Buying a home...

[JTJourney 0]

Joe and I are considering purchasing our first home next year, that is, once our apartment lease is up, so I have a few questions, and maybe someone with experience could share;

1. Can you tell me if there are any “perks” to first time home buyers, especially when one is an immigrant? I know they make exceptions for people when starting a new business, and wasn’t sure if something in that respects applies to people in our situation as well…we are both first time home buyers.

2. Is 9 months to early to start looking?

3. What happens if we were to find something now? Our apartment office won’t break a lease, you have to keep paying the rent until it is up, then you can lease month to month (basically, right now that is our only option). But any ideas on what a home owner might be willing to do, or could we offer?

4. Any suggestions or hints on buying a new/used home?

5. Is using a real estate agent wise?

6. Any thoughts on renting with option to buy?

Unfortunately our lease is not up until April, and there are really not a lot of houses on the market November through March, they really start selling in the spring…so our only alterantive would be to lease month to month after our lease is up, which is about $150 more a month, but it would be worth it to get what we want then have to settle.

Any advice or helpful web-links would be great!

Thanks!

[Ban Hammer 13,654]

Joe and I are considering purchasing our first home next year, that is, once our apartment lease is up, so I have a few questions, and maybe someone with experience could share;

1. Can you tell me if there are any “perks” to first time home buyers, especially when one is an immigrant? I know they make exceptions for people when starting a new business, and wasn’t sure if something in that respects applies to people in our situation as well…we are both first time home buyers.

2. Is 9 months to early to start looking?

3. What happens if we were to find something now? Our apartment office won’t break a lease, you have to keep paying the rent until it is up, then you can lease month to month (basically, right now that is our only option). But any ideas on what a home owner might be willing to do, or could we offer?

4. Any suggestions or hints on buying a new/used home?

5. Is using a real estate agent wise?

6. Any thoughts on renting with option to buy?

Unfortunately our lease is not up until April, and there are really not a lot of houses on the market November through March, they really start selling in the spring…so our only alterantive would be to lease month to month after our lease is up, which is about $150 more a month, but it would be worth it to get what we want then have to settle.

Any advice or helpful web-links would be great!

Thanks!

ask our resident real estate agent, lisad

[rclouse 0]

Since you're probably in California, my advice would be to win the lottery. Even I can't afford my house anymore!

[Garfield fan 0]

We are looking for house ourselves, so I'm eager to see the replies of your questions. We even think we would buy it within 6 months ! Even though that means we have to move in the cold Minnesota winter... bah !

[Yodrak 7]

JTJourney,

1. Yes, there can be special financing deals for first-time buyers, but I don't know what they might be or how they work. Just be careful of any special arrangement that appear to make a deal more affordable but that increases your financial risk. One person being an immigrant can be good or it can be bad, depending on some things such as the USC's credit rating.

2. No, 9 months is not too early to start looking. There's a lot to be learned, even if you're just 'wondow shopping' at first.

3. What a selling homeowner might do with regard to flexibility in the timing of a deal will depend entirely on their personal situation. The only general statement that can be made is that money can often buy convenience.

4. I've none.

5. It's as wise as using an attorney for immigration - and the same caveats apply (make your choice carefully).

6. It works for some people, not for others.

Are you allowed to sub-let your apartment?

Yodrak

Joe and I are considering purchasing our first home next year, that is, once our apartment lease is up, so I have a few questions, and maybe someone with experience could share;

1. Can you tell me if there are any "perks" to first time home buyers, especially when one is an immigrant? I know they make exceptions for people when starting a new business, and wasn't sure if something in that respects applies to people in our situation as well…we are both first time home buyers.

2. Is 9 months to early to start looking?

3. What happens if we were to find something now? Our apartment office won't break a lease, you have to keep paying the rent until it is up, then you can lease month to month (basically, right now that is our only option). But any ideas on what a home owner might be willing to do, or could we offer?

4. Any suggestions or hints on buying a new/used home?

5. Is using a real estate agent wise?

6. Any thoughts on renting with option to buy?

Unfortunately our lease is not up until April, and there are really not a lot of houses on the market November through March, they really start selling in the spring…so our only alterantive would be to lease month to month after our lease is up, which is about $150 more a month, but it would be worth it to get what we want then have to settle.

