House Buying Process Started l

Discussion in 'The Club House' started by JW357, Mar 6, 2014.

  1. JW357

    JW357 New Member

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    This is more of a courtesy starter post, to be updated when everything is said and done.

    Have started talking to realtors in NC. We're going to buy a house there soon(ish). This will be the first house either of us have bought. We intend to live in it as long as possible and rent it out if we ever do have to move.

    We'll be using the VA loan.

    We're only in the beginning stages of this but its already pretty exciting. I've been looking forward to this for about two years now.

    Go ahead and sub in for future pics. :)
     
  2. Gatoragn

    Gatoragn Active Member

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    The Dodd-Frank rules will tempt you to say chuck it and just rent. :mad:
     

  3. winds-of-change

    winds-of-change The Balota's Staff Member

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    Be careful. Shihan lives in NC. You DON'T want him for a neighbor. :p
     
  4. TekGreg

    TekGreg Lifetime Supporting Member Lifetime Supporter

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    Congrats, JW! I was a Realtor for years in Kalifornia and the best advice I can give you is get professional help from a Realtor. As a buyer, it costs you nothing, but can save you a fortune. My personal record is $87,000 in repairs for my buyer in ONE deal on one property. A good Realtor is worth their weight in Gold.
     
  5. JolietGunner

    JolietGunner New Member

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    Congrats and goodluck!!!:D
     
  6. DrFootball

    DrFootball disappointed & disgusted, But DETERMINED... Lifetime Supporter

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    Hey congrats! We know what it's like. Excluding 2 condos I've had ant different times, plus the one I inherited thats being sold, This is the First HOUSE my wife or I have owned. Coming up on 19 months in...
    I know you should take advantage of every possible rate reduction you can get because of your benefit. You may also qualify for first time buyers stuff as well. You have my eMail if you have some questions for "off board" you need to ask. Only thing I don't know is how the title agencies work in NC.. But if you have a good realtor they will walk you through all of that, and even help you get ins.


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  7. string1946

    string1946 New Member

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    We bought a house in NC two years ago and went pretty smooth. We had a ton of paperwork to fill out but the wife took care of most of than. Good luck with the process. Hope it goes well for you.
     
  8. mopowerbmx

    mopowerbmx New Member

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    I have bought two houses and sold one. If I had it to do it all over I would rent. That's just me. My last purchase was house with a pond and ten acres. Love the place but if I were to sale today I would lose money. Remember if you buy in town you will have county and city taxes. Your electric will also be double. Don't back down from the seller and don't be in a hurry to buy. They are selling for a reason. Like one guy said above get a Realtor let them do all the work. Also get a good inspector and have the owner fix everything. Check it before you sign. We had rot in the flashings all around the house. The guy fixed one place and hid the rest. I got screwed with fixing it. Don't be mr nice guy. I was one and got screwed out of two acres. A few days before we signed the owner said he wanted to keep an acre in the back worth $2500. Come to find out it was a road front acre worth $10k. I got swindled. I was 27 and young. Bought my first house at 23 years old. Good luck.
     
  9. dango

    dango Well-Known Member Lifetime Supporter

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    Feels gooooood don,t it ? :D i still got that ," first house feeling" when i bought this last house . Yes , it still felt gooooooood ! :)

    After you get over "writers cramp" the best luck and enjoy life at it,s best ! ;)
     
  10. JW357

    JW357 New Member

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    Thanks everyone. So today we got pre-approved for a VA loan through one lender. Gonna be in touch with a couple others tomorrow and see who gives me the best rate.

    I don't even know what that means. I know I should though.
     
  11. Gatoragn

    Gatoragn Active Member

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    Senator Chris Dodd & Representative Barney Frank took credit for passing legislation to prevent another mortgage crisis "for the good of the American people". Now it is a major PITA to get mortgage.
     
  12. CardiacColt68

    CardiacColt68 New Member

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    My advice is to totally ignore the realtor and mortgage broker's advice. If you don't know enough about personal finance, loans, and real estate then learn it. The information is out there. Just read and ask questions. It's your money and your home so take the responsibility seriously and work at it. Plus nobody knows your family's finances, plans and dreams as well as you and your wife. If I had listened to the 'professionals' I'd be living in a 5,000 sq ft house with a $3,000/mo mortgage. The experts told me to put no money down, and buy the biggest house I could get approved to purchase. Insanity.

    Now, I'm sure there are many decent real estate people out there with the best of intentions, but that doesn't mean they are as intelligent as you, or as motivated to get it right.

