Buying a home...

[JTJourney 0]

Thanks to everyone here for the information, it has been very helpful!

Linababe - You gave me an extra piece of information that I had never considered, or even thought about. Regarding a lawyer to write up basically "fair-protection" to both parties, should the marriage not work out. It is better to be safe than sorry these days, and at my age, (I'm not that old!) but it would still hurt me financially to have to start over. Besides, I think it is only fair to both parties. I think it is a great idea, Thanks.

LisaD - Thanks for your information, I may be contacting you later for guidance! Right now, wanting to be out of an apartment so bad, you can't help but look at homes and "wish". I am afraid we are stuck in the position of having to lease month to month after our rental agreement is up. I really want us to get the house that we literally "plan" on living in forever. We know what we want, where, and how much we are willing to spend, so this may take us a while, but we are financially able to do this, and I think it is our only option. We continue to browse the internet, and when we find a house, we do a "drive-by", and we check out the neighborhood, and when we have bad storms, with flooding, we write down the areas that flood, knowing to stay away from these areas. We have even been watching areas where new homes are going up, but the worst thing about new homes, it's just a home, there are no trees!!!!! Why do developers tear down trees, it looks awful! It looks like a bunch of boxes in a field, with a few bushes to make them look "homey", it's sad...at least replace them for goodness sakes, and not with those 3 month old things that could die any day!! (personal vent...sorry!)

Our (Joe's) GC final interview is not till October 2007, so if you say our chances of getting a better rate won't be very good till then, well, that's another thing in the pot to consider.

Just earlier this year I opened an account with a Credit Union, looking ahead for a better rate when we get ready to look for a mortgage loan. Also, I have been tempted to move my banking accounts to another bank, (the one I have sucks big time!), but I am going to wait, because I understand they look at how long you have held accounts.

I do have one question, I have never myself "purchased" a home. When I met my first husband, he already owned the home, the only time my name was related to the house is when we refinanced. So, am I "NOT" considered a first time home buyer?? What is the fine line there...or is there one?

Thanks in advance,

JT

[Flames9_RN 359]

We just bought a place in the DC area. Suppose to close July 24. My advice: Check out many financial institutions and see who will give you the best rate. Also ask for a good fath estimate. This should be an estimate of all the fees and the closing costs. Believe me, some institutions charge crazy high fees! You think wow, what a great interest rate, only to find they charge high fees, or paid $$ down to lower the interest rate, so look over all the numbers!!!!!

Take your time and interview realtors!! Ours are sort of letting us down, and we are having to do more of the leg work!!

There are some first buyer programs, but again, some of them are not that great!!

Me, being the Canadian, didnt have much credit history, but I wasnt required, so I wasnt reuired on the mortgage application, so I can't comment much on that. I won't be on the mortage, but will be on the deed of the house.

Best of luck, take your time and ensure you work out all the numbers and find a good realtor if you feel you need one. In some ways one doesnt. But if your a first time home buyer and dont know the market well, your probably better off to use one. cheers

[Fandango 1,440]

We just bought a place in the DC area. Suppose to close July 24. My advice: Check out many financial institutions and see who will give you the best rate. Also ask for a good fath estimate. This should be an estimate of all the fees and the closing costs. Believe me, some institutions charge crazy high fees! You think wow, what a great interest rate, only to find they charge high fees, or paid $$ down to lower the interest rate, so look over all the numbers!!!!!

Take your time and interview realtors!! Ours are sort of letting us down, and we are having to do more of the leg work!!

There are some first buyer programs, but again, some of them are not that great!!

Me, being the Canadian, didnt have much credit history, but I wasnt required, so I wasnt reuired on the mortgage application, so I can't comment much on that. I won't be on the mortage, but will be on the deed of the house.

Best of luck, take your time and ensure you work out all the numbers and find a good realtor if you feel you need one. In some ways one doesnt. But if your a first time home buyer and dont know the market well, your probably better off to use one. cheers

You say in one breath that your agent is letting you down cos you're having to do the leg work (I'd love to hear more about that & what in particular you mean) , then you're kinda advising that you don't need one 'in some ways'. I know I'm prolly coming across as extra touchy on this subject, but a lot has gone into my career....it's not just on the job training. Us REALTORS® are very educated on every part of a real estate transaction...the likes of which most 'regular' people haven't the slightest clue what that entails. I, and pretty much every single one of my colleagues in my company take our jobs very seriously & are constantly working on how to give the customer the best experience possible in helping them navigate what is most likely the biggest financial transaction of their lives.

I think your comments are a little flippant...you may be having a bad experience due to an inexperienced agent or maybe your expectations are a bit high...who knows? But to even insinuate that a REALTOR® is a superfluous member to a real estate transaction is ridiculous.

Please try not to let a few bad apples spoil the bunch. We on a whole are a very committed group of people, and it would be a shame for that to go unnoticed or unappreciated.

As I said I know I am being extra touchy here, but I had a hard day today & was talked down to on the fone for no reason....and perhaps I'm just a little sick of the derrogatory generalizations. I was working on floor today and I picked up the phone...guy wanted to know how big a certain parcel of land was. As I was pulling it up on the computer, I introduce myself & say 'how is your day?' to which he replied 'It'll be a whole lot better if you stop chit chatting and answer my question'

So yeah, maybe I am projecting...and I have no problem with you advising anyone to find an agent that they feel comfortable with, and one they can trust....but saying we're not needed? I provide a legitimate service, so yeah, I am needed.

JT feel free to pm me at any time.

[Flames9_RN 359]

There are good realtors and bad realtors, as in any profession. I'm stating my realtors are pretty much worthless. Mywife and I have had to do a lot of leg work and demand certain documents that my realtor should be providing or attempting to provide. I have bought real estate in the past, so I have dealt with realtors before.

I realize your protecting your profession, which of most do in a union like situation, but one doesnt always require a realtor, and that is a fact, and sometimes one does require one. I'm not trying to start a fight, and I realize a good realtor on your side is great. Cheers

Edited July 16, 2006 by flames9

[camaleon 0]

Realtor

Go to internet and do it by yourself, They just care about their comision.

[Fandango 1,440]

LOL!

I've never been in such a biz where people begrudge another for making a living....hahahahah....

[Garfield fan 0]

I heard people use term "realtor" and sometimes they use term "broker". Are they basically the same and if they are not, what's the difference ?

[Flames9_RN 359]

I have no qualms at all with realtors, everyone has a right to make a living and everyone has a right to make choices. If one does decide to go with a realtor, ensure you interview a few and ensure your both on the same page and working towards the same goal.

[Fandango 1,440]

I heard people use term "realtor" and sometimes they use term "broker". Are they basically the same and if they are not, what's the difference ?

A Broker is licensed by the state as a broker...they are basically the head honcho in the office who oversees all the licensed salespeople. You have to go to school to be an licensed salesperson, but then you have to be working in the field for a certain length of time, then go to school & tested to get licensed as a broker.

But your state license does not make you a REALTOR®. After your license, you join a board, go thru an orientation, learn and agree to abide by a certain code of ethics, etc REALTOR®

Oh, and flames...sorry that other comment wasn't directed at you....I should have specified...that was for the person above my last post.