Real Estate

[heart13]

First time home buyer here! Anyone have any tips when it comes to buying your first home? Do you pay what they're asking or is it typical to put in an offer for less? What are some not-so-obvious things to look for when going to see a home?:confused:

[girlonline]

It is so exciting when buying your first home. I think that you should not pay the asking price, but in some cities you might have to. It all depends on where you live. You must hire a home inspector. They are worth every penny. Find one that somebody else you know may have used in the past(and that they liked). When we sold our house, the buyer hired an inexpensive inspector and he didn't even check the furnace or the roof!! Also, drive by the house at different times of the day, checking out the traffic, neighbors, noises etc. Good luck!

[Cpogie]

First of all, congrats on your future purchase of a home, the best investment you can make!! My hubby and I have owned 12 properties in the past 33 years, this is what I suggest, first of all find a good realtor, make a list of what you want in a house, things that are a must, such as 3 bedrooms 2 bathrooms, hardwood floors, updated kitchen and baths, etc, then get pre-approved for your loan so you know how much you qualify for, then when you have found a house the seller is more likely to choose you over someone else because you have a pre-approval for the loan.
take your time looking at the house, do not allow the realtor to just show you the good points of the house, open the closets, kitchen cabinets, doors, and see that everything looks ok to you, check the plumbing, meaning, look under the kitchen and bathroom cabinets for any leaks, or staining on the shelf or floor of the cabinet, check the heater, how old is it?? this is important, and check the electrical, are the plugs grounded?? this is another must. Air conditioning? turn it on and check the air coming out of the vents, is it cold, if not maybe it needs to be charged, or perhaps the unit is undersized for the square footage of the house. Do the floors slant, just walk, if you feel you are going up or down hill most likely the floors are not level, basement?? check for water seepage, on the floors and around the footings on the house, check for cracks on the footings also, how are the gutters?? do they leak? or filled with leaves? does water flow away from the property?? make sure it does. Gee there is so many other things but if you need any help just ask, and finally never be in a rush, and do not let a realtor tell you that you need to jump on this right away, this is a huge investment, and when you think you are ready then, and only then go for it, and never pay full price! that is if you can help it, depends on where you live, I never listened to a realtor, they would say offer 10,000 less and I would say no, I will offer 15,000 less, it worked most times, but when it doesn't then you counter back with what makes you comfortable, best of luck!

P.S. A home inspector is a good idea, but do not use one that a realtor picks out, find your own, look in the yellow pages! and remember that the inspector is not liable for missing anything they may not list on the inspection, so plan on being there when they inspect the property and do not hesitate to ask questions as you go along!

[chalytown]

I am so glad that I found this link. Hubby and I are selling a piece of property. Which is selling like Hot Cakes in our area. We are going to take the money from the sell of the land and buy our first home. I am looking around for a real estate attorney. (We are selling the land ourselves. ) I am so overwhelmed, that I don't know where to begin. I don't know what questions to ask and I don't want to appear foolish!
HELP:confused: :confused: :confused:

[Cpogie]

I am so glad that I found this link. Hubby and I are selling a piece of property. Which is selling like Hot Cakes in our area. We are going to take the money from the sell of the land and buy our first home. I am looking around for a real estate attorney. (We are selling the land ourselves. ) I am so overwhelmed, that I don't know where to begin. I don't know what questions to ask and I don't want to appear foolish!
HELP:confused: :confused: :confused:

Congrats to buying your first home, a ? tho, why do you need a real estate attorney? If it is to fill out the forms for you? If so, I would ask up front what the total fee will be, if it is for another reason, I think that you can do this by yourself and save some money, after you have an offer, you can get forms at most good office supply stores, they are just as good as having a Realtor form, be sure to fill in all blanks, and what isn't used crossed out and initinaled by the buyer, get a good faith check and with your filled forms and check go to a good escrow office and open your escrow, this is all that you need to do if you want to do this yourself, and a good escrow office will tell you if you have all the paperwork in order, just take a deep breath, don't be nervous, you will get through it, and gee hunting for a home is so much fun, the best of luck to you and your hubby. :)

[chalytown]

Thanks Cpogie for the advice. We are hoping that we won't need escrow. With the sell on the land, we are going to buy/pay off the house at one time. NO mortage, no nothing.
We feel safer having an attorney handle things for us. They won't take as much as a real estate agent. From what I have been told. We want the attorney for tax reason. (Father in law is a CPA and suggested that we have one)
But you have been a big help. Now if this attorney will ever return my call!!:rolleyes: :mad:
One more day!!!