    Good luck. My only other advice is to buy the smallest house in the best neighborhood you can afford. Do not buy the highest priced or biggest house in the area.


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  13. John_Deer

    John_Deer New Member

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    There are a lot of options out there besides buying an existing home. I would look at all the options that are available in the area you want to live. Getting the house you really want requires some creativity and good fortune with your first home.
     
  14. partdeux

    partdeux Well-Known Member

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    Find an inspector YESTERDAY. try to divorce yourself from the house and remember this is a BUSINESS deal. Ask for concessions, what are they going to do, say no?
     
  15. Dearhunter

    Dearhunter Supporting Member Supporter

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    I was a very successful Realtor for 30 years, I sold real estate on Seabrook Island and Kiawah Island SC. and my advise is, be sure to have the home throughly inspected by a profession. And make damn sure in the purchase contract you have the right to walk away if the home does not pass the inspection. YOU PICK THE INSPECTOR, I suggest an inspector that has an engineers degree. A lot of Realtors will steer you away from "deal breaker" inspectors.
    If the seller does not want to sign a contract with that provision, then he has something to hide. No matter how much you think you like the home, Don't be afraid to walk away from a sale!!!

    Do not over buy. Buy just enough house you need. Check to see what kind of a flood zone it is in. Also check to see what the surrounding area is like.
    Have YOUR attorney look over the sales contract PRIOR TO SIGNING.

    Good luck
     
  16. DrFootball

    DrFootball disappointed & disgusted, But DETERMINED... Lifetime Supporter

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    Yeah, and a Everything MoPower said! We had to deal and or worry about each of those things, plus an owner who was weeks away from foreclosure and was trying to squeeze extra $$ out of the sale. As a result we almost walked away, but she came up with the cash to fix what she was going to walk away from, but the bank valued the house lower then the final sale price, making up put in the difference, making our down payment a bit extra...still, the market has come back enough that we can sell today and pay it off and start again if we wanted to...so you want to be concerned about resale value as well. If you can afford solar, and it makes sense where you are( rebates and reduced power bills) then try and do it. Even if you lease it it raised the value of your home, as does water and air treatment to a lesser degree...


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  17. JW357

    JW357 New Member

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    Sorry I haven't replied to this thread sooner.

    Well, we have decided now isn't the right time to buy a house. Which is almost funny because we were pre-approved through two different lenders and had a couple houses picked out we were interested in.

    But, it just doesn't make sense to buy a house in NC. We will be there for three years at most and then probably will never be back for my job.

    Maybe in retirement we'll get a house there.

    Thanks to everyone for the advice and wisdom.
     
  18. CardiacColt68

    CardiacColt68 New Member

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    Nice job. Better to think things out than jump in, and screw yourself for years to come. Good luck to you.


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  19. donthav1

    donthav1 Active Member

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    If you're only gonna be there 3 years renting probably is the way to go.

    We don't plan on going anywhere anytime soon & I will never live in an apartment again. we bought our first house back in August & it's soo nice not sharing a wall, floor, or ceiling with a neighbor. it's also nice to be able to do laundry whenever the hell we want & not worry about someone hogging the washer all damn day. I will take the trade off of mowing the lawn & shoveling snow any day. Plus rent is getting out of hand around here. we bought a 10 year old double wide & we're still paying less than what a decent 2 bedroom apartment costs per month. when we were notified the rent on our crappy old 1 bedroom was going to $600 a month (plus utilities) that was the last straw.

    we learned the hard way it doesn't hurt to have 2 realtors & occasionally check realty websites yourself, sometimes homes from other realtors aren't listed with who you're using. also, check with a couple different banks on pre-approval. hell even 2 different people at the same bank can give you different answers.
     
  20. Yunus

    Yunus New Member

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    That's a well thought out decision that many people fail to make.

    Bank approval means the bank believes that you borrowing their money will make the bank money, it does not mean that buying a home is a good idea.

    Some advice I wish I had taken the first time I bought a home (I'm on #3 now) is to not overlook a lender who doesn't sell a loan, 3 examples I can provide are Suntrust, Navy Federal and USAA, they actually may technically sell your loan but servicing of your loan will remain with the original company you got your loan from. This might cost you upwards of a quarter point in interest but that is cheap compared to the hassle of having multiple tax forms from different companies because your loan was sold 3 times in a single tax year... that's a pain to deal with, also the 3 companies I mentioned have good customer service that speaks english and answers during business hours and there is a value to that as well.