Kinda green in this whole process... Tried about 8 months ago to buy a house and a lot of things didn't seem to work out for one reason or another, but now we've found one that would suit us favorably and a lot more affordable than last time we looked and we're tired of renting and losing $$$ ya know...

Just looking for tips or advice in this whole process...

Thanks guys

 

if you are a bit clueless, get a realtor and with the market being pretty slow lately. bid, 10-12% under asking and go from there.

 

my wife is a realtor.

 

Well we actually do have a realtor already and she's been great so far and helping us out quite a bit... I guess basically just looking for any advice on signs to know if we're being taken for a ride or how to know if something's a bit fishy in the final stages or if we're truly getting the best deal possible since this is a big time investment...

If anyone may know a website or something I could browse over so I know what to look for and what important questions to ask... I have read a few books already and am aware of some things...

I understand the business aspect of it for the realtor and builder and such, just wanna make sure I did the best I can on my end and feel comfortable in the negotiations and outcome...

 

I would get a reputable home inspector to check it out. Should run 2-400$ but well worth it to spot problems you would not think to look for.

Good luck. Get a fixed rate on the loan. Variable looks good on the surface but can bite you later.

 

Excellent Lee, thanks...
I am making sure that a third party inspection (or at least a good friend of mine that does inspections) be done and based on that, I plan to go thru with the rest...

I also planned on keeping a fixed % rate b/c I've heard horror stories about the A.R.M. coming back to haunt folks...

Anyone suggest letting the mortgage company tie in the ins. policies with the loan or getting policies seperately concerning homeowners and mort. ins.?

Keep it coming guys and thanks a ton...

 

Brandon, be certain to write into any contract offer "pending satisfactory home inspection" Most likely unless this is a new house the inspector will find some minor repairs to be done so these can be negotiated between the buyer-seller. What you are mainly coincerned about is being certain the house is structurally sound and also the electrical, plumbing and A/C systems are safe and in good working order.

 

Shop for your own HO policy. If the lender gets involved, he will get a premium.
Once you have it locked in, it can be included in the escrow payments.

 

Remember it is your call, your offer. Carefully analyze the market activity in your area, Ask the realtor for sales comparables in $ per square foot so you can get an idea about the going price per square foot. You may not be able to get 10 percent but give it a try. The seller can counter offer or reject. If they reject and you are really interested you can make another offer. You are in a great position because you do not have to sell another home to buy a new one. Therefore if you can get the financing you DEFINATELTY have the upper hand so take advantage of that to get your price.

 

Excellent... Man, thank ya'll!

It is a new house so I'm hoping/expecting nothing really major to be wrong, but I've definately made it clear that we'll go forward based on the outcome of the inspection...

Should be getting down to the brass tacks on the financial aspects tomorrow and see how it goes from there... We're already pre-qualified above what they're asking for the house, so hopefully we can get into this one comfortably...

I was thinkin' it'd be better if I got separate policies for the insurance(s) also...