What do you need to know if you're a first time home buyer?
- Thread starter Dogmeat
- Start date
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Slick
Well-known member
By comparison, I believe you'll find that most small town land developers certainly annoy most Realtors equally as much. I agree with your comments about location, but absolutely disagree with trying to do it all on your own. The Realtors are almost always gonna get the info on the best listings before you are, and if you don't have one of them on side, you're gonna hear about the sweet deals about a day after someone buys it. They're gonna reward their clients who are loyal to them with the info first, as they should.
In Canada buyers agents in most places is just in its infancy, but its on its way.
Hands down, best bet, proven again and again, if you can get past your ego, find a Realtor you can trust and feel comfortable with, let him do his/her job. If you had a bad experience, as with anything, you probably chose incorrectly.
In Canada buyers agents in most places is just in its infancy, but its on its way.
Hands down, best bet, proven again and again, if you can get past your ego, find a Realtor you can trust and feel comfortable with, let him do his/her job. If you had a bad experience, as with anything, you probably chose incorrectly.
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EricW
Well-known member
Even if it's only a 3 year deal, you should look at quality of life issues with the homes location. Look around the neighborhood, lots of burn outs on the roads, 2 Camaro's being rebuilt in the street, talk to the police, garbage man, mail man, paper delivery, etc. They are there everyday. Ask them what the location is like. Is it city fire or fire district, how is the responding agency rated. This will have an effect on home owners ins. policy/premiums.
Check on any bad smells, sounds, bug problems, (I bought a mosquito haven one time) in the area and in the house, maybe look into zoning of any vacant areas near by to get a look into the future. What is the quality of the local schools.
In Washington, most cities/counties have adopted "growth management legislation" which can be a real pain. If your state has this kind of thing, check the comprehensive plan to see where the urban growth area is for your location. This designation determines which direction the city will grow, and what areas/directions will not. They will sometimes designate green zones that will never be developed that are a good deal to be next to for re-sale.
Check into taxes, levies, 911 response, utility fees, and watch out for LID's (Local Improvement Districts) which will come along and put curbs/sidewalks/lighting/storm drains in your neighborhood and charge you big amounts for it. This is almost always done by elected officials after the development is done that have no financial interest in the area, they just think it would look nice. You are better to form a neighborhood association and contract the work yourselves to manage the costs and get fair bids.
Remember it's all about location, location, location. Good luck. EW
This has some good stuff http://ezinearticles.com/?Things-To-Consider-When-Buying-A-Home&id=72593
HUD is also a good resource for first time home buyers http://www.hud.gov/buying/index.cfm
Check on any bad smells, sounds, bug problems, (I bought a mosquito haven one time) in the area and in the house, maybe look into zoning of any vacant areas near by to get a look into the future. What is the quality of the local schools.
In Washington, most cities/counties have adopted "growth management legislation" which can be a real pain. If your state has this kind of thing, check the comprehensive plan to see where the urban growth area is for your location. This designation determines which direction the city will grow, and what areas/directions will not. They will sometimes designate green zones that will never be developed that are a good deal to be next to for re-sale.
Check into taxes, levies, 911 response, utility fees, and watch out for LID's (Local Improvement Districts) which will come along and put curbs/sidewalks/lighting/storm drains in your neighborhood and charge you big amounts for it. This is almost always done by elected officials after the development is done that have no financial interest in the area, they just think it would look nice. You are better to form a neighborhood association and contract the work yourselves to manage the costs and get fair bids.
Remember it's all about location, location, location. Good luck. EW
This has some good stuff http://ezinearticles.com/?Things-To-Consider-When-Buying-A-Home&id=72593
HUD is also a good resource for first time home buyers http://www.hud.gov/buying/index.cfm
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another for Title Insurance. Good security.
Also be there for the entire inspection, I wasn't and got stuck witha leaky roof that should have been caught. But inspectors aren't liable for what they miss. If you have a buddy in construction that you trust bring him out.
