We decided to buy a house

[Moosker 7]

Ask people you know if they have a good recommendation for a Realtor as well.

Oh and some larger real estate companies will try and sell you on "their products" (insurance, warranties, etc). Don't bother unless it's something you're looking for!

[silvana.toma 15]

I would have a sugestion for you that has not been brought up yet- since you are complaining about noise i would not recomend buying a townhouse(no offense for those owning one).

I'm not sure what you are looking to buy but a townhouse it's just not worth the money. They are expensive and on one hand you still have to deal with noise from your neighbours....and on the other hand maybe you want to turn your music up cause it's you b-day or something and you can not because of the neighbours. So what's the point of owning a house if you can not enjoy the freedom?

We are in the process of buying a home right now, we had several issues with the real estate agent, so be carefull who you chose to represent you, always double check everything, make sure their info is acurate.

We met several realtors and unfortunately we had some bad experiences. One realtor lied to us big time, one brought us to this home that was almost falling apart and she told us for the money we were looking for(175k) we will not find anything better than that. Well...so it happens we did found something for the same price, that was 10 times better than what she showed us. So just because a realtor says something doesn't mean it's a general rule.

So my thoughts to you is you have to LOVE THE HOME YOU BUY, as once you buy it, it will be very hard to sell it, so don't let any realtor manipulating you into buying something you are not 100%sure.

We have a contract with a short sale now...we have been waiting to hear back for 4 weeks and a half now, thing is we are in no hurry so we don't mind waiting BUT IF we DO get this house we get an AMAZING deal. Not all short sales take a long time but If you want to be out of your apt by july i would not recomend risking putting a contract on a short sale. Foreclosures yes, we put a contract on a forclosure and we heard back from the bank in 2 days..so they are fast.

Banks usually take 30-60 days to close so if you start loking now you have a month and a half to find your dream home!

Good luck in your search and may your experience with realtors be nothing like mine!

Edited March 16, 2011 by silvana.toma

[CDAgirlMI 51]

First of all, congrats!!

Home hunting can be fun (don't let it drag you down if you get frustrated, its supposed to be a fun experience).

We bought our home 3 months ago & absolutley love it. Nobody to tell you to "keep the volume down"...or vice versa!

Don't be scared of foreclosures. Ours was & we got it for a steal. And it took 3 or 4 weeks to close.

Happy home hunting!!

[Inky 1,110]

We bought our house in mid 2010, we closed on our house in 7days and were moved in.

GO to the inspection!!! I wish we had gone to it, we really should have. We are finding some things with our house that should of been asked about at the inspection but neither of us had time to go. Thankfully they are not really bad issues just minor age issues with some things

[Hugglebuggles 60]

Congrats Kimbear, that's awesome!

Great tips so far! We just bought a house 2 months ago and it was a crazy process. We were approved and decided to start looking. Within a week we had put an offer in on a house, closed in 30 days. It was a totally nutty process, but so worth it!

This was our experience as well. My husband was faced with a 70 mile commute so we needed to make it happen as soon as possible. We spent a few days looking at some houses and then made a pretty quick decision. 30 days later it was ours!

We bought our house in mid 2010, we closed on our house in 7days and were moved in.

GO to the inspection!!! I wish we had gone to it, we really should have. We are finding some things with our house that should of been asked about at the inspection but neither of us had time to go. Thankfully they are not really bad issues just minor age issues with some things

7 days!? That's nuts! I agree on the inspection thing, and also shop/ask around for a good inspector! There is nothing worse than an inspector who doesn't know what they're talking about, or one that rushes through and doesn't care. We went to our inspection and followed the inspector around the house. At the time he seemed great, but a year after the fact we've found a couple things we feel like he should have found and pointed out to us.

