tips when buying a house?

williamb82 · 10-06-2009, 07:13 PM

anyone have any tips for buying a house? anything oddball to look out for in the house or any wierd fees to look out for? i been looking for awhile and bid on one and it has been accepted. no hoa or deed restrictions. i know the normal stuff. just want to know if there are any tricks in paper work i should be aware of to look out for? its my first time buying a house.

**Joe** · 10-06-2009, 07:39 PM

Property Attorney.

Use one. Very helpful for first time buyers.

TNathe · 10-06-2009, 11:06 PM

do a google search on this, you dont need no stinkin Property Attorney. If you are getting a loan from a bank THEY will do all the needed research for you, get it appraised, termite inspection, etc. If you feel the need, hire a private contractor to take a look (especially if you are getting a house built 40+ years ago.) and make sure you arent buying shit...however, a google search on home buying or the like will give you shit you need to watch for on the bank fees/mortgage broker fees/real estate agent ish, etc. For instance "Administration Fees" will vary from bank to bank. Pay SPECIAL attn to "points" and the percentage rate, MAKE SURE YOU UNDERSTAND EACH ONE IT DETAIL, KNOW what you should be paying for an interest rate, are they low now or high? Seek a bank and get pre-approved FIRST, once you know your available amount seek out a STEAL, LOOK INTO SHORTSALES! Find a real estate agent KNOWLEDGEABLE in short sales, ask for their history in that aspect. Paying some "retail" price for a house these days is LUDICROUS, unless your heart has some reason to tell you otherwise.

Decoy_TT · 10-06-2009, 11:13 PM

Be prepared to not sign the dotten line at closing if something seems off.

At my closing (Just bought my first house 3 months ago) they wanted me to pay nearly 7.5k after I had already put down 1k. I had a FHA loan so I should have only put down roughly 5.5k.

I sat there until they "figured out" their "mistake" and told them that if I had to pay that much they weren't getting my money.. I didn't even have that much (was a lie, I could have swung it but then the money to fix her up would be much slimmer)....

I guarantee they will do this to you.

Oh and make sure the bank sends you an updated good faith estimate based on the numbers your offer was accepted for (Such as purchase price, down payment, APR, points)... BRING THIS TO CLOSING FOR WHEN THEY TRY TO FUCK YOU.

lol.

williamb82 · 10-08-2009, 12:09 PM

i already found a house and have approval for a usda loan. needs a lil work but not much. just paint and some of the hard wood floor panels replaced. seems previous owners used it as a rental. it is a block home and built in 1986, and the roof is only a few years old. still looks brand new. also, my gf's uncle is a contractor and doing the inspection for me plus im going up in the attic and stuff myself to check for termite damage etc.. even though there is a pest inspection being done as well(i lived in a woodframe house growing up so am familiar with termites and know what to look for). i plan to KNOW the house before i close on it. thanks for the info about the "mistake" they made on your contract. thats the kind of thing im worried about but i do read EVERYTHING before i sign etc... and i have a nice thick notebook with ever paper ive received or had to fax, sign etc.. in it. that will be with me at closing. even bought page protectors to keep each page in for easy access etc... gf calls me a dork for it but it comes in handy. lol

**rainmkr** · 10-08-2009, 01:26 PM

Also you get what you pay for with a home inspector. You go cheap you're gonna get bullshit. It's a wise investment to get a true laundry list of stuff you need to fix and possibly an excuse to get out of the deal if something really nasty is hiding where you didn't see.

I shot myself in the foot with my inspector and he missed a SHITLOAD of stuff that I trusted he would find.

**Joe** · 10-08-2009, 01:51 PM

true story on the inspector.

williamb82 · 10-08-2009, 03:01 PM

we have an inspector we trust.

**AmandaR** · 10-08-2009, 05:07 PM

I would make sure you get a quote from you title company as well. Alot of time the lenders dont get true figures from the title company so that the closing table you are usually blindsided with their fees. This happens a lot with our closings.