Loved having a chick for an agent, she was awesome. Also if you have a realator who jumps or disses on homes dump them. I did and got the chick, she didn't say squat for the first 20 minutes in each house, just let us look and talk. and look at tons of homes, we looked at almost 60-70. Wasted a summer but minus a leaky roof we came out good.
Also don't be afraid to ask the seller to pay closing, we did, it's pretty common in MN. Also try real hard to get the seller to agree to Arbitraion, that way if you find something wrong that the inspection missed(LEAKY ROOF) you can take the seller to court to work out who takes care of it. to bad for me the seller didn't agree and lied on the disclosure.
Our agent worked out of a coldwell office and her style was way more laid back the over the top agents. she didn't fight for costumers, she relied soley on word of mouth, if you can find one realator that 5 or 6 buds have used and loved there's a reason.
Also we found for us that going First Time buyers wasn't the best bet. Make sure you log some good time in the banks loan office talking about all the options. If the officer isn't willing to do that or work on your schedule move onto another bank. One last thing, consider having a lawyer do the closing with you. Our realtor told us we had no choice as she always used one, but I know that my paper work is done right and will hold up if there ever is a question.
Also be there for the entire inspection, I wasn't and got stuck witha leaky roof that should have been caught. But inspectors aren't liable for what they miss. If you have a buddy in construction that you trust bring him out.
Loved having a chick for an agent, she was awesome. Also if you have a realator who jumps or disses on homes dump them. I did and got the chick, she didn't say squat for the first 20 minutes in each house, just let us look and talk. and look at tons of homes, we looked at almost 60-70. Wasted a summer but minus a leaky roof we came out good.
Also don't be afraid to ask the seller to pay closing, we did, it's pretty common in MN. Also try real hard to get the seller to agree to Arbitraion, that way if you find something wrong that the inspection missed(LEAKY ROOF) you can take the seller to court to work out who takes care of it. to bad for me the seller didn't agree and lied on the disclosure.
Our agent worked out of a coldwell office and her style was way more laid back the over the top agents. she didn't fight for costumers, she relied soley on word of mouth, if you can find one realator that 5 or 6 buds have used and loved there's a reason.
Also we found for us that going First Time buyers wasn't the best bet. Make sure you log some good time in the banks loan office talking about all the options. If the officer isn't willing to do that or work on your schedule move onto another bank. One last thing, consider having a lawyer do the closing with you. Our realtor told us we had no choice as she always used one, but I know that my paper work is done right and will hold up if there ever is a question.
Send me a PM and we can visit. I am a Licensed Realtor in Utah and Idaho. I will answer any questions that you have about buying a home. The lender is the key right now, get prequalified, or you are just wasting your time. Loan programs are changing daily right now, and DU is going to chane it's requirements on June 1.
How much expierence do you have with reference to this statement????
I'd say zero!
I am a realtor and act as both a seller agent or buyer agent or both all the time. It is not a conflict nor is it a situation where we as the Realtors can take advantage of anybody. You should not be afraid of using the realtor that has the house of interest listed. In fact it may be more benificial to you as they may have a higher knowledge of the house rather than just any other realtor coming in and making **** up about the house. We as realtors have strict laws on what we can and can't say and this at no time has/will ever hinder me to do my job to the higest level of professionalism!!
Dogmeat if you are thinking about buying a home go and sit down with a local realtor you feel comfortable with and discuss your plans with them, and get them working for you. Things are a little dif between canada and the states so I am not going to give you a bunch of info that may be differnet.
Go talk to a realtor!
Although there is some good info mentioned by the sw members, go do the foot work and find out for yourself you'll be glad you did. If you have any questions feel free to pm me and I will do my best!
Good luck!
I second this one.
Get a LOCAL realtor, they know the markets and will steer you right.
And as stated make sure your agency is "buyers agent" I am also a realtor/broker and it is legal in our state to be a dual agent however, most larger companies here have a policy against it. This is to just be on the safe side and not make any mistakes that can easily get a broker screwed. I am not saying an agent CANT be both but honestly do you really want one guy know how much you will pay up to and the same guy knowing how low the seller will go WITH his paycheck hinging off the higher amount? Just to much risk.