[Cpogie]

Thanks Cpogie for the advice. We are hoping that we won't need escrow. With the sell on the land, we are going to buy/pay off the house at one time. NO mortage, no nothing.
We feel safer having an attorney handle things for us. They won't take as much as a real estate agent. From what I have been told. We want the attorney for tax reason. (Father in law is a CPA and suggested that we have one)
But you have been a big help. Now if this attorney will ever return my call!!:rolleyes: :mad:
One more day!!!

Your very welcome, but then I should remember I live in a different state than you, so we have different ways with the sale of homes and land, everything here goes through an Escrow to protect the buyer and seller, and to make sure there is no liens against the property by obtaining a title Report, but you have a big help having your father in law helping you with advice, I wish you the very best with your house hunting!! I hope you find the home of your dreams!!

[rdawnh]

Try calling some other attornys, if he is not calling back what kind of business does he practice. You dont want to in a time crunch and need him and have him not return your calls. My husband is in real estate (not an agent) and he said if you dont go into escrow you just have to make sure you record the sale on time with the county you live in. Can i ask what state you live in? Also if the people who want to buy your land are borrowing the money and getting a mortgage for themselves you will have to go into escrow because there will be things on that end that need to be done before the bank will lend them the money. Good luck and congrats on buying the new home.

[chalytown]

Thanks all. I found and attorney, and I don't know what to say about him. He wouldn't really answer any questions unless I retained him! I understand how that whole thing works and all. But GEEZ...
Didn't even have to put the sign in the yard.... We already have someone intersted. AND they are willing to pay what we are asking. SO, now what? Do I call the attorney and tell him to draw up a sells agreement? And retain him? I really want to thank you guys for all the help....By the way I live in Pennsylvania! THANK YOU:) :) :)

[Cpogie]

Thanks all. I found and attorney, and I don't know what to say about him. He wouldn't really answer any questions unless I retained him! I understand how that whole thing works and all. But GEEZ...
Didn't even have to put the sign in the yard.... We already have someone intersted. AND they are willing to pay what we are asking. SO, now what? Do I call the attorney and tell him to draw up a sells agreement? And retain him? I really want to thank you guys for all the help....By the way I live in Pennsylvania! THANK YOU:) :) :)

Any attorney that will not provide a free consulation is not worth anything, don't give him a dime, call a couple of real estate office's and ask them if they can recommend a good real estate attorney, if they have none they can recommend, ask a realtor if they will accept 1 or 2% to handle your paperwork, and bring it to escrow, or whatever you decide to handle your property, they will give you free advice!!

[mom363546]

we have a realty company call Assist to sell they charge a small fee and help you through the sale of your property. you might try to look them up and see if they or a company like them is in your area

[heart13]

Me again...I was wondering - what if I'm interested in a house being sold by the owner? Can I have the agent that I'm working with approach them - or is this taboo? Do real estate agents even (representing the buyer) help in this area? Or is it necessary to retain a lawyer? Thanks!

[Cpogie]

Me again...I was wondering - what if I'm interested in a house being sold by the owner? Can I have the agent that I'm working with approach them - or is this taboo? Do real estate agents even (representing the buyer) help in this area? Or is it necessary to retain a lawyer? Thanks!

You can ask the agent to approach them, but people that have their house for sale by owner usually are not willing to cooperate with an agent, hence the reason for selling by owner, sometimes the owner is agreeable to giving 1% to 2%, or maybe even 3% to an agent if they bring them a buyer, but they do not have to give the agent 1 cent, so ask your agent if he/or she would approach the seller, what do you have to lose? all they can say is no, and you are under no obligation to buy anything from the agent, keep that in mind, you are free to make your own deal with the owner of that house and may get it at a good price. You do not need an attorney to buy this house, but whatever you buy get a home inspection report done, someone you pick out of the phone book, agents and sometimes sellers have their own inspector which is going to be sympathetic to the seller and not you! goodluck!