Are you buying from a bank or from a normal seller? I do a lot of REO properties in my office and if you buy from the bank you sign their addendum or counter offer to the contract and it usually has things on there that the agents and buyers do not realize.

I would try to demand that you get your final hud a good 48 to 24 hours ahead of time. That way you can review your hud and docs if need be the day before. We tell all lenders we need packages a full 72 hours before closing... normally yes that doesnt happen BUT I do get most 48-24 hours before. Which in the long run helps everyone.

whosurgaddy · 10-08-2009, 05:52 PM

inspector always a must

williamb82 · 10-08-2009, 06:40 PM

its a normal person, not bank owned. and in the contract they agreed to pay up to 6% for closing. also the loan im getting is for 100% financing even though i saved for a down payment. im keeping my money for just in case. after the house is all mine then ill buy stuff needed for the house. paint, blinds, furniture, misc items like new microwave and dishes, pots and pans etc... all the little things that people never think about ahead of time. then again i might put the money in anyway so the payments are less, depends how much less they will be. i have never had a credit card and if the payments arnt much different with me keeping the money ill keep it for the stuff we need.

**AmandaR** · 10-09-2009, 04:16 PM

i didnt even realize they were doing 100% financing anymore.

williamb82 · 10-09-2009, 05:58 PM

they are. its a usda loan. payments are like $13 more a month if i dont put anymore down. i already gave a $500 escrow check so thats counted as the down payment now since i wont get it back. i didnt know they could do the 100% financing when i submitted it. no big deal. might be why the contract got accepted anyway. i have the loan application in full but wont fax it to the lender till after the home inspection tomarrow. once its done and i know nothing major is wrong ill fax it in. im on my way to buying my first home! im so excited.

Water Filtration · 10-13-2009, 09:05 AM

Here are some good tips for first time home buyers.

http://www.helium.com/items/604983-f...buying-a-house

williamb82 · 11-16-2009, 05:11 PM

well i will be closing this week. im stoked. seems like this loan process took forever though. and the mortgage broker miscalculated stuff on the origonal good faith estimate. lukily i caught it myself so wont be blindsided at closing wit hthe amount i need etc... man i cant wait to get this over with so i can move and start getting things the way i want them in the new house.

TNathe · 11-16-2009, 05:15 PM

congrats dude, glad you were educated enough to catch the mistakes yourself

williamb82 · 11-16-2009, 05:21 PM

well im glad i didnt spend the money i had saved on shit i didnt need. lol. i almost bought 1000sq/ft of tile to put in the livingroom/dining room but said to myself, no, i better wait till after closing in case i need this money for something that got over looked. and damned if i wasnt right. lol. so ill just fix the 1 bad spot of the hard wood floors instead of replacing it with tile. i just got a bad feeling itll be raining saturday when i plan to do most of my moving.

**Jeff240sx** · 11-17-2009, 11:50 AM

The first month of your new home will be SO expensive. Just keep your mortgage payment safe, then go to Lowes, it wil be your best friend.

williamb82 · 11-17-2009, 01:57 PM

i aint buying shit for awhile. lol. idk what the electric and water bills will look like yet. the house was vacant so long that neither util company could give me a guestimate. so till i have a reg bill to see what im looking at every month ill lay off buying stuff. i got lots of yardwork to do anyway. that should keep me busy for a long time considering how much i like yard work (hate it so wont do too much at once. lol)

Decoy_TT · 11-17-2009, 03:11 PM

Quote:

Originally Posted by williamb82

well i will be closing this week. im stoked. seems like this loan process took forever though. and the mortgage broker miscalculated stuff on the origonal good faith estimate. lukily i caught it myself so wont be blindsided at closing wit hthe amount i need etc... man i cant wait to get this over with so i can move and start getting things the way i want them in the new house.

Told you.

What was the "mistake"?

Did it end up being more/less?

10-06-2009, 07:13 PM	#1 (permalink)
williamb82 Registered User	tips when buying a house? anyone have any tips for buying a house? anything oddball to look out for in the house or any wierd fees to look out for? i been looking for awhile and bid on one and it has been accepted. no hoa or deed restrictions. i know the normal stuff. just want to know if there are any tricks in paper work i should be aware of to look out for? its my first time buying a house.

10-06-2009, 11:06 PM	#3 (permalink)
TNathe Registered User	do a google search on this, you dont need no stinkin Property Attorney. If you are getting a loan from a bank THEY will do all the needed research for you, get it appraised, termite inspection, etc. If you feel the need, hire a private contractor to take a look (especially if you are getting a house built 40+ years ago.) and make sure you arent buying shit...however, a google search on home buying or the like will give you shit you need to watch for on the bank fees/mortgage broker fees/real estate agent ish, etc. For instance "Administration Fees" will vary from bank to bank. Pay SPECIAL attn to "points" and the percentage rate, MAKE SURE YOU UNDERSTAND EACH ONE IT DETAIL, KNOW what you should be paying for an interest rate, are they low now or high? Seek a bank and get pre-approved FIRST, once you know your available amount seek out a STEAL, LOOK INTO SHORTSALES! Find a real estate agent KNOWLEDGEABLE in short sales, ask for their history in that aspect. Paying some "retail" price for a house these days is LUDICROUS, unless your heart has some reason to tell you otherwise. Last edited by TNathe : 10-06-2009 at 11:09 PM.

10-06-2009, 07:39 PM	#2 (permalink)
Joe Sodalime is good.	Property Attorney. Use one. Very helpful for first time buyers.

10-06-2009, 11:13 PM	#4 (permalink)
Decoy_TT feels good to be gangsta	Be prepared to not sign the dotten line at closing if something seems off. At my closing (Just bought my first house 3 months ago) they wanted me to pay nearly 7.5k after I had already put down 1k. I had a FHA loan so I should have only put down roughly 5.5k. I sat there until they "figured out" their "mistake" and told them that if I had to pay that much they weren't getting my money.. I didn't even have that much (was a lie, I could have swung it but then the money to fix her up would be much slimmer).... I guarantee they will do this to you. Oh and make sure the bank sends you an updated good faith estimate based on the numbers your offer was accepted for (Such as purchase price, down payment, APR, points)... BRING THIS TO CLOSING FOR WHEN THEY TRY TO FUCK YOU. lol.

10-08-2009, 12:09 PM	#5 (permalink)
williamb82 Registered User	i already found a house and have approval for a usda loan. needs a lil work but not much. just paint and some of the hard wood floor panels replaced. seems previous owners used it as a rental. it is a block home and built in 1986, and the roof is only a few years old. still looks brand new. also, my gf's uncle is a contractor and doing the inspection for me plus im going up in the attic and stuff myself to check for termite damage etc.. even though there is a pest inspection being done as well(i lived in a woodframe house growing up so am familiar with termites and know what to look for). i plan to KNOW the house before i close on it. thanks for the info about the "mistake" they made on your contract. thats the kind of thing im worried about but i do read EVERYTHING before i sign etc... and i have a nice thick notebook with ever paper ive received or had to fax, sign etc.. in it. that will be with me at closing. even bought page protectors to keep each page in for easy access etc... gf calls me a dork for it but it comes in handy. lol

10-08-2009, 01:26 PM	#6 (permalink)
rainmkr tippin' on four fours	Also you get what you pay for with a home inspector. You go cheap you're gonna get bullshit. It's a wise investment to get a true laundry list of stuff you need to fix and possibly an excuse to get out of the deal if something really nasty is hiding where you didn't see. I shot myself in the foot with my inspector and he missed a SHITLOAD of stuff that I trusted he would find.

10-08-2009, 01:51 PM	#7 (permalink)
Joe Sodalime is good.	true story on the inspector.

10-08-2009, 03:01 PM	#8 (permalink)
williamb82 Registered User	we have an inspector we trust.