As for where to find a buyers agent all realtors can be one just dont take the one that has the home that you want to buy as your agent. Find a realtor that you like and you feel knows your needs and stick with them. That doesnt mean you have to have them show you everything. Just tour homes find something you like and get him involved as well as him/her finding you the home you like.
1. get qualified (with letter)
2. find a good agent
3. title ins. goes without saying if you are using a good agent cause they will make you have it as will your lender
4. get a home inspection
5. buy a home warranty for 300 bux for the first year...chit it covers more than everything.
And as stated make sure your agency is "buyers agent" I am also a realtor/broker and it is legal in our state to be a dual agent however, most larger companies here have a policy against it. This is to just be on the safe side and not make any mistakes that can easily get a broker screwed. I am not saying an agent CANT be both but honestly do you really want one guy know how much you will pay up to and the same guy knowing how low the seller will go WITH his paycheck hinging off the higher amount? Just to much risk.
As for where to find a buyers agent all realtors can be one just dont take the one that has the home that you want to buy as your agent. Find a realtor that you like and you feel knows your needs and stick with them. That doesnt mean you have to have them show you everything. Just tour homes find something you like and get him involved as well as him/her finding you the home you like.
1. get qualified (with letter)
2. find a good agent
3. title ins. goes without saying if you are using a good agent cause they will make you have it as will your lender
4. get a home inspection
5. buy a home warranty for 300 bux for the first year...chit it covers more than everything.
That happened after buying 50 mil in property over the last 5 years. I get the first call!
As far as loyalty goes. who ever brings the deal to me is the one that gets the sale. I am in with many agents, and they are good to know
Whooaa who let donald Trump into the 4ms. Damn dude got any names of celebs you wanna drop too?
rely on some realestate agent to work day and night to find his dream place for 180K-I knew I was screwing up when I got an agent who drove me around for 2 months and worked long hours just to help me and my wife get a house for 160. How could I be so stupid!!
And now rant. Deep there is nothing that erks me more then folks who feel the need to drop how BIG they are or how much they have done in deals over a certain amount of time. Come on dude show some class since we all know you must have the ching to go with it. Are you trying to impress us or just telling yourself how great you are?
Ok sorry for the rant. Seriously listen to what everyone says and just take your time when looking. go back 2 or 3 times and if your first impression is bad then it is usually bad.
As far as loyalty goes. who ever brings the deal to me is the one that gets the sale. I am in with many agents, and they are good to know
Whooaa who let donald Trump into the 4ms. Damn dude got any names of celebs you wanna drop too?
rely on some realestate agent to work day and night to find his dream place for 180K-I knew I was screwing up when I got an agent who drove me around for 2 months and worked long hours just to help me and my wife get a house for 160. How could I be so stupid!!
And now rant. Deep there is nothing that erks me more then folks who feel the need to drop how BIG they are or how much they have done in deals over a certain amount of time. Come on dude show some class since we all know you must have the ching to go with it. Are you trying to impress us or just telling yourself how great you are?
Ok sorry for the rant. Seriously listen to what everyone says and just take your time when looking. go back 2 or 3 times and if your first impression is bad then it is usually bad.
No donald trump here.. And if you knew me, the first thing you would know is I am not one to talk about me being a big shot. I appologize for coming accross like that.
I was just trying to help this guy out based on my experience and make a point. but it came off the wrong way, and I totally see that and feel ashamed of that post.
I prob. should stay out of posts like this, since my stance is so strong on certain issues with a lot of realtors.
I was just trying to help this guy out based on my experience and make a point. but it came off the wrong way, and I totally see that and feel ashamed of that post.
I prob. should stay out of posts like this, since my stance is so strong on certain issues with a lot of realtors.
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Not necessary, just might be better to not post references/qualifications on a subject unless asked, I guess. Seems like this is a fopaw(sp?
).
