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Realistate ?

Discussion in 'The Lounge' started by Phil Carver, Mar 3, 2005.

  1. Phil Carver

    Phil Carver Team Bass Xtreme

    I am currently looking to buy a home "very" soon. Is it better to get a broker or try to deal on your own ? Also , how do you make a good offer on the house you are looking at ? Any feedback I can recieve about buying a home will be greatly appreciated .
     
  2. DaleM

    DaleM Original OGF Staff Member

    Phil, you can do it yourself but I'd would suggest you get a good realtor and let him work for you. Your the buyer. so his fees will come out of the sellers price. They have all the ins and outs you'll need to get everything done right. They will also suggest a Good bid or offer. You offer what you think would be the lowest the seller would take. They will counter offer but that's the way the game works. Good luck
     

  3. gonefishin'

    gonefishin' Lifestyle Farmer

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    Like dalem said, a good realtor can be a great help. A bad one can be a real pain. Hire an attorney for the final deal though, you can't believe all of the paperwork. As far as the offer, I always "lowball" them and that usually gets you right to it. If they get mad look elsewhere. Keep in mind there are a lot of speculators out there trying to get top dollar for their homes and who can blame them. Remember two things. 1) You don't have to buy anything 2) Never fall in love with anything that can't love you back. Good luck!
     
  4. ShakeDown

    ShakeDown OGF Staff Staff Member Admin

    If you need a realtor Phil, let me know. A buddy of mine owns his own Real Estate Co, and is a GREAT negotiator.
     
  5. 2talltim

    2talltim Bubby wanna be

    would not recomend dealing with mogtage broker...they may save you a half percent or so on your rate but you will regret it latter on with the sevicing of the loan....they will sell out you contract every couple years, you get the old press 1 for this press 2 for that phone game, ect....i would work with a local bank or a local mortgage company like benifical, household, of if you were in the military use a GI loan my dad did that got a 3% intrest rate....ALWAY READ THE CONTRACT THEY WILL HIDE THINGS...dont be afaid to say not or i dont like that it will save you money
     
  6. Reel Lady

    Reel Lady Dreams DO come true!

    First thing I would do is get Pre-approved/qualified from the bank. That way, the sellers will know that you are serious and ready to buy. This will also leave the guessing out of "How much house can I really afford?". Good Luck to you!
     
  7. DaleM

    DaleM Original OGF Staff Member

    Very good Marica, that is thr right thing to do. Anyone thinking about buying anything should go that route!
     
  8. When you find a house you like in an area you want to be in, have your agent show you at least 4 to 6 other similar ( not the same) houses that have been sold there in the last 6 months. He should be able to provide you with the final selling price also. Find out the square footage of the homes and divide the selling price by the sq. ft. for a $/Sq.ft figure. You should see a trend. You will have to make minor adjustments for lot size and material of construction but that will not account for any drastic adjustments. Try to follow up on any house you looked at and do the calculation to get a better feel for the market.
    DO NOT be in a hurry. Take your time until you find someting you both like.
    Last of all, find a qualified inspector and make you bid contingent on price adjustment based on any repairs needed as pointed out by the inspector.
    Good luck. :)
     
  9. Lots of good advise.
    I'll add.
    Get a home inspection (I think most mortgage companies require it) including water test if the home has a well. Listen to what the inspector says. Calculate the repairs needed. You can use this as leverage. You may ask the home owner to complete repairs or haggle a bit if you're handy enough to do them your self. (sweat equity)
    Try to have 20% down payment.
    Don't be afraid to walk away after your best offer is on the table. We recieved a call back 3 months after we walked away from a final offer we made.
     
  10. Phil Carver

    Phil Carver Team Bass Xtreme

    We have already went through the pre-approval system and finally came up getting a rate that will keep our monthly payment where we need it . They told me that sometimes it is best to try to work out a deal on your own with the sellers agent . I just dont know what would be the good and bad points of getting a personal agent to handle every thing for me . :( Is it better in the long run ?
     
  11. Just so you all know, A Mortgage Broker with Ethics will get you a better rate by more than 1 % by going to a retail bank. You can go to countrywide.com and look at todays rates. Ill get you at least 1 % less than what they offer publicly.

    And the 3% GI loan is an arm. No way a Goverment Loan is fixed @ 3 % just aint happening. If you dont believe me I can give you a link that you can see yourself since mortgages are public record!


    Jason
     
  12. Reel Lady

    Reel Lady Dreams DO come true!

    I have refinanced my house twice through mortage brokers, and have been pleased both times. I currently am with Countrywide. Definitely got the lowest rate possible through a broker, than I could have any where else.
     
  13. Character Zero

    Character Zero Smallie Phan

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    HYDRASPORT73:

    I am in the same boat as you. I am 26 yrs old and a first time home owner. my real estate agent is top notch. he has basically held our hands through this ever time consuming process.. his best advice, take your time, find something that you love, not just like or settle for, but something that you love.....he has shown us a handful of homes and pointed out all the bad in them, which dramatically changes the price might i add... also, he has told us to check with the county auditor web sites to find out what a particular property has sold for in the past, and any new additions that are related and taxed to the land.....if you ever have any questions, PM me, and maybe i can help, since we are in the same boat.....
     
  14. Minor

    Minor Wannabe Fisherman

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    All of this is great advice . . . . I agree that it is best to get preapproved and to find a realtor to work for you . . . a good realtor will help you look for what you want . . . .and point out the good and bad . . . . not to mention be patient . . . .my poor realtor helped me look for almost a year before i found the home i wanted. . . .end result my wife and I were both happy . . . not to mention that our realtors patience ended up in many referalls. . .myself, my sister, and my dad have all used this realtor and would likely use again in the future if we decided to sell or buy . .:) . .. .just take your time and find what you want . . . . remember your the customer and that they should treat you as one. . .:)
     
  15. BIGDAWG

    BIGDAWG Team Bass Xtreme

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    Phil,
    If you don't mind me asking, where are you planning to move to? If it is up by me, I have a buddy that might be able to hook you up. BD
     
  16. Phil Carver

    Phil Carver Team Bass Xtreme

    Well , unfortionatly moveing up close to you would be out of range for us price wise . :( Man would I like to though . We will be looking mostly into the Gahanna & Westerville areas .
     
  17. 2talltim

    2talltim Bubby wanna be

    it was an arm...but it was a 10yr arm...but now after 16 years its still only 4.6%
     
  18. Minor you should feel the same way with the person who originated your loan. If not, well then you didnt get the service that you should of!!!!


    Goverment Arms are different than any other type of arm. But 10 Year Goverment Arms have only been offered for LESS THAN ONE YEAR. He was probably on a 1 year arm if it was 16 years ago. Goverment loans are my specialty!!

    Countrywide is one of the best lenders around. They dont sell any of there loans really. Only if you have made late payments. Most of the time they service the loan as long as you make payments on time :D

    Also It is important to know that you should be working with a Mortgage Broker that is properly Liscensed. You can check that on the division of commerce website. Here is the link

    https://www.com.state.oh.us/dfi/fiin_apps/loan_officer/default.aspx

    The state has made this a requirement becuase of all the bad business that was conducted in the past. Basically if you have ever been convicted of anything it is damn near impossible to obtain a Loan Officer Liscence!

    As far as getting taken to the cleaner. When you originally sign your documents make sure they are the same when you close. If they are not, do not close the loan and report that company to the division of commerce!

    Just some tips for everyone out there. To ensure a smooth process, and ensure that you get what is best for you. Also make sure the broker is a full service brokerage. Means they also goverment loans as well as all other types. Just an extra step of confidence that the broker that does goverment loans has gone thru more liscence requirments, and meet all the standards of the goverments requirments. Not all places can do FHA and VA loans!

    Good Luck Phil, and to anyone that purchases a home or refi's!!!

    Jason
     
  19. 2talltim

    2talltim Bubby wanna be

    im not 100% sure thats just what he told me...cant call the old man a liar...but he is 100% happy with i i do know that
     
  20. Since its public record i can give you a link so that you can see. I dont want you to think that Im calling your grandpa a lier, but like i said goverment loans are my specialty. In 3 years Ive had 60 hours of training. State requires 6 a year, and goverment has no requirement on origination of their loans. But they have alot of great programs. For example you can buy a house that is 60k. It is a true fixer uper, you would need 35k to get it to where it needs to be. The goverment will lend you the extra money to do the repairs, basically a rehab loan for someone that doesent have the credit to do a Conforming rehab loan, and your investment is 3%. Then once the work is completed the house appraises for 115,000. You now have 30k in equity and you dont have to pick up a hammer. Pretty cool!!!

    Jason