Are there any home owners on NT?

I was in the business of flipping a few years ago and 4 of my partners are all in the mortgage/real estate business, just bought my first house for me to livein.....1800 sqft 3 bed 2.5 bath finished basement 2 car attached garage and bought it foreclosed for 100k in the burbs of detroit......

if anyone has any questions feel free to post them and I will answer them to the best of my knowledge....

but here are some quick tips....all of which assume you have the proper amount of bread and above 700 credit score to make these moves....
1. buy your rate down by paying points (a point is a 1% of your total mortgage 100k mortgage = 1k per point) - doing this is smart especially now....you canget a 4.25 rate easily with today's rates...now you get to write these off on your next taxes...

2. you dont need to put down 20%..I say stay as liquid as possible for all the expenses you will incur in your new home....you can get a first time buyers FHAloan with 3% down, which you can ask for in concessions from the seller.....PMI is not that much

3. YOU WILL SPEND A TON OF MONEY BUYING STUPID STUFF FOR YOUR HOUSE....please remember that

4. be picky if you plan on living there longer than 3 or 4 years...there are so many houses up for sale now that this is more than likely 1 of the few times asa buyer you can be picky

5. a stupid one but helpful is go to the house a few times if you like it...but at different times to see how the neighborhood is and how loud thingsget...drive around during 8-9am see how loud people are when they go to work...try after schools get out and when people come home.....talk to the neighbors!!!If they are horrible when you meet them think about what it would be to share a property line with them....

6. If you can afford it have 2 people inspect the house if there seems