Any advice or helpful web-links would be great!

Thanks!

Edited July 13, 2006 by Yodrak

[JTJourney 0]

Yodrak,

I read through our lease carefully, and unfortunately we can't sublet. This contract is so iron clad, the only way out of it is if I was transfered!

I enjoy looking at houses on the market now, and we are getting more familiar with the neighborhoods around us, and the prices! We live in Louisville Kentucky, so the farther you are away from the city (of course!), the cheaper it is, but the closer you get to horse country, prices escalate again!...and with gas prices, you just can't win, and Louisville does not have a train system, only buses, and I am not sure how far out they go.

Right now, with interest rates high, and home prices coming down (slightly), we may be in a good position when the time comes to buy in April/May...will just have to see.

Thanks!!

JT

[Ban Hammer 13,654]

i'll add mine in now, this is mostly in answer to question 4

-if you have or will have kids, research which areas have the better schools.

-if you can, find out from the local police departments which areas have higher crime than others

-if you find a place you like, go by the place several times to see if there is higher traffic during say the afternoon (it might appear all quiet during the day or evening but during morning and afternoon everyone and their brother could be driving by to or from work).

-talk to neighbors there and see what the area is like. if they know of any past problems with the house (ever caught on fire, etc). you can also find out the average costs of utilities in the area this way and budget appropriately.

-if noise bothers you, look at a map - any train tracks nearby? in the flight path of any airports?

-get a house inspector. get an inspector for insects too (some might consider it to be overkill but if you got the money i'd suggest having a second opinon on both counts). read up on the local area's problems with homes and learn what to look for yourself, that way you can follow the inspector around and you'll know if he's doing a good job/yanking your chain. things to be on the lookout for - water stains, rotten floor in kitchen, bathroom, laundry room. what shape is the roof in? if over 10 years old and composition shingles it is probably safe to say it's got at best another 5 years or so left.

now lisad's turn

[Linababe 0]

Good thread ill be watching this space too - I will be moving out to columbus ohio and with the profit of my house sale here - if the currency stays as it is $1.80 = £1 then I should have a bit to buy a house right off if we find one we both like and is suitable. My fella doesnt have good credit rating so im not sure how we would fare in the mortgage side but if we can buy one outright it would mean no mortgage!! I think someone on here mentioned sometime ago that if the immigrant bought a house they may have to pay higher taxes, is this true? what if i paid for it but the house is on both our names? (ofcourse we would have a solicitor draw up some sort of contract to say if we divorced then I get my money back from the house and any profit is then split - just to be covered but hopefully this wont happen , this was his idea btw). We have been looking at a few houses online and well he was hoping to go for some forclosure houses to see if any were suitable - he says he is handy and could do some work to the house himself:)

[rebeccajo 14]

Will the resident ex-mortgage banker do in LisaD's absence?

You, the immigrant spouse, will probably not be able to 'count' on any mortgage loan application for a couple of years or so. Why? Because you have no US credit history and your job history is new. Oh...most loan programs also want to see that greencard as well. So until you've AOS'd, you might be out of the ballpark all together.

I'm not saying you can't get ANY loan. For one thing, if your USC partner has good credit and a good job and can qualify for the house you want with just their income alone, you can shop competitively for the same mortgages that any USC couple shops for. This would include first-time buyer programs.

You may also be able to get a good loan but at a slightly higher rate from a smaller institution such as a credit union. Credit unions tend to keep an 'in-house' loan portfolio. This allows them a bit more flexibility and they MIGHT be willing to count the income of the foreign spouse (even though you have no credit history and short job history) especially if the USC has a stable history.

As far as using a realtor goes - well since you aren't a seller you don't really need to work with one specific agent. If you find one you like, who seems honest and hard-working and has your best interest in mind then by all means have that person show you around. If you can't find that person, then just call the listing agent and have them show you the house.

Realtors are bound by their listing agreement with the seller to be working for them. Than doesn't mean they will lie, cheat and steal from you, the buyer. But it does mean you need to be pro-active. Ask questions and don't settle for an answer that only half suits you. Ask to see the appraisal of the property you paid for as part of your loan application. Get a home inspection. Inspect the house THOROUGHLY yourself - use your eyes, ears and nose!

