Nerve wracking

Gpmo

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Just put an offer in on a house for the first time ever. Talk about a nerve wracking experience. I doubt we will get it though, there are 15 offers in before noon. You guys should see the garage :p it huge with a work bench and if we got it all mine :).

Ntm room to build an archery lane. Anyhow any suggestions for dealing with the annoying process of trying to buy a house?
 
I borrowed a book from the local library (Buying a house for Dummies), helped me gain a good enough (basic) understanding of the process. Best of luck.

Some questions that come to mind: Term of loan? APR? Fixed or adjustable? Closing costs of loan (watch out for garbage fees)? Home inspection done already? CMA? HOA fees? Any clutter in your credit record/history?
 
Thanks. Our realtor is great. She glossed over the how stressful part though. We have all our ducks in a row and are constantly looking at places. It's just a lot to soak in and man a lot of money.
 
Check the sewer lines, electrical, roof, etc. inspectors don't do much but tell you its livable. Then you have to fix things he said were fine. Just check thoroughly and don't be new house blind. Kind of like getting a used bike. Its stressful but its worth it. Good luck.
 
talk to dk55belair doug is an appraiser and works in the market everyday.
 
Its a royal pain in the... i spent a year and a half, offer, turned down, offer, turned down, had two fall through after inspection showed big problems! Got to the point i was so tired of looking at houses and dealing with the stress i told the realtor i was buying the next house i looked at...and i did:laugh:

Paul i've got a great inspector, he's done a few for me and did 2 houses for my brother as well, guy is amazing let me know if you want his number.
 
I can relate, I just bought my house in November. I found a good mortgage broker and that helped a lot too. What a roller-coaster ride. Good luck.
 
Yes, I remember well my first home-buying experience. largest asset you'll own, and most debt you'll have. Let your agent do their job they are paid to help shepard you thru this process. Remember you may not end up with this house, but there may be an even better deal awaiting you just around the corner. If you get to thinking "I've GOT to have this house" you'll end up paying too much - and it's easy to get suckered into this trap.

You think it's hard for the buyer; it's just as hard for the seller - Lots of contracts fall thru because all of a sudden, the buyer can't qualify/come up with the money. How many of the other 15 offers came up with a cash deposit? Did you pre-qualify with a lender? Lots of things you can do to make yourself look better than the other buyers.
 
Go in armed. Above all, know how much you can afford to spend and stick to that. If interest rates change in the mean time, adjust your affordability metric accordingly. But don't just go buy the house in an emotional way.

There is ALWAYS another house, another car, another bike, wife, husband, boat, pistol, etc. that you can buy later if this one doesn't pan out. Believe me on this one. If you're a buyer, keep the emotion out of it, be patient and let things roll along. You'll have several professionals involved in your transaction before it's all over and they all know what they are doing BUT ask every question you can think of and make them all earn their pay! They work for you so ask questions and give directions to them as needed. You may not have to give them much direction but ask them all the questions you can in order to drive them crazy! :laugh:

When you get that pre-closing estimated statement of costs or fees (I don't recall what it's actually called) from the lender or broker, question all of the fees there as well. If you think something is a bit too high, take it to a competitor and see if they can beat it but be careful they don't take something away on one line and add it to something else. Keep a laser focus on the interest rate, of course, but also on the points and other fees.

Remember, if you buy a smaller house, you may be able to remodel it to suit your needs, ergo, big garage! :D The financing of such a project, though, may be more costly if you don't buy the right house to begin with so I understand the emotional need to get it right the first time and avoid the hassle further down the road.

Look at this as a learning opportunity and learn to say, "Cool!" whenever you learn something you didn't know. The fears and stresses of it are all based on the unknowns so the more you learn, the less stress you'll have.

Have fun!

--Wag--
 
You think it's hard for the buyer; it's just as hard for the seller - Lots of contracts fall thru because all of a sudden, the buyer can't qualify/come up with the money. How many of the other 15 offers came up with a cash deposit? Did you pre-qualify with a lender? Lots of things you can do to make yourself look better than the other buyers.

Can't possibly agree more. When I sold my house in CA six years ago, we had 11 offers that fell through among the 50 or so that we got. We always dismissed the ones with the small or no down payments or with questionable financing and we always asked questions about the ability of the buyers to make the payments. In retrospect, that may have been outside the rule book but we didn't know it at the time.

So yea, 50 or so offers, we accept 12 and 11 of THOSE fell through and this was in the time of liar loans and stated income loans when people were ripping off the banks and lenders right and left! I can't imagine how it would be today. Absolutely, the advice you're giving here about making yourself look the most qualified and actually selling yourself as a good buyer is worth a ton!

--Wag--
 
We have already pre qualified with two different places just to cover ourselves and have a very stable cash history at our bank. So that's very helpfull.

Paul. We already have a good family friend just waiting for us to give him an address for inspection but if he falls through I will let ya know. Plus we should hit up a ride. Going to hit up Estes this weekend.


Jphillipson. Ya my wife got an internship right away and it will keep us up here a bit longer. Going to hit up Estes this Saturday. Pm if ya wanna meet up.

Thanks for all your responses all. Hope we find that place real soon out lease is almost up :p
 
Jphillipson. Ya my wife got an internship right away and it will keep us up here a bit longer. Going to hit up Estes this Saturday. Pm if ya wanna meet up.

I'd join you any other time, but already have plans to meet up with some riders down in Salida on Sat. We'll have to hook up another time though. I'll send you a message next time I'm riding up in your area.

Good luck with the house purchase :thumbsup:
 
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