educate me on buying a house

[BadMoFo]

ok I figure this year would be just as good of a time to buy a house as any. But I have never done it before so please give me some info. background on me I am 30 years old, served 8 years active duty Marines so I quailify for VA loan if I want. What do I need to look for? do I need to get a realator? and so on and so on. shoot away!:beer:

 

[Mr. Mach-ete]

If you have good credit and some money to put down you should walk away with a good deal. It's a buyers market for sure. Get yourself a reputable real estate agent to help you out. Good luck!

 

[ff500]

check your local paper for open houses and go check them out, a realtor may be able to pull up on mls homes in your area and in your price range.

 

[Mommas Donuts]

I am a Realtor and Appraiser, If you were in Utah I would tell you NOT to buy right now unless you have too. I don't know your market though, do you? Do your research and talk to professionals in the field about what is happening with housing. Read your local paper specifically the Real Estate section. Go on line and look for figures/facts in the areas that you want to buy in. I suggest calling a handful of appraisers in your area and asking them the 411 on housing, what they expect. I wouldn't suggest calling a Realtor/Sales Agent because they will all tell you it is a perfect time to buy and why they are perfect for you. Just my .02 though, good luck.

 

[ff500]

I am a Realtor and Appraiser, If you were in Utah I would tell you NOT to buy right now unless you have too. I don't know your market though, do you? Do your research and talk to professionals in the field about what is happening with housing. Read your local paper specifically the Real Estate section. Go on line and look for figures/facts in the areas that you want to buy in. I suggest calling a handful of appraisers in your area and asking them the 411 on housing, what they expect. I wouldn't suggest calling a Realtor/Sales Agent because they will all tell you it is a perfect time to buy and why they are perfect for you. Just my .02 though, good luck.

Why do you feel its not the time?

Badmofo don't forget about the tax rebate for buying a house this year.

 

[s_x_i]

If you don't mind doing a little work you should take your time, do some research and buy a foreclosure (or pre-foreclosure) from the bank. I don't know about NC, but here in Texas in the smaller towns banks generally use one or two Realtors to move assets off their books. Find those guys and you're in!

**** it, I'm not doing anything... I'll look them up for you.

Here ya go... looks like Candace Burns has the majority of foreclosure listing in your town. You can call her at 910-326-7222. (You can send me some beer later :beer: )

If you don't mind a little painting and yardwork you can make a tidy little profit when you pick up these kind of deals.

 

[hoamskilet]

head over to smackdown and check out the "mortgage lender" thread. You should be able to compile a long list of members here that know absolutely everything there is to know about buying and financing a home :banana:

 

[SCcobra4me]

If you have good credit and some money to put down you should walk away with a good deal. It's a buyers market for sure. Get yourself a reputable real estate agent to help you out. Good luck!

+1, as a Realtor, call up your local reputable agency and give them some info on what you are looking for. But before you do anything, get prequalified by a financial institution. This will be the tell all start of your search and usually the first thing the real estate agency will require before they consider you a "serious buyer"!!!

Good luck, there are a lot of good buys out there!! Send me a PM if you'd like and I could make a call for you and even set you up with an agent from my company, Prudential Premiere. They'll call you and do all the work for you, after all, that's their job!!

But as for house, look at the roof, foundation for cracks, electrical, mechanicals, straightness of flooring, water damage in the basement if any(assuming there is one), etc. All general areas to look at.

 

[jf4boogie]

head over to smackdown and check out the "mortgage lender" thread. You should be able to compile a long list of members here that know absolutely everything there is to know about buying and financing a home :banana:

Yeah, no kiddin':lol:

Anyways, once you've figured all the technical/financial stuff out and start looking, just dont get caught up in the moment.

Pay attention to the little things like the neighborhood and your neighbors. See how far of a drive it is to work and the grocery store, etc. Imagine yourself driving there every single day. Look for little things...visit during the day AND night. Don't like annoying barking ass dogs...make sure none of your potential neighbors have any.

Just keep things like that in that back of your mind b/c all though its not "permanent", its not like an apartment or rental where you can just pack up in leave in a month or two either (in this market anyway).

 

[punchit]

Hahah im in the same boat as your man. Im 20 years old and just got prequalified for a house. My search, ironically enough, started today! good luck!

 

[BadMoFo]

good info keep it comming. I plan on geting serious probably about july or so, thats why I am trying to ask questions now so I know what to look foward to. I have good credit so not worried about that. just clearing up my debt to income ratio. trying to have little to no bills when it comes time to buy.

 

[BadMoFo]

Yeah, no kiddin':lol:

Anyways, once you've figured all the technical/financial stuff out and start looking, just dont get caught up in the moment.

Pay attention to the little things like the neighborhood and your neighbors. See how far of a drive it is to work and the grocery store, etc. Imagine yourself driving there every single day. Look for little things...visit during the day AND night. Don't like annoying barking ass dogs...make sure none of your potential neighbors have any.

Just keep things like that in that back of your mind b/c all though its not "permanent", its not like an apartment or rental where you can just pack up in leave in a month or two either (in this market anyway).

ya my wife and I have already drove around a few place just getting the feel of the area (although I have lived here a couple of times int he past but always rented) she got all excited about one house but I pointed out the neighbor with 2 broke down cars in the drive way and junk all up against his garage. not who I want as a neighbor, bringing down the property value and all. I told her dont get to excited over a house. it may be nice but you also have to think about the neighborhood. when I think I found the right house I am going to visit it a couple of times at different hours. maybe set in the drive way during peak traffic times and at nite just to see what the neighborhood is like. and also on a sat and sun. hopefully no one calls the cops, lol.

 

[SSCOBRA03]

Look for a house you can afford, not what a morgage company says you can afford. When you make a bid on a house, make sure that the realtor understands the bid is for a house that has no problems and needs no work. Pay the coin for the inspections (House Inspection, Termite Inspection, Plumbing Inspection) before you sign on the dotted line.

I went through Century 21 for my VA Loan. You can (or could in 2004) finance everything and move in with little money down. Also, try for a fifteen year loan.

Try to buy one of the smaller houses in an area. You do not want the biggest house on the block. Find out what the other houses in the area are going for.

Don't be afraid to low bid the owner. Be willing to walk away and look for another house. There are deals out there.

Look at the neighbors of the house you want. Are there barking dogs? Do they have a lot visitors on a Friday or Saturday night or every night? Do they park in the street?
Do they maintain there yards and houses?

Is there a lot of traffic on the street?

There are a million things to look for. Take your time.

 

[SaleenFiend]

Read the HOA rules thoroughly before purchase.

 

[BadMoFo]

Read the HOA rules thoroughly before purchase.

hear those can be a pain. had a buddy who could only leave his garage door open for an hour. anything over that and they would get in trouble:kaboom: