living.

 

[TLALOC]

Just remember that the realtor is only after one thing when they are working with you....MONEY!!!!
Some realtors will lie all they can just to get your bread! Do your own homework, and listen to every word the realtor or anybody else that has a hand in you purchasing the house you will potentially purchase. It is better to get into a fixed rate for 1-5yr's (you can alway's refinance if needed, just make sure there is no penalty you have to pay for refinancing b4 your 5yr fixed rate is up)