I will be buying my first house this spring... ANY ADVICE?

Question

Hello, and thank you for checking out my question.

I will be buying a house soon and would like to hear any helpful advice you may have to offer. Your answer can relate to any aspect of purchasing a home (i.e. financing, inspections, etc.)

Answer 1

Buy a house that has two bathrooms or one & half baths but with room for a remodel. Look at the marketability of the home not on your specific likes and dislikes. Life has a habit of making 180 degree turns you never know if you may be forced to sell.

Make sure you have the home inspected for wood destroying insects (prefereably termite bonded)

Spring isn't far away ... check your credit report now through all three reporting agencies to verify any errors and to give you time to dispute any discrepancies. If you wait too long to fix items your credit score may not have enough time to adjust accordingly potentially causing you to have a higher rate & lose hundreds of bucks.

When going for a house research everything!!! Don't expect your realtor to know how to do fundamental research. Once you have a house in mind look it up on your county property information system. Almost every sophisticated County has this information online. Its amazing how much info is public record.

The property information system will show you the past sales of that specific property dates & dollar amounts. If the sellers are selling for a loss you know you don't have too much room to negotiate but on the other hand if they bought it 6 months ago and are now trying to sell it for 50k more than what they bought it for you know how much negotiating room you have.

Forget the compareables its a Buyers Market offer low low low!!

Answer 2

Get your inspections, ask for a home warranty or purchase one from AHS (American Home Shield) if the home is over 15 years old.

Get pre-approved with a lender you trust. Ask the seller about utility costs, drive the neighborhood in the AM and PM - size up traffic and commute if you have one.

Most importantly, if you are a first time home buyer, be prepared for the COSTS of actually buying the home. Several lenders offer low down payments, but you will need to have some cash for reserves and closing costs. In some markets, sellers are paying more closing costs for the buyer than the last 2 years, so ask the seller. It can't hurt.

Hope this helps, and yes it is normal to feel nervous!!!

Answer 3

Pre-qualify for your loan before you start looking. This will give you an idea of how much a company would be willing to lend you.

Most likely you will pre-qualify for more than you can afford to pay. Just because you qualified for a certain amount does not mean you have to spend that much.

Also keep in mind, that if you escrow - your mortgage payment will include the principle, interest, hazard insurance, and PMI (if you don't have 20% to put down). Your lender will give you an idea of these costs - but it's just that - an estimate - so be prepared to pay more.

Once you decide on a home - get it inspected! Even if it's new construction a home inspection is valuable and money well spent.

Good Luck!

Answer 4

Before you start, go to a website like realtor.com, that has calculators that can help you figure things like what kind of monthly payment you can afford, etc. Also, get your credit report and review it for any mistakes. While you are on realtor.com, you can look for an agent to help you. Most are more than willing to help guide you and answer any questions for you. I always suggest home inspections for buyers, some may think that they will save the money, ($150 here) but in the long run, wouldn't you rather spend $150 and make sure there are no latent defects than save $150 and get stuck in a home where you have to make tons of repairs that you may not be able to afford, or may even affect your re-sale value?

Answer 5

Have it inspected by a certified inspector and be there when it's being done.-----that includes a new house. Shop for financing and be careful not to put your name on the dotted line for more than you can afford. It takes money to keep up a house and there's more than one house out there that was meant just for you. You're in a market that will allow you to take your time so don't let yourself be pushed.----you can always "move up" later.

Answer 6

Well, like the others said.... were you pre-qualified? Look and research the different mortgages! Do not get an interest only, until you know what it is! And do not get a loan for the PMI, roll it in with your mortgage. I'd say get a financial adviser, but it's real hard to find a good honest one, just research everything yourself. And ASK QUESTIONS!

Answer 7

Get pre-qualified

Don't rely on an agent to find that perfect home for you. You can start now by looking at homes in area's that your interested in, by using the Internet. I had various agent sending me e-mails of updated listings daily.
If you follow this long enough you will see homes that have been on the market for a while

Use sites like zillow to check on home sales in the area that your interested in.

Make your agent work for you, even though I found my home the day it came out, we were still calling our agent at various hours and days to get more info on the sale.

Answer 8

SHOP SHOP SHOP FOR A MORTGAGE! Do not believe the first deal is your best bet. Look for at least 5 different options. Look at banks, credit unions, mortgage company, local mortgage company. If you have good credit expect the best and tell your mortgage broker that you are shopping around so he knows there is competition. Good luck!

Answer 9

well- first there is a large amount of inventory to pick from---so good luck.
second...please stick with your local banks and/or financial institutions...they know you best and 'are local' -so you keep your biz in the local community.
third-get a Licensed Real Estate Agent

good luck :)