[Flames9_RN 358]

If you head to many home forums--you will come across a lot of home inspector horror stories!! And really how unaccountable they are. So take some time and research a good one. Red Fin has a forum on it as well

[Inky 1,110]

If you head to many home forums--you will come across a lot of home inspector horror stories!! And really how unaccountable they are. So take some time and research a good one. Red Fin has a forum on it as well

Our friend did not find out about their fire place until they had to call specialty services in to look at the issues in their home. Apparently someone was using and burning WOOD in a GAS fire place!!!

7 days!? That's nuts! I agree on the inspection thing, and also shop/ask around for a good inspector! There is nothing worse than an inspector who doesn't know what they're talking about, or one that rushes through and doesn't care. We went to our inspection and followed the inspector around the house. At the time he seemed great, but a year after the fact we've found a couple things we feel like he should have found and pointed out to us.

Yep it was record closing time our broker said lol shes never closed a house that quickly EVER because it was never sure they could get everything cleared by that short of a time but somehow they were able to do it. Just in time for us to be able to get the new home buyer credit too which was great to buy some new furniture =)

[Kimbear 53]

Ok so we got approved for an FHA loan. Now i've done alot of researching and just want to ask (because i have information overload here lol), When it comes to closing costs, since its an FHA loan, can the amounts vary wildly from bank to bank or is it regulated not to exceed a certain amount? i guess i'm a little confused as to whether its the FHA giving me the loan or the bank, and if shopping around for an FHA loan makes a difference compared to a conventional loan. The interest rate we got was 4.5%. Is that the only thing that will change from lender to lender?

When i bought my house in Canada, i had home inspector fees, my Layers fees, and title transfer / deed fees, some taxes, repay back the oil tank fillup, umm not sure what else. i know i had to give a deposit at first also while we negotiated terms on the paperwork. i guess i'm just wondering if i should stay with my bank or look at others, since i'm not 100% comfortable shopping around for rates etc.

[Fandango 1,439]

http://www.visajourney.com/forums/topic/289356-buying-your-first-home-in-us-headache-or-super-fun-time/

There's a lot of good information in that thread. I don't wanna repeat myself, so I'd say that thread is a great place for info.

Congrats!

[Kimbear 53]

1. Check around with various banks/credit Union to get the best rate and closing costs--they can differ greatly. Get 1 of them to run ur credit check and ASK for ur score. With the others tell them ur score, BUT tell them not to run ur credit rating, and get their offer based on those #'s--of course if you go with them, they will have to verify them. But you do not a whole bunch of people checking ur score!! You should also make sure al ur credit cards are paid off, balance kept low for a few months prior, not something you can do now,lol

I managed to write down two of our scores but did not quite catch the third one.

2. Interview a few realtors and go with the one you feel comfortable with and is going to work for you! We usually give our Realtor a list of what we MUST have, LIke to have, CAN't have,lol Its my $$ so I make sure I get what I want and run the show if you know what I mean! Some Realtors forget whats in your best interest and whats in their best interest! If I feel they are not working in my best interest, i thank them for their time and interview process starts again. Communicating what you need and expect is huge to make it as less stressful as possible

I don't have to pay the realtor anything correct? its the same in Canada where the Seller pays all the commision?

3. If your in a hurry, stay away from foreclosures/short sales. They can drag on for months and months and even never close

4. The right house can be found in a day or a year, ya just never know.

5. Watch out for Home owners Associations (HOA's). Some like them, some do not!! 1 area could have a HOA, while the next street over does not.

Whats is up with those? In Canada i'm used to those being for condo's..which for me are just glorified apartments..here they call anything a freaking condo. if you have HOA's is it truly your own place? or does that mean there are seconday rules and regulations to deal with which would mean to me more hassle i think?

6. Find a competent Home inspector. They say you should never go with one that the realtor recommends!! Make sure your offer has an out based on home inspection etc etc. This i know we followed the one we had in canada around and asked him questions during the inspection.

7. Walk the neighborhood!! talk to neighbors//people in that neighborhood!! yes that includes knocking on the door. You will be surprised what people wil say! Drive by the neighborhoods at various times of the day/week. Big difference at 10 am, vice 5 pm, 8pm traffic wise. Never thought about that..very good idea!

