Dawg Posted October 7, 2010 Report Share Posted October 7, 2010 Now that I have your attention. What can you all tell me about buying a new house? We are considering selling our mobile home and buying a house. We have found a nice house not too far down the road and it's closer to the lake. Any tips about anything related to buying a house is appreciated. Quote Link to comment Share on other sites More sharing options...
92xj Posted October 7, 2010 Report Share Posted October 7, 2010 Just did it. I dont know how your experience will go with a wife, ie female. I just drove down the street with the realtor (Find a hot one, they will make the experience more fun and not so stressful) and pointed at the house I wanted and said, lets put in a bid and get it inspected. First one didnt work out. 45 minutes after figuring that that one did not work out, I had a bid on a second. I cant see it going that smoothly and stress free with the wife figure. All in all, its an easy process, a lot of signing papers. Just find something you like and get a quality inspection. Mine was 300 bucks but worth it. Also, negitiate a tone of things. Its a buyers market now, not a sellers. You can get a lot of things paid for if you ask. Worst case they say no. Quote Link to comment Share on other sites More sharing options...
Dawg Posted October 7, 2010 Author Report Share Posted October 7, 2010 Here's a ? for you: The seller has came off the price $15K already. Would it be wise to make an offer since they already have came off the price that much? Quote Link to comment Share on other sites More sharing options...
92xj Posted October 7, 2010 Report Share Posted October 7, 2010 Here's a ? for you: The seller has came off the price $15K already. Would it be wise to make an offer since they already have came off the price that much? Is what they are asking now well within your price range for a loan? If it is, I would make an offer of 1-2k less than what they are asking for AND for them to pay all closing cost. Leaving you just the down payment. Asking for the 1-2k will give them room to counter offer full asking price and they pick up the closing cost which in your mind is exactly what you wanted since the 15k less they have already come down was within your budget. That make sense? Also, ask for any and all appliances they have in the house already if you dont have them from your current house. My deal was this..... I asked for 2k less than what she was asking, all closing cost, washer, dryer, fridge, and microwave. She counter offered 1k less and I can have everything but the washer and dryer. SOLD!!! Quote Link to comment Share on other sites More sharing options...
redkneck Posted October 7, 2010 Report Share Posted October 7, 2010 My advice is to take your time and don't get hung up on the first one you really like. It's a buyer's market with all the foreclosures right now. Figure out what you can afford and take all the time you need to find the right one. Get someone you can depend on to do a good home inspection (most are ripoffs) and when the time comes, you'll know it's the right thing to do. Quote Link to comment Share on other sites More sharing options...
OJR Posted October 7, 2010 Report Share Posted October 7, 2010 Don't ever offer "asking" price! Two years ago, we bought our present house. I offered them $29K less than what they had it listed for. Also several other conditions. The met all the conditions and dropped the price $25K! We took it! When I sold the other house, I got what I listed it for plus the buyer paid extra because of the financing. I took it! Quote Link to comment Share on other sites More sharing options...
Adjam5 Posted October 7, 2010 Report Share Posted October 7, 2010 Inspections are important like Ben said. Termite/ant/Radon/structural/plumbing/electrical ect. Location Location Location...What are you will to pay for the location you want? What can you afford? How long do you plan on living there? Mortgage rates are great right now, so it gives you a bit more purchasing power. The market is flooded with properties, so the edge goes to you. Also don't lose something you really want for a few grand. It is the largest purchase you will most likely make in your life. Go slow and plan each step. Good Luck. Quote Link to comment Share on other sites More sharing options...
mikebohio Posted October 8, 2010 Report Share Posted October 8, 2010 look at everything in your price range. dont be affraid to offer alot less. houses are sitting on the market forever right now. if you can afford it, now is the time to buy. good luck. Quote Link to comment Share on other sites More sharing options...
Flintlock1776 Posted October 8, 2010 Report Share Posted October 8, 2010 Be careful about Home Inspectors. It does not take much to hang out a sign saying they are one. They may not be that good. Don't take an inspector a Realtor suggests. Go to a good bank, get pre-qualified for your loan. Beware of Realtor. I've fired one. I found a RexMax agents seem to be a cut above. I have owned 4 homes. Take your time, don't rush and haggle to your best advantage. Walk if you feel you are being pushed into a deal. Don't go overboard on buying "up". You will find you will need cash for extras after you move in: pain, fixtures, lawn mower, movers etc it all adds up. Don't strap yourself with too much mortgage payment. Check with your Bank, they may have some foreclosures they may be willing to get you into. Good luck Quote Link to comment Share on other sites More sharing options...
stevebeilgard Posted October 8, 2010 Report Share Posted October 8, 2010 it's a buyers market. check with the banks, as they are loaded up with forclosed homes. or, check the local papers for forclosures. you can usually get a house 25% or more under market. find one you like, and make a lowball offer. who knows? Quote Link to comment Share on other sites More sharing options...
