my land lord want me too buy my house i want too but i have never done it befor what the best way too go?

Question

she want 55000 but I want too get a loan
for 65000 for a few minor upgrades new windows carpet stuff for the house
new home theater is this possible too
get a little more for these things
or will they give home only
I was just wondering If i buy
make this place like homa you know
whats a good place too get a good loan

Answer 1

The answer depends on your credit rating and the appraisal value of the house. A good place to start the loan procedure is your own bank! Will you have enough money for the down payment and closing costs? Do not overlook the fact that in today's real estate market you have the advantage over the seller because it is a buyers market. Interest rates are high and houses are not selling well. You have some leverage there and bargaining power.

You need to know what the house is worth as well in today's real estate market. He may be asking $55,000.00 but it may not be worth that! Is he listing the house with a Realtor or selling it himself? If he's listing it, you'll need a representative to do all the paperwork so the best place to start is a reputable R.E. Broker! You'll also need an attorney for the closing, for which most R.E. brokers or your bank can provide you with a recommendation. Don't lose sight of the fact that you have been paying rent there. Tell your landlord that he should be willing to take some of that money as consideration for a reduction in his price.

Bring in a home inspector to go over the house with a fine toothed comb to see what the house may need to have done. How old is the roof? Is the house sided or painted. If it's sided, what type? Is the house insulated properly? What type of wiring does it have and how old is the house? Is the plumbing system copper? How old is the hot water heater and is it under warranty that passes on to the new owner? Is there an alarm system and are there fire and carbon monoxide alarms on all floors? Do you see any signs of water damage on walls or ceilings on any floor? Do you see any leaks under sinks or outside the house? What are the annual taxes? How much are his water bills? How is the house heated? If it's oil, how much does it cost him annually? How old is the heating system? If it's all electric or forced air, how much does it cost annually? Are there drafts coming in from the windows or doors and why? He may need to bring it up to speed so it will pass inspection for occupancy which has nothing to do with the inspector you bring in. This should not be done after the fact or you'll be the only one responsible for replacing items, however, before he can sell, there are some things he MUST do if they are not already done. Good Luck!

Answer 2

You need to know a whole lot more about buying a house than just where to get a loan. For example, you have to get an inspection so you can if there's anything wrong with the place. You need an appraisal to make sure she's not trying to con you out of more money than the place is worth.
If the house happens to be worth 65k or more, you'll be able to take out a loan for that amount very easily. If it's only worth the 55k that she's asking, you'll have a more difficult time getting good rates on financing just because not all lenders allow you to loan more money than the house is worth - it's risky for them
You need to know about PMI - if you owe more than 80% of the value of your house to a lender, they charge you insurance (it's the law) which is very expensive. SO, you have to decide whether you pay the insurance until the balance is below 80% or you take out 2 loans, one for 80% and the other for 20% to avoid the insurance. That second loan usually has a higher interest rate, so sometimes it's not always the best option.
These are just a FEW things you need to think about - you need to do a lot of homework before buying a house. It's a huge investment, so don't rush into it!

Answer 3

Why does she want to sell the house? How do you know it is worth what she says? You will not be able to get a loan for 100% of the loan and certainly not for more than 100%. You are expected to have a down payment. If you don't know what you are doing and you're spending a lot of money, you probably are about to get screwed. You obviously have no idea. You could be getting in over your head. No one sells you a house unless they want to get rid of it. Do you know why she wants to get rid of it? Before you buy anything you need to find out about loans, insurance, taxes, upkeep and be sure you can afford to keep your house. Many people are losing their homes now because while they could afford to get into a house, they didn't plan on having major repairs and the fact that taxes and insurance continually go up right along with interest. A friend just called me and told me her house payment was going from $600 to $1200/month and she was afraid they were going to lose their house too. Best know what you are doing so that you don't lose your money and your credit rating. . .

Answer 4

Start by calling your local real estate broker and get some comps to find out if the house is even worth the price. Upon getting that information will help determine if you can pull more money from the property. Speaking as a past lanlord and home owner, take one step at a time and do improvements out of pocket as you can afford them. Dumping an immediate 100k may not be advisable in this market. In addition, consider financial stability and think outside the box, like, "what if" Good luck.

Answer 5

Go to a bank in your community or see if your city has a 1st time homeowners program.