8. Google the area. check out crime statistics. there are web sites-and call the local police. hubby just told me about that..another good tidbit!

Good luck, it can be a fun process. But take your time and do your research, Houses can be money pitts, so yes your noisy neighbors suck, but a house sucking $$ out of ur wallet is no fun either!! See if you can go month to month on ur apartment. or find another apartment and keep looking for the right house. Lot of horror stories of homeowners too that bought in the wrong neighborhood---BUT now you just can't walk away until you sell that house!! Best of luck

[Udella&Wiz 325]

Ok so we got approved for an FHA loan. Now i've done alot of researching and just want to ask (because i have information overload here lol), When it comes to closing costs, since its an FHA loan, can the amounts vary wildly from bank to bank or is it regulated not to exceed a certain amount? i guess i'm a little confused as to whether its the FHA giving me the loan or the bank, and if shopping around for an FHA loan makes a difference compared to a conventional loan. The interest rate we got was 4.5%. Is that the only thing that will change from lender to lender?

When i bought my house in Canada, i had home inspector fees, my Layers fees, and title transfer / deed fees, some taxes, repay back the oil tank fillup, umm not sure what else. i know i had to give a deposit at first also while we negotiated terms on the paperwork. i guess i'm just wondering if i should stay with my bank or look at others, since i'm not 100% comfortable shopping around for rates etc.

I'm not entirely sure about the FHA loan piece, but 4.5% is a great rate, lock that sucker in! I don't think it's the bank that has the closing costs, but rather the title company right? I'm never entirely clear on where the closing costs came from when we bought our house a couple yrs ago. I think it's a set fee and probably varies slightly - are you looking for the seller to assist in paying for all or some of those fees? I would...it's a buyers market so there's no reason not to ask for it and see what you get in your offer.

You will have to pay for your home inspection yourself - you want your own dude to do that, not someone the buyer suggests (if that was even the case anyway). Our closing included back taxes paid by the seller and any HOA dues which were overdue...we did not pay for anything that was in arrears.

I don't think there's anything wrong with shopping a bit - try a few reputable banks or lenders...I wouldn't go with the crappy shady lenders you sometimes see commercials for of course.

This is so exciting for you...your realtor can probably be a big help when it comes to explaining some of this.

[Kimbear 53]

Great tips so far! We just bought a house 2 months ago and it was a crazy process. We were approved and decided to start looking. Within a week we had put an offer in on a house, closed in 30 days. It was a totally nutty process, but so worth it!

A few things we learned along the way....

- Banks should provide you with a "Good Faith Estimate" for you to start house shopping with. Bank of America refused (from what I've heard, they have crazy fees) and that right there sent me to another company.

- Find a good realtor, and watch out for the 'contracts' they try to get you to sign. If you test them out and really aren't happy, tell them.

- Shop around on www.redfin.com (that's how we found our home) and sign up for an account. You get a lot of information about how long on the market, taxes, HOA, what it sold for previously, etc.

- Don't do anything "extra" credit wise from now until after you have purchased a house. They typically re-run your credit a day or two before your close on a house to make sure everything is still the same.

- Have you considered FHA? Great for first time home buyers.

- HOME INSPECTION. I have friends who figured they knew what they were talking doing, refused to pay the $450 fee and their house is a complete money pit. We had a company called U.S. Inspect and they were great.

- Home Warranty. Our house came with one, but anyone we've talked to say if you have appliances (furnace, etc) older than 10 years, pay the $150-$300/year for the warranty! Our water heater actually started leaking, we called the warranty company, paid our $100 deductible and got a brand new one (it wasn't fixable). That would have been a $3,000 job. We will renew the warranty in a heartbeat since we have older appliances.

- Short sales are almost an oxymoron! Our real estate agents daughter bought a short sale and finally got the house 2 years later, crazy!