Oh - and even if you the foreign spouse can't be on any of the loan papers, ask your lender if you can be on the deed. That's the document that gives you ownership in the real estate - the other stuff would help you build a credit rating, but you'll have plenty of opportunities in the US to acquire debt later on!

[Fandango 1,440]

1. There are several programs available with 'perks'.....downpayment assistance, first time home buyer's programs. Speak with a mortgage lender. As far as the immigrant spouse...what Becca said....needs US credit...and not only that, but needs his GC also. Otherwise, he'd only qualify for a foreign natonal loan.

2. Yes, I think 9 mos is wayyy early. Put it this way...what is it going to do for you? You're either going to find a house that you completely love & be devastated you can't get it....or you're just going to be spinning your wheels looking at tons of houses. Plus, 9 mos from now, the market could be completely different from what it is today.

3. I will eat my shoe if a homeowner accepted a contract for a sale in 9 mos. This is why you shouldn't go househunting 9 mos out...you're essentially stuck.

4. If it's an older home, ask seller to provide a home warranty.

5. I think so!! Plus, if seller is using one, the cost is already figured in, so why not?

6. Renting to buy is a good deal for the seller Aslo depends on how much of the rent will actually be applied to the purch price. So lets just say there's a house for 100k. You want to rent to own, so you go in and agree upon sale price. Then you'll prolly need to put a downpayment upfront Let's be easy and say 5k.. Then out of your rent...let's jsut say it's 800bucks...maybe seller will put 200 towards the sale price. So at the end of the year, you have 200 a mo (2400) and your downpayment (5000)....

depending on how many years they do this....usually around these parts it's a year...so at the year's end you can decide whether you want to buy the house and obtain financing. But you've essentially thrown away your rent money, and if the market goes soft in that year and the house can no longer command the agreed upon price, you either buy an overpriced house, or lose your deposit & the money that was credited towards the purchase, in addition to the rent paid... So that's $5000 + $2400 + $7200 (rent) = a loss of $14,600 for the year.

More later, I gotta go!

[Fandango 1,440]

Oh, one more thing....as far as #3...I had a listing that an offer was written on. The offer was immensely good....full asking price, CASH NO FINANCING (for a house in the upper 300s btw), blah de blah, yet the kicker was....a closing in 5 months time.

Seller said no Was like 'are they crazy no way!'

[Linababe 0]

What would be situation if I the foriegner buy a house right off for cash and put both our names on the deeds? is there any problems in that? would that then suffice for evidence that we both own the house for the AOS?

I was just talking to my ella last night - and well when I eventually get over there we will be living in cramp conditions as his mum and her doggy are with us plus me and him and all our other animal family and it is only a 1 bedroomed condo - so we are very eager to buy a house pretty soon - obviously we will be looking around for some time but if we find something before the AOS I was hoping we could get it with the money I get off my sale of property here in the UK.

Lina (UKC)

[Fandango 1,440]

What would be situation if I the foriegner buy a house right off for cash and put both our names on the deeds? is there any problems in that? would that then suffice for evidence that we both own the house for the AOS?

I was just talking to my ella last night - and well when I eventually get over there we will be living in cramp conditions as his mum and her doggy are with us plus me and him and all our other animal family and it is only a 1 bedroomed condo - so we are very eager to buy a house pretty soon - obviously we will be looking around for some time but if we find something before the AOS I was hoping we could get it with the money I get off my sale of property here in the UK.

Lina (UKC)

Cash is king!

[Linababe 0]

so there wouldnt be any high taxes etc?? I thought thats what someone said if a foreigner bought a house

Cash is king!

[Fandango 1,440]

so there wouldnt be any high taxes etc?? I thought thats what someone said if a foreigner bought a house

I think it's prolly best that you speak to an agent in your area who is familiar with the laws of your state.

Also, you can call the property tax appraiser's office to find out for yourself.

I'm sorry, but cannot dispense any specified advice....but these two avenues will easily give you the answers you're looking for. Good luck!!!

Edited July 14, 2006 by LisaD