Post by: Nick DiMola on December 18, 2007, 03:25:06 AM
Post by: BlackNMild2k1 on December 18, 2007, 04:08:57 AM
If you are planning on buying and want to sell for profit at some point in the future, avoid 1st time home buyer programs if they limit your profit margin.
Get the seller to pay the closing cost and refund you for any repairs that need to be made (ie. carpeting or paint)
Ask your realtor to find out everything about the property that they can (such as, crime statistics, what was the land zoned as before the house was built<if new>, etc etc.)
DO NOT purchase a house where the payment is more that you can afford comfortably. There are tricks to paying a home of quicker, but I have to goto work right now, so I'll tell them later if you want to hear.
use the next few months of hunting to really clean up your credit as good as possible(it takes 3-6 months) so your FICO score is as high as possible <--IMPORTANT
thats all I can think of off the top of my head, but happy hunting for that perfect home at the perfect price.
Post by: EasyCure on December 18, 2007, 04:17:18 AM
/EB
Post by: Nick DiMola on December 18, 2007, 05:22:34 AM
Four walls, and perhaps a roof would be preferable, EasyCure
. Ocean houses suck too, so screw that. Plus I definitely don't have enough for one that overlooks the ocean, those are usually ridiculously expensive.
Post by: jakeOSX on December 18, 2007, 06:44:05 AM
Post by: Nick DiMola on December 18, 2007, 06:55:12 AM
Quote
Originally posted by: jakeOSX
talk to the neighbors too.
You know, I didn't even think of that. I'm guessing they will give you the most realistic view of the scenario and will probably give you a heads up about anything that may be of interest. Good advice, will do.
Post by: EasyCure on December 18, 2007, 08:27:23 AM
Quote
Originally posted by: Mr. Jack
Thanks for the tips BnM. I am looking to buy a house here in Albany, NY, Voorheesville or Delmar to be precise. I don't plan on buying to turn a profit in the short run, hopefully in the long run though. Currently my credit score and my fiancees credit scores are particularly good. We have very little debt, just a bit of college debt left to pay off at this point. Tips for paying off the mortgage quicker would be great, so if you do have time the tips would be greatly appreciated.
Four walls, and perhaps a roof would be preferable, EasyCure
oh and dont throw away any magazines that may be hidden in a dresser drawer; they usually contain a funny story
Post by: vudu on December 18, 2007, 08:40:04 AM
I also recommend a fixed rate mortgage. ARMs stink.
Post by: matt oz on December 18, 2007, 08:43:35 AM
Quote
Originally posted by: EasyCureQuote
Originally posted by: Mr. Jack
Thanks for the tips BnM. I am looking to buy a house here in Albany, NY, Voorheesville or Delmar to be precise. I don't plan on buying to turn a profit in the short run, hopefully in the long run though. Currently my credit score and my fiancees credit scores are particularly good. We have very little debt, just a bit of college debt left to pay off at this point. Tips for paying off the mortgage quicker would be great, so if you do have time the tips would be greatly appreciated.
Four walls, and perhaps a roof would be preferable, EasyCure
oh and dont throw away any magazines that may be hidden in a dresser drawer; they usually contain a funny story
I get that reference!
Post by: EasyCure on December 18, 2007, 12:32:17 PM
Post by: BlackNMild2k1 on December 18, 2007, 02:21:19 PM
As far as paying your house off sooner, there is a rule that we call the 10/13 rule. You send in an extra 10% of your payment every month and an extra full payment once a year and you will pay your home off ALOT sooner.
For example;lets say you have a 30 year fixed loan and your payment is $2500 a month. You would send in 10% of that ($250) = $2750 every month and then an additional payment ($2500) once a year and you will pay off your 30 year loan in 15 years instead and save yourself 10's to 100's of 1000's of dollars(of interest) in the process.
So if you buy a home make sure you can easily afford the payment and still have enough left over to imply the 10/13 rule. Ask your lender about it, they will explain it to you with your $$ figures used and even show you how much money you will save.
Also you do get a slight rate break if you include your taxes & insurance, but you if you are good with money you should set that money aside yourself (maybe in a high interest account or a timed CD) and collect the interest then pay it yourself at the end of the year.
Post by: nitsu niflheim on December 18, 2007, 02:34:42 PM
Post by: Nick DiMola on December 18, 2007, 03:03:55 PM
Post by: Nick DiMola on December 19, 2007, 02:25:11 AM
Post by: 18 Days on December 19, 2007, 03:25:39 AM
Best advice.
Post by: Nick DiMola on December 19, 2007, 05:09:12 AM
Post by: Ceric on December 21, 2007, 01:08:34 AM
I'll tell you this. Everyone will lie to you if it means selling the home if they have an interest in its sell. An inspector won't because it benefits him more to do multiple inspections. Also that Lending Tree charges like $500 for the honor of obtaining there leads and that's passed on to you. Your mortgage will be sold. Mine was sold twice before I made my first payment and somewhere on the way they threw in PMI which I was not suppose to have to pay. Luckily for me it wasn't a hassle to get fix. Even though I geared up for that. I have a few more stories but I'll save you from that.
When I was buying I made sure everyone had what they needed and where on the same page. It saved me a lot of trouble at the actual close. There were no surprises and we got all the papers signed in about 30 minutes. Budget on the Good Faith Estimate not what they tell you the loan is. My loan is $996 a month but my payments are $1,130 a month (taxes, insurance, etc.) Also consider points but I'm sure BnM would now more about that. Fixed-Rate all the way. Anything else is a fools gamble.
