Buying a home?

Status
Not open for further replies.
D

default

Puritan Board Freshman
Hello. I have been looking at houses and applying for first home owners mortgage. I'm excited and scared at the same time. :)

I was wondering if anyone here is knowledgeable in this area and if you have any advice? I have started investigating online and next step is to find a realtor.

Should I buy a house? :think:

Interest rates are going up so now is a good time to buy. If I do buy should I look at foreclosures? :scratch:

It's a big step to make and I don't want to make a huge mistake!

Any help is appreciated!

Thanks

Lori
 
Lori,
I really like the advice Dave Ramsey gives. It's down-home, biblical, practical common sense regarding finances. You should check out his site at www.daveramsey.com. There's a maze of advertising but eventually you will find some info on house buying.

God bless you in your decision
 
I would encourage you to buy a house...I would encourage you to look at foreclosures. Also look at "Hud" foreclosures.

If there is someone you know knowledgeable I would sit down and discuss it with them. Each housing market is different. Each area is different. So do your homework. A good realtor is a great help, a bad realtor means you have to rely on your intuition. Homework includes knowing the area you're buying in and what similar homes are selling for.

If you know someone in home improvment make him part of your team, particularly if you're looking at foreclosures or fixer-uppers.

Cash works for you. If you're able to purchase a home cash, either yours or your parents you'll often get them to accept an offer several thousand dollars less. Then you can finance the home to pay people back.

Make sure you buy something affordable, that you don't have stretch to hard to make ends-meet. The higher the down payment the lower the monthly payment.
 
Thank you Max, I will check out that site.

Thank you Janice!

I put a call in this morning to HUD or Rural opportunities and they even offer first home owners classes! I never knew there were GRANTS out there for first home owners! Learning so much so soon!

I've also decided to get my fourteen year old involved with the classes! I think it will be awesome for him to see the decision making in progress, how to budget (he already knows that!) as well as the process in owning a home! With this class I will be running the show, NOT my realtor or the bank, or even the seller!

Will look at that site and I still need any advice any of you have. Any hints?

Thanks all!
 
You sound like you're on the right track.

Hud does have a site hud.gov that you might want to poke around. They have a listing of their homes currently available. They also have links to other government programs and forclosures-- VA, Fannie May, gov. seizures, etc. Another good thing to do is call some area banks and see if they have any bank foreclosures.
 
[quote:e16b7c6134][i:e16b7c6134]Originally posted by ChristianasJourney[/i:e16b7c6134]


If you know someone in home improvment make him part of your team, particularly if you're looking at foreclosures or fixer-uppers.
[/quote:e16b7c6134]

Reply...

Make sure this person is trustworthy and honest. There are a lot of home improvement scam artists out there who only want your money and may try to sell you services you don't really need.

Make sure any home improvement people you take advice from are licensed and insured as well as having a good track record in the business (references).

(I was in home improvement for 10 years)

[Edited on 4-23-2004 by Gregg]
 
[quote:8339b9481d][i:8339b9481d]Originally posted by Gregg[/i:8339b9481d]
[quote:8339b9481d][i:8339b9481d]Originally posted by ChristianasJourney[/i:8339b9481d]


If you know someone in home improvment make him part of your team, particularly if you're looking at foreclosures or fixer-uppers.
[/quote:8339b9481d]

Reply...

Make sure this person is trustworthy and honest. There are a lot of home improvement scam artists out there who only want your money and may try to sell you services you don't really need.

Make sure any home improvement people you take advice from are licensed and insured as well as having a good track record in the business (references).

(I was in home improvement for 10 years)

[Edited on 4-23-2004 by Gregg] [/quote:8339b9481d]

Reply...

So is that an offer that you will inspect on a house? ;)
 
I would also check out modular homes as well. My wife and I where looking for a home but everything we looked at was really old and need of repair and really expensive. Someone told us about the modulars and we went to check them out. Long story short, we built a brand new home(indeed these are real houses,not trailers) with 2500 square feet for what you could buy a BMW car for. Of course you do need land. My friends who live in "stick built" homes can't believe the quaility craftsmanship in our home. Yuk, this sounds like a tv commerical.

Cole:lb:
 
Loriann,

Wow! Thanks for bringing this up! I have been pondering this decision as well, and I'm amazed at the info in this thread!

:D

Mary
 
[quote:e6fc583511][i:e6fc583511]Originally posted by Mary[/i:e6fc583511]
Loriann,

Wow! Thanks for bringing this up! I have been pondering this decision as well, and I'm amazed at the info in this thread!

:D

Mary [/quote:e6fc583511]

Mary, I was dissettled until this morning when I called HUD, aka Rural Opportunities. I have an appointment to go Monday afternoon for an "inforational" meeting. They not only finance with real low interest rates but did you know EVERYONE qualifies for GRANTS???? And, for first homeowners, they have educational classes! I'll be the first to admit I know nothing in the way of purchasing a home! Sure, I own what I live in, but it's not considered a home! sigh... but that means I am eligable for the first time buyers benefits! :D

and yes, I will check into manufactured homes!

