Any ideas or pointers when buying a house,this is my first time,and I'm not especcially rich!?

Answer 1

Go to a home buying seminar hosted by Realtors(R). After you learn everything they have to teach you, ditch them and find a well know real estate agency within the community you wish to live. Always use a direct lender, always get a home inspection, always get an appraisal, never waive your rights when it comes to purchasing a home. email [e-mail] for additional insight.

Answer 2

First of all, think of the home you buy as an investment in your future. The first step is to speak to a lender who will let you know how much house you can afford. Next, find an agent who you can trust. After you find the right property, you become a home owner. As you live there, you build equity over time and by making improvements. How fast you build equity depends on your property and the market. At some point in time, you can get a home equity loan. Many people buy toys with this loan, but if you want to become wealthy, use this to buy or put money down on either an income property or other property that you can buy low and sell for a profit. This is how real wealth is created when you are starting from ground zero.

Answer 3

Owning your own home is a good idea. There are a lot of advantages, such as tax breaks, and having some stability in your housing costs.

However, there are a lot of potential pitfalls. Overpaying is one, high unexpected maintenance is another, not to mention surprises in your mortgage documents, such as not really understanding just how variable your mortgage payment really is.

What you need to do is start with an attorney. You want one that concentrates in real estate, not just any attorney. You want one that will represent you for a fixed fee for this transaction, will walk you through the steps of the process, and is available to you by phone to answer questions.

Of all the people you will meet in this transaction, the attorney is the only one with undivided loyalty to you, the only one that you can expect to answer not just the questions you might ask, but to point out things you should know but didn't know to ask about.

Most people get the process all wrong, by calling the attorney near the end of the transaction. By that time, you've already signed a contract promising to pay about four years' pay on a certain date, and passed several important deadlines. It usually goes well, but if there's a problem, involving the attorney that late limits what they can do about them.

Choose your attorney before you do anything else.

Answer 4

All of the answers have good points. One thing to do which is essential is have a Home Inspection prior to signing a contract. An inspector can tell you just what is wrong and what has to be fixed. If you have structural damage and also the amount of money it will cost to repair it. Again major things like roof, heating, AC, structural, water damage, etc. gives you room to negotiate and try to ask for a reduction of the purchase price to make the necessary repairs. Any appliance updates, paint and minor problems you are expected to do on your own.
Most major real estate companies offer a Home Warranty for $500 or less which guarantees for a certain House Call Fee to fix any covered appliance in your home for a year. Ask the seller to furnish the contract if you are really certain you want to buy the home. It make it a little more carefree knowing after you move in you will not have to spend money for repairs. The best money you will ever spend.
GOOD LUCK.

Answer 5

First thing you need to do is get pre-approved for a loan. Find a reputable agent and getting pre-approved will save a lot of heartache and headaches when you do find the home you want. They will also let you know what price range you qualify for so you don't have to waste time looking at homes you can't afford or are below what you want.
interview more than one agent. Shop around, maybe shop for a good lender. Don't fall for shady deals. Check on everyone with the Better Business Bureau. Right now its a buyers market and the interest rate is fairly low. When you find the home you want Lock in the interest rate nad NEVER get anything but a FIXED RATE LOAN.

Answer 6

First time home buying is fun and scary. Overall, I would be most certain that you can afford it. Lean towards the lower end of your affordability. There is so much more financial responsibility to home ownership that just the monthly payment. In a few years, you can trade up. Avoid ARM and Interest-Only mortgages. Escrow your taxes and insurance. The attorney idea is good, if you can afford it. There are many good Realtors and Lenders that will help you, but there are also sharks and scammers. Just keep sharp. If it's too good to be true, it usually is.

Answer 7

Use a realtor that you have " connected " with. Comfort level and trust are crucial. Get a home inspector who's highly recommended and well experienced in the area where the house is sited. Remember , nothing is quite as simple as it seems. Get a fixed, standard mortgage if at all possible. Ask the local police dept. to see the " call " records for the neighborhood. That's for starters. Good luck.

Answer 8

Find an experienced Realtor!

You will most llikely only need one to work with.

How? Ask around. Go to different Open Houses to meet a few Agents.

Research the LOCATION!!! Taxes, School Districts, NOT being downwind of the local "Piggy" farm, etc!!!

Buying a home in a LOCATION that has a good mix of a great school system and decent taxes will help PROTECT your home's value.

Ahhh there is SO much more you need to know.......

Did I mention to GET AN EXPERIENCED REALTOR!!!

Answer 9

before you spend a lot of time being talked into something that you are going to struggle to afford, figure out what you CAN afford.. you know where you want to live.. if you don't.. check out the areas.. contact the local PD's for call reports, talk to friends that own homes and a find out who they used for agents. Contact the local tax assessors office and find out what percentage of value is property tax .. so you are currently paying 1200 in rent comfortably, and taxes are going to be 2% of the assessed value of what you buy in the area that you have picked out. and you have been referred to an agent that you have met and are comfortable with.

they usually have finance people that they work with to put loans together.. you can back door it .. tell them you can swing >>this amount monthly without taxes. they can usually plug the payment into a 30 yr fixed application.. assume your credit is good and come up with an 80% of value loan.. ad in the other 20%.. that' the target range you are looking for in price.. you can look a little higher.. there is usually some wiggle room in most prices.

My daughter and son call me their secret weapon.. I adjusted claims for year, mostly property, and have my lic to inspect property.. so they always take me with them on the initial look see. In a lot of states you can't get a written inspection without an offer being on the table. but the offer is always contingent pon the items agreed upon in the inspection, or your agent isn't worth spit.

once you have found something you like, in your price range, with things that you think can be addressed reasonably between you and the seller on an inspection report.. put in an offer.. Make sure you get an inspector that is familiar with the area and is a member of NAHI, national assn of home inspectors (my opinion only)... and get things going..

If the seller won't fix things that are reasonable for them to fix.. be prepared to walk..

Don't ever fall in love with a house!! It's a piece of property!!

Once the seller knows that you're in love with it, or their agent knows... omg

Stick with what you can afford... there is a stepping stone method to buying homes.. you start out with this one.. you build equity.. then a few years from now.. you sell it, take the equity, and your making more money then too, and you buy that bigger one that you wanted...

Good Luck

Answer 10

Use a Realtor. It costs you nothing and he/she should prepare you for the steps you need to prepare. First secure your financing. Speak to several mortgage brokers and get pre-approved for a certain amount prior to looking for a house. That way you are comfortable with the monthly payment being proposed and you are in a stronger position to negotiate.