[heart13]

Ok, long story shortened :)

Found a house - made an offer: original price - 94,900 offer - 87,900

Received counteroffer this morning: 94,000

My return counteroff: 90,000

Their return offer: 93,000

the house has been on the market over three months and they recently lowered the price from 98,900 to 94,900 within the past week. At 93,000 the house includes a 1 year warranty, refrig, range, washer, dryer.

I'm seriously considering accepting their counteroffer, with the following provision added: shampoo all the carpets (they own dogs - I'm highly allergic)

Is that a fair request? Am I being rude? Before making my offer their realtor stated that they were very motivated and to name a price. I was quite surprised at the response I got.

I'm new at this - the market in this area is not being hit by the sub-prime phemnomena as reported in the news so often. Could someone give me a little insight? I'm just looking for a frame of reference - I can't get anyone to tell me if I'm flubbing this up or not...:confused:

THANK YOU!!!:o

[Cpogie]

Ok, long story shortened :)

Found a house - made an offer: original price - 94,900 offer - 87,900

Received counteroffer this morning: 94,000

My return counteroff: 90,000

Their return offer: 93,000

the house has been on the market over three months and they recently lowered the price from 98,900 to 94,900 within the past week. At 93,000 the house includes a 1 year warranty, refrig, range, washer, dryer.

I'm seriously considering accepting their counteroffer, with the following provision added: shampoo all the carpets (they own dogs - I'm highly allergic)

Is that a fair request? Am I being rude? Before making my offer their realtor stated that they were very motivated and to name a price. I was quite surprised at the response I got.

I'm new at this - the market in this area is not being hit by the sub-prime phemnomena as reported in the news so often. Could someone give me a little insight? I'm just looking for a frame of reference - I can't get anyone to tell me if I'm flubbing this up or not...:confused:

THANK YOU!!!:o

YES! Go for it, you are getting a great deal, don't pass up a house you are in love with for a few thousand dollars, it will only add another couple of dollars to your house payment, ( check what I am telling you with your realtor) not only that, you are getting a warranty, and all the appliances......get going this is a wonderful deal for you!!! Let us know ok??

[starlite763]

Guys, remember even fixer uppers can turn into GREAT homes. I bought a home in December, and no it was not level,it had some leaks,and the foundation was old style hud home- built on the ground. I must say it has been an experience-but it is still not the absolute worst decision I have ever made.The house is old-but sometimes there are blessing in disguise.I paid 15,000 for the home, approx 2000 square feet, it sits on over 2 acres of land.The master bedroom is aprox 250 squaure feet.We have put a lot into it, and it has been worth all of the ups and downs. Take into consideration what you yourself can do to the home.My fiance' is a paint contractor,does some plumbing and is able to fix roof leaks.In March, I got a call from an oil company wanting to lease the mineral rights. So..... please remember history and don't forget the beauty in age.

[Cpogie]

Guys, remember even fixer uppers can turn into GREAT homes. I bought a home in December, and no it was not level,it had some leaks,and the foundation was old style hud home- built on the ground. I must say it has been an experience-but it is still not the absolute worst decision I have ever made.The house is old-but sometimes there are blessing in disguise.I paid 15,000 for the home, approx 2000 square feet, it sits on over 2 acres of land.The master bedroom is aprox 250 squaure feet.We have put a lot into it, and it has been worth all of the ups and downs. Take into consideration what you yourself can do to the home.My fiance' is a paint contractor,does some plumbing and is able to fix roof leaks.In March, I got a call from an oil company wanting to lease the mineral rights. So..... please remember history and don't forget the beauty in age.

You are right, a fixer can be a diamond in the ruff.....you have to be able to imagine what you can do to the property, look beyond walls....sounds like you found a real steal, price and property, where is this at if you don't mind sharing, here in Calif you cannot get anything for that price, not even a peice of land....sounds like you will have a beauty when you are done with it, your hard work will pay off!!

[Cpogie]

Well did you ever get the house??