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dwel

First Time Home buyer

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So I'm looking for some real talk on owning a home. The wife and I just put an offer on a home. How many of my oontz fam own houses? What are some of the trial and tribulations of buying homes and the home buying process that you faced? I'm not going to lie, this is exciting, but very scary/nerve racking.

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i was looking really hard at buying during the boom. im glad i didnt buy now. most of the people that bought homes during this time in the area i was looking are now upside down in their mortgages. im glad i kept the 50K down payment money in the bank, losing money to inflation, instead of losing it all on a house.

 

my parents recently sold their house. it took them 4 months to settle. due to new govt lender requiremtns, etc. its a miracle it even sold.

 

sorry for the doom and gloom....

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No, its truth. Luckily here in the Pacific Northwest, things have somewhat leveled, hence why we are looking to buy now. This is just an interesting roller coaster to say the least, and it is real hard not to get my hopes up, cause shit can hit the fan quickly.

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^^ who the fuck

 

yea dude buying a house is always a good idea. no matter what kind of market. and cash talks, so if I were you i'd buy a cash house - a fixer upper. then rent it out, and have the new tenants pay you.

 

a house is an investment. and regardless of the economic state, ASSETS will always be worth more than stagnant money - due to inflation. buy land. land is limited and only gets more valuable.

 

live meagerly.

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Work with someone you trust. Buying a home is the single biggest investment most people make in their lifetime. You want to work with someone who will help you do this. They should be interested in a long term relationship with you. First time home buyer need know the market is favoring you or not and the properties available or not. It is safe to see, that wherever you buy, you will be buying at a concession and potentially getting other benefits.

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^^^Long term relationship with who? If you need a realtor, make sure you can trust them, but fuck paying them right now, do your research and buy that shit yourself. You might need help buying a short sale or foreclosure, but a straight deal is not bad. All the forms and contracts are online.

 

Where are you buying minus? Now is the time you can get some really good prices and interest rates are as good as they are going to get. I dont think you can even get an ARM loan anymore but if you can, don't. 30 yr (or less) fixed rate and if you can put 20% down so you dont have to pay the PMI insurance.

 

P.S. Rickie, you joined a graffiti forum to talk real estate. A little suspect to me. Just saying.

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Just saw NW... You should be in good shape. I am not an expert but sales have started to pick back up nationally. I just dont see things getting much lower than they are now. I wish i had more to invest right now. I say buy, buy, buy.

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Im in house number 4, and from trial and error a few pieces of advice I can give you are 1) before you make an offer on a place, visit it during all hours of the day. You dont want to move next to people who keep strange hours, or cant keep their kids in check 2) Dont go house shopping on holidays's. If the house is anywhere near commercial property you wont have a true picture of what the area is like. 3) Get 2 home inspections. The first is typically mandatory in non foreclosure situations, the second is for peace of mind that nothing was missed. 4) Dont let bad carpet, wall paint, outdated appliances, kitchens or bathrooms scare you away. All of the previous is cheap to replace, and might give you a bargaining chip. My wife wouldnt get past this stuff before and we missed some amazing properties.

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check on the utilities, you dont want a $900 a month gas bill.. and check out your neighbors for sure too.. habitat for humanity built a house in the empty lot across the street from me and gave it to the wackest family .. window lickers with dog boxes in the front yard but no dogs and im still staring at their christmas decorations (like big plastic snowmen and santas all rigged to the top of their wobbly ass fence) wtf?

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