Lori
 
There's a LOT of advice you can use here so far.

I've looked at HUD homes...I've found some really nasty ones.

I found one GREAT one...I missed getting my offer in before an investor by a few hours...I could've gotten a $100,000 home for $57,000! What did I learn? Get a good mortgage broker! Some are lazy, some aren't. Don't go directly to a lender, a broker works for you and will HELP you get your rates down. If you have money for a downpayment, I wouldn't put more than 10% down (unless you have a huge store of money). Putting a few thousand down doesn't change your payments that much. That's why I'd recommend looking into an adjustable rate mortgage.

Depending on your financial situation, you may want to do a 15 year adjustable rate mortgage. You get a low rate to start with, and you can start paying your debt down much faster (hence, why I wouldn't put more than 10% down). Contrary to what some may say, get your mortgage taken care of first: Get your credit check, find out what you qualify for: this will narrow down your home search and make it more manageable. When you do this, sellers will take your offer seriously because they KNOW you've got a lender's money to give them. Without that, how would you prove you can truly get their house?

If you want to look at HUD homes, get ready. You will be greatly dissappointed for the most part, but there are great deals out there. Develop a thick skin before looking.

Check out your local courthouse and find out how much people paid for the homes you're interested in...that is public info! Don't get scammed. Things listed with realtors (except foreclosures) are typically priced about 15% higher than they should be. Don't be scared to offer far less than asking price. My realtor liked to laugh when I'd give her an offer to submit.

Look at realtor.com They've got a TON of homes from all over the U.S. listed. You can find homes in the areas you want. When looking, be sure to read the small blurbs...you can lots of times tell what kind of sellers own the house: if you see words like "meticulously maintained", or other similar things...you've found a seller that wants top dollar.

Always, always, always, have the home inpected before you buy it. Pay attention to the roof, look for water damage in the house...look for termite damage. Don't fall in love with a house before it's inspected. If you want a fixer up, make sure you're ready to work with it.
 
Hello Lori, We are your 1 stop for all chimney repairs and chimney sweep needs.


:toff::toff:
 
HI Craig, Thank you so much! Where were you when I bought this (gasp) mobile home? The seller insisted she put a new roof on and that the water stains werer old and a can of paint would do wonders! sigh, no sooner did I paint and move in that NEW water stains appeared! Found out she NEVER touched the roof! alas, it now has a new roof and ceilings.

Thank you also for the confirmation that I should secure the loan. It's weird, I've already been approved for two loans, one offer letter is in the mail and I have two appointments on Monday for more. Shop around is what I've found.

I'll brace myself to look at a million wholes before finding the right one! Thanks.

Greg, :blackbat::gunfire: I willl terminate the bats! (I had a bat fly into my apartment years ago and fly over my head, talk about scared! lol, hid under my blanket all night!

Thanks, I need the cash! ROFL
 
Lori, when I was in the service serving in Japan, we used to jog/run by a seawall that surrounded part of the base at night. There were hundreds of bats there that would fly just inches above your head.:wow:
 
[quote:b43f5f80dd][i:b43f5f80dd]Originally posted by Gregg[/i:b43f5f80dd]
Lori, when I was in the service serving in Japan, we used to jog/run by a seawall that surrounded part of the base at night. There were hundreds of bats there that would fly just inches above your head.:wow: [/quote:b43f5f80dd]

Gregg, I'm not sure which is scarier, fighting the enemy or hundreds of bats! EEEEWWWWWW.... But either way, thank you for helping to keep us all free! :D
 
[quote:f46ba1f102][i:f46ba1f102]Originally posted by Loriann[/i:f46ba1f102]
[quote:f46ba1f102][i:f46ba1f102]Originally posted by Gregg[/i:f46ba1f102]
Lori, when I was in the service serving in Japan, we used to jog/run by a seawall that surrounded part of the base at night. There were hundreds of bats there that would fly just inches above your head.:wow: [/quote:f46ba1f102]

Gregg, I'm not sure which is scarier, fighting the enemy or hundreds of bats! EEEEWWWWWW.... But either way, thank you for helping to keep us all free! :D [/quote:f46ba1f102]

Reply...

Lori, I really didn't fight any enemies. I spent 6 years turning wrenches on the engines of the F-4 Phantom fighter jets.
 
Status
Not open for further replies.

Similar threads

hojun1978
  • Locked
Is buying a house worldly?
Replies
13
Views
2K
Edward
Edward
tfelice
  • Locked
So you are buying a widget
Replies
17
Views
2K
crhoades
crhoades
awretchsavedbygrace
  • Locked
Buying a car, I need help.
2
Replies
59
Views
8K
IanAdams
IanAdams
Average Joey
  • Locked
I`m buying a new bed
Replies
23
Views
4K
Augusta
Augusta
N
  • Locked
Buying furniture direct
Replies
3
Views
1K
Caroline
Caroline
Back
Top