Hope that helps.
Post by: BlackNMild2k1 on December 21, 2007, 03:22:55 AM
Post by: Nick DiMola on December 21, 2007, 03:26:48 AM
Post by: UltimatePartyBear on December 21, 2007, 03:56:59 AM
Quote
Originally posted by: Ceric
An inspector won't because it benefits him more to do multiple inspections.
That's for sure. I came close to making an offer on a house that may have had foundation problems before the inspector pointed out the signs that really should have been obvious to me. You can save yourself the cost of an inspection if you learn some things to look for yourself. Not that the inspection should cost all that much in the grand scheme of things.
I'd share some pointers, but I'm fairly certain houses are constructed differently where you live than they are around here, where nearly everything is on a slab and the ground isn't suitable for basements.
Post by: Nick DiMola on December 23, 2007, 02:01:43 AM
Post by: IceCold on December 23, 2007, 09:03:36 AM
Post by: Nick DiMola on December 24, 2007, 12:52:06 AM
Quote
Originally posted by: IceCold
Whoa, that was really fast! Congrats!
Thanks IceCold! Yeah the Albany market is really dry for lower priced homes, so my selection size was only about 10-15 houses. The one that we are going to settle with actually wound up being exactly what we wanted which is great. Typically this area is not for a first time home buyer. Most of the houses here sell for $300k+, so to find one that is in good shape under $200k was amazingly lucky. Now as long as the inspection checks out we are good to go!
Thanks again everyone (Especially BnM) for all the tips and help, I really appreciate it.
Post by: BlackNMild2k1 on December 24, 2007, 03:45:18 AM
& have a Merry X-Mas
Post by: Nick DiMola on December 31, 2007, 08:11:59 AM
Post by: Berto2K on January 01, 2008, 10:17:51 AM
Post by: ShyGuy on January 01, 2008, 10:34:01 AM
Quote
Originally posted by: Berto2K
Holy crap that a cheap house.... Here in CA (at least in the Bay Area), there is just about nothing below $500k for a house. If I ever leave this state, it would be very hard to move back in.
http://www.realtor.com/search/searchresults.aspx?ctid=2754&mxp=20&typ=1
Post by: Nick DiMola on January 02, 2008, 12:42:43 AM
Quote
Originally posted by: Berto2K
Holy crap that a cheap house.... Here in CA (at least in the Bay Area), there is just about nothing below $500k for a house. If I ever leave this state, it would be very hard to move back in.
Yeah Cali is ridiculous. I watch alot of those HGTV shows and they show people about to buy houses there for around $750k. A comparable house here is about $200k. Even better, down in the Carolinas a comparable house is around $130-150k. I think you'd have to be insane to buy real estate in Cali at those prices. I'd take my cash and move to the south east and get more bang for my buck. The weather would probably be comparable too which would definitely make adjusting easier. Oh well, to each his own.
Post by: Berto2K on January 02, 2008, 11:31:35 AM
Quote
Originally posted by: ShyGuy
http://www.realtor.com/search/searchresults.aspx?ctid=2754&mxp=20&typ=1
Ouch, my wallet just jabbed me. I could almost afford one of those on a year's income if I had no bills or didn't need to eat.
Quote
Originally posted by: Mr. Jack
Yeah Cali is ridiculous. I watch alot of those HGTV shows and they show people about to buy houses there for around $750k. A comparable house here is about $200k. Even better, down in the Carolinas a comparable house is around $130-150k. I think you'd have to be insane to buy real estate in Cali at those prices. I'd take my cash and move to the south east and get more bang for my buck. The weather would probably be comparable too which would definitely make adjusting easier. Oh well, to each his own.
Ya, and those $500k homes are single story too. Its weird, because in most places, that will give you a unfurnished house. But if you go into the central Valley area (Frenso, etc.) you can pay the same and get a furnished house. Of course it varies by where you are in the state too.
I'd have to have a pretty compelling reason to leave CA I think. Its nice being out here and being able to get to either the snow, beach, or desert within a few hours. Plus all the tech companies are right here (San Jose)
.Post by: BlackNMild2k1 on January 02, 2008, 05:06:50 PM
Spokane, WA - $420k <-- Best Case Scenario
San Jose, CA - $420k <--Worst Case Scenario
Where would you live?
Remember San Jose is minutes away from some really good beaches, hours away from some really good snowy mountains, and don't forget the the girls the clubs and the money. You are close enough to anything that you want to do, recreation, social or financial.
Spokane..... the peace, the quiet and the space?
Post by: Berto2K on January 03, 2008, 11:20:40 AM
Quote
Originally posted by: BlackNMild2k1
San Jose, CA - $420k <--Worst Case Scenario
LOL that house is only about 20 minutes (14 miles) from my house via mostly freeway. And look at the build date on it too...1960!
Post by: Nick DiMola on February 02, 2008, 01:25:27 AM
Post by: Nick DiMola on February 28, 2008, 04:54:52 PM
Post by: Ceric on February 28, 2008, 05:15:27 PM
Post by: vudu on February 28, 2008, 05:24:51 PM
Post by: Nick DiMola on February 28, 2008, 09:33:45 PM
I'm surprised you lost money.
Well the loss of money is related to the cost of the appraisal, mortgage application and brokerage service, as well as the inspection and lawyer fees. I guess it's more like poorly invested money rather than a flat loss, but considering it was all for naught it may as well be a loss.
As you mentioned vudu, at least it isn't $10k so I'm not sweating it that much, just kind of sucks.