- You could buy a house tomorrow, or a year from now. Don't feel pressured because of your lease, buy the house you love and will be happy with.

- Like everyone has said, visit the neighbourhood during the day, and at night. You want to see the traffic/noise levels/etc.

- Don't be afraid of offering low! We got our house for $20k lower than asking, turns out the owners had already bought another house and just wanted to cut their ties!

- Once you buy a house, you can usually "fight" your taxes (or at least try to) within 60 days of purchasing. Take the home appraisal to your government office and fill out the appropriate form. We were paying taxes on a house that they were saying was worth $100k more than it was (out of date, the market was low).

Good luck!!!

Ohhh home warranty..Davids father just told us about that..i thought it was on new built homes only. turns out his sump pump blew when they had a flood and he just paid the deductable and got it replaced..

Ya when it comes to barganing i dont know how much to say lol. i mean i can look at the values of other houses in area, etc..but alot of the numbers i see are based on 2 years ago..i'm not sure how to work that stuff. worse case i offer too low and we go back and forth and find a happy medium price?

That tax tidbit is awesome..so i should not be too afraid when i see the price of taxes !

i have been using Realtor.com, redfin.com and trulia.com so far. and then taking addresses and copy past into goodle to see maps google earth views etc too. i dont remember having to sign up for a million sites up in canada ..course it was like 2003 when i bought my house and we just used mls.com lol.

[Flames9_RN 358]

Yes you still own the house, BUT yes their are rules to follow. Thats where knocking on neighbors doors falls into place and you can ask them how the HOA is. Some are more restricting that others. Normally the HOA fees are usually much lower than a Condo/townhome association fees. Some people love them, some people hate them! The REDFIN forums can be a good place for info. The one for the DC area isn't that busy. Best of luck, home buying can be a fun adventure.

[Kimbear 53]

I would have a sugestion for you that has not been brought up yet- since you are complaining about noise i would not recomend buying a townhouse(no offense for those owning one).

I'm not sure what you are looking to buy but a townhouse it's just not worth the money. They are expensive and on one hand you still have to deal with noise from your neighbours....and on the other hand maybe you want to turn your music up cause it's you b-day or something and you can not because of the neighbours. So what's the point of owning a house if you can not enjoy the freedom?

We are in the process of buying a home right now, we had several issues with the real estate agent, so be carefull who you chose to represent you, always double check everything, make sure their info is acurate.

We met several realtors and unfortunately we had some bad experiences. One realtor lied to us big time, one brought us to this home that was almost falling apart and she told us for the money we were looking for(175k) we will not find anything better than that. Well...so it happens we did found something for the same price, that was 10 times better than what she showed us. So just because a realtor says something doesn't mean it's a general rule.

So my thoughts to you is you have to LOVE THE HOME YOU BUY, as once you buy it, it will be very hard to sell it, so don't let any realtor manipulating you into buying something you are not 100%sure.

We have a contract with a short sale now...we have been waiting to hear back for 4 weeks and a half now, thing is we are in no hurry so we don't mind waiting BUT IF we DO get this house we get an AMAZING deal. Not all short sales take a long time but If you want to be out of your apt by july i would not recomend risking putting a contract on a short sale. Foreclosures yes, we put a contract on a forclosure and we heard back from the bank in 2 days..so they are fast.

Banks usually take 30-60 days to close so if you start loking now you have a month and a half to find your dream home!

Good luck in your search and may your experience with realtors be nothing like mine!

thanks for the advice, i did read your thread in the other forum and just wow and the stuff you went through with the realtor! hopefully we can find a good one..atm i have good vibes about our loan officer we got..she seems to have our best intrest in mind and even went out of her way to see if there were any programs to help us with our downpayement and closing costs to make it easier for us!

[silvana.toma 15]

4.5% is great! We got 4.8 and 5% and my hubby has a preety good score...so 4.5% as far as i know it's great!