10-08-2009, 05:07 PM	#9 (permalink)
AmandaR The Queen	I would make sure you get a quote from you title company as well. Alot of time the lenders dont get true figures from the title company so that the closing table you are usually blindsided with their fees. This happens a lot with our closings. Are you buying from a bank or from a normal seller? I do a lot of REO properties in my office and if you buy from the bank you sign their addendum or counter offer to the contract and it usually has things on there that the agents and buyers do not realize. I would try to demand that you get your final hud a good 48 to 24 hours ahead of time. That way you can review your hud and docs if need be the day before. We tell all lenders we need packages a full 72 hours before closing... normally yes that doesnt happen BUT I do get most 48-24 hours before. Which in the long run helps everyone.

10-08-2009, 05:52 PM	#10 (permalink)
whosurgaddy Registered User	inspector always a must

10-08-2009, 06:40 PM	#11 (permalink)
williamb82 Registered User	its a normal person, not bank owned. and in the contract they agreed to pay up to 6% for closing. also the loan im getting is for 100% financing even though i saved for a down payment. im keeping my money for just in case. after the house is all mine then ill buy stuff needed for the house. paint, blinds, furniture, misc items like new microwave and dishes, pots and pans etc... all the little things that people never think about ahead of time. then again i might put the money in anyway so the payments are less, depends how much less they will be. i have never had a credit card and if the payments arnt much different with me keeping the money ill keep it for the stuff we need.

10-09-2009, 04:16 PM	#12 (permalink)
AmandaR The Queen	i didnt even realize they were doing 100% financing anymore.

10-09-2009, 05:58 PM	#13 (permalink)
williamb82 Registered User	they are. its a usda loan. payments are like $13 more a month if i dont put anymore down. i already gave a $500 escrow check so thats counted as the down payment now since i wont get it back. i didnt know they could do the 100% financing when i submitted it. no big deal. might be why the contract got accepted anyway. i have the loan application in full but wont fax it to the lender till after the home inspection tomarrow. once its done and i know nothing major is wrong ill fax it in. im on my way to buying my first home! im so excited.

10-13-2009, 09:05 AM	#14 (permalink)
Water Filtration Registered User	Here are some good tips for first time home buyers. http://www.helium.com/items/604983-f...buying-a-house

11-16-2009, 05:11 PM	#15 (permalink)
williamb82 Registered User	well i will be closing this week. im stoked. seems like this loan process took forever though. and the mortgage broker miscalculated stuff on the origonal good faith estimate. lukily i caught it myself so wont be blindsided at closing wit hthe amount i need etc... man i cant wait to get this over with so i can move and start getting things the way i want them in the new house.

11-16-2009, 05:15 PM	#16 (permalink)
TNathe Registered User	congrats dude, glad you were educated enough to catch the mistakes yourself

11-16-2009, 05:21 PM	#17 (permalink)
williamb82 Registered User	well im glad i didnt spend the money i had saved on shit i didnt need. lol. i almost bought 1000sq/ft of tile to put in the livingroom/dining room but said to myself, no, i better wait till after closing in case i need this money for something that got over looked. and damned if i wasnt right. lol. so ill just fix the 1 bad spot of the hard wood floors instead of replacing it with tile. i just got a bad feeling itll be raining saturday when i plan to do most of my moving.

11-17-2009, 11:50 AM	#18 (permalink)
Jeff240sx KDM. Yea, I said it.	The first month of your new home will be SO expensive. Just keep your mortgage payment safe, then go to Lowes, it wil be your best friend.

11-17-2009, 01:57 PM	#19 (permalink)
williamb82 Registered User	i aint buying shit for awhile. lol. idk what the electric and water bills will look like yet. the house was vacant so long that neither util company could give me a guestimate. so till i have a reg bill to see what im looking at every month ill lay off buying stuff. i got lots of yardwork to do anyway. that should keep me busy for a long time considering how much i like yard work (hate it so wont do too much at once. lol)