S
Slick
Well-known member
Sounds to me like you could benefit greatly from the skills and marketing savvy of a top notch experienced Realtor. Maybe if you could establish a strong loyalty relationship with a knowledgable proven industry member they could assist you in expanding your Development skills and potential and move out of your northern British Columbia village and upward and onward. As I'm sure you've already figured out, my stance after dealing with certain issues with small town developers over the last 30 some years is also quite strong and I've seen many times that the ethics found in that business is certainly no worse or no better than the Realtors I've been associated with over more years than I care to count.
E
Ex-Member
ACCOUNT CLOSED
yeah, forgot about home inspection. Be there and ask questions... you'll learn a lot.
I got my interest rate locked in at 6.25% back in october-ish... watch for time limits when those expire, i came real close to getting charged $1200-ish because i locked in and almost didn't close before the deadline.
And last I hear BoA wasn't doing too well, them and countrywide are two banks I'd stay away from. Countrywide takes -for-freaking-ever to process paperwork, especially if it's a short-sale or foreclosed property.
I got my interest rate locked in at 6.25% back in october-ish... watch for time limits when those expire, i came real close to getting charged $1200-ish because i locked in and almost didn't close before the deadline.
And last I hear BoA wasn't doing too well, them and countrywide are two banks I'd stay away from. Countrywide takes -for-freaking-ever to process paperwork, especially if it's a short-sale or foreclosed property.
See, this is why i my last post got taken out of perspective and I came across in the wrong manner. Its Slicks ignorant response, like he knows me and what I do.
Slick, I dont live there or do developments in a small northern BC village. I have a place there and keep my snowmobiles there. I live in the US, and on my own have been doing developments for 5 years. prior to that I have worked with my family on very large developments for the past 30 years of my life. 90% of our developments are bought out by national builders. names you would see on tv. Experience is all I have bright guy..
You know nothing about me slick. My issues with real estate agents are not becuase I am not making money. My issues with them, is that most (not all) are extremely lazy people who have been taking advantage of the good times. They are people that have no work ethic is my eyes.
There are a handful of great agents out there, and those agents are very special and skilled people. Those are the only people we will deal with. I have no respect for people to dont work hard!!
Hell anyone can become a realtor.. I even have my realtor lisence. read some books, sits through some classes, then take a test.. What a hard week that was in my life.
Xrated, thats totally fine brother. The type of person that erk's you is the same type that erks me. I completely understand and I do appologize to you and anyone else for coming across like that. Some times, I say stupid things to make a point. This Slick guy gets me fired up..
Man it wouldn't be snowest if we all didn't get worked up and make oursleves sound dumb!
lol.. very true..
meat
do what he says, also get a lawyer to go over paperwork at closing. about $300. home inspection is a must if you dont know your stuff. location is key. as for loans dont be scared of arms. you said you will only be their a couple of years. always plan a few extra. you say 3 years do a 5 year arm fixed. less $ a month, (lower intrest) . 30 years morgage is only good if you dont refinance for atleast 7 years or more. take money from the diff. of arm vs. 30 year and apply that money each month. (payment 1000 arm 1500 30 year, pay 1500 on arm) the extra 500 a month will pay you house of faster by 10 years. yes rates are low, (they just dropped a 1/4 % a week ago. and will not go any lower). most people do 30 years and refinance 5 years later and throw away thousands of $. on intrest and fees arms are not bad if you use them right. also leave your money in 401k regardless. dont dump every penny in one thing. always have a few places. say you cant sell your house in three years and it sits on the market, things happen!!!! also you will have to pay pmi till 20% of house is payed off. you can avoid this by doing two loans. say 200,000 loan, one loan for 160,000 and a line of credit for 40,000(intrest only) pmi is about 200 a month last time i checked. (pmi is like a insurance you have to pay the bank)
most important be honest with yourself. just because your approved for x amount, you dont have to buy a house for that. try for a few months to save the payment and see what you can honestly afford. utilitys are expensive and you dont want to stuggle and possibly loss money and mess up your credit. take your time!! only do what your comfortable doing. and dont jump at the first house. lots of them out there. also shot low. you can always go up. realtor can find houses on the market for a while and you sometimes catch a steal. they need to sell bad...
charles schwab has rates online with and compare to most banks. less rate and arp!!! any questions let me know. good luck