dbHunterNY Posted October 8, 2010 Report Share Posted October 8, 2010 lots of good info given. when buying it's good to have a realtor; doesn't cost YOU anything. they can set you up to get updates from the MLS system listings. You'll get an email every time a property that fits your criteria comes on the market or something about it changes (like price). I just bought a house. i basically had the realtor send me everything within each school district was willing to live in. location is everything. i then would weed through lots, but i was the first to see everything. i was in contract to buy my house i've got now, the second day it was on the market. it's a buyers market, but there's also a lot of buyers out there looking. i offered $500 over asking price which was enough to have them settle on my offer. The other person offered a little under asking price which everyone does, so I was good. Also, most take what they can spend and just look for the most they can get based on a 30 yr mortgage. Where they should consider looking at a little less of a place and have a 15 yr mortgage. It doesn't cost twice as much and you save $100k or more in interest throughout the coarse of the loan. If I stay here by the time I'm 42, I won't have any mortgage payment. There's lots more but that's a start I suppose. Good luck, Dan Quote Link to comment Share on other sites More sharing options...
The_Kat Posted October 10, 2010 Report Share Posted October 10, 2010 Good to know I'm not the only one going through this process. I had my heart settled on having a modular home built on our ranch in central oklahoma, but after getting approved, going through some family issues with land, and researching the trends with modular/manufactured homes, I think I've decided to build a stick house or buy one. I don't see the point, other than meer affordability, of getting into a modular at this point. They lose value over time instead of gaining it. So it's about like buying a new car. It's nice at first, but sux when you trade it in. As for buying tips, I'm in the same boat you are. It's my first time to even consider home ownership. It's a buyers market and it's a great time to become a home owner for sure. The construction loan I got approved on for the modular was 4.5....the same bank could offer 4.25 on a permanent site home. I also looked at building a place where we were gonna put the modular, but I'm not sure if I will want to stay there forever. One things for sure, don't let the realtor hackle you. Sure they will tell you what you shouldn't offer a seller....it's "disrespectful" and such....but alls they can do is tell you no. Remember they work off commission, so naturally they want the seller to get as much as possbile. It's your money, your mortgage, and your home. Dont get in a big rush, don't buy the first home you like, and make sure it's what you want. At least your just now looking. I found a place that is an absolute steal for 125k.....it's worth near 180k, but I don't want that big of a mortgage lol. Can I afford it? You betcha, do I want to afford it? No way lol...I want to stay in the 5-600 range. Reality is showing me without a 20k down payment, it's not likely anytime soon Quote Link to comment Share on other sites More sharing options...
jcot2773 Posted October 10, 2010 Report Share Posted October 10, 2010 Good to know I'm not the only one going through this process. I don't see the point, other than meer affordability, of getting into a modular at this point. They lose value over time instead of gaining it. So it's about like buying a new car. It's nice at first, but sux when you trade it in. Not always true, my uncle had a 3 bedroom 2 bath modular put on his home for near half the price that and exact same floor plan stick built would have cost at the time. Now over time he has added to it. A sun room over looking his pond along with a 4 bay garage with a complete carpenters shop. The money he saved buy buying modular bought all of it. His home has near tripled in value just buy investing the money elsewhere on his property rather than dumping it all into the house. Quote Link to comment Share on other sites More sharing options...
The_Kat Posted October 10, 2010 Report Share Posted October 10, 2010 The property increases, but the house doesn't. At least that is the case I'd wager 98% of the time. I was considering adding a 30x40 shop if we built the modular, plus a large deck and some nice picket fencing. But by the time you add those costs in your at the same price as you would be in buying a stick built home with those structures already in place. I haven't totally killed the idea cause it is so affordable, but to me it almost seems like a bad business move. 20 acres and a older 1500 sq ft stick built with shops run anywhere from 120-150k here. You can buy 20 acres, a newer doublewide with more sq ft, prolly a shop too for 80-95k. That doublewide itself cost at least 60k, the lands worth around 25k and a shop is at least 8k. So basically you pay all those years to break even if your lucky in the majority of scenarios. In most cases you will lose all the money you put in, and probably have to pay a lump sum to get out from under it. Where as with a stick built you will get your money back, and a profit as well. Not always, but usually. Modulars are great if I planned to live there forever. But odds are I won't. Quote Link to comment Share on other sites More sharing options...
The_Kat Posted October 10, 2010 Report Share Posted October 10, 2010 And to clarify my use if the we'd modular/manufactured/double wide....I realize a modular is a permanent structure, but they still lose value. I can't see much if any price difference in our market on doublewides and Modulars. Quote Link to comment Share on other sites More sharing options...
jcot2773 Posted October 10, 2010 Report Share Posted October 10, 2010 True, but it also depends on your area. At least where my uncle is the market is full of modulars, all the stick builts need atleast 10k in modernizing in order to keep up with a similar size modular. i guess its all about what you can afford and what you want to do. but he went the way he did because it allowed him the extra cash flow to build the rest of it Quote Link to comment Share on other sites More sharing options...
Dawg Posted October 11, 2010 Author Report Share Posted October 11, 2010 I have a couple already interested in my place. Word of mouth spreads quick. This all may happen sooner than I thought. Quote Link to comment Share on other sites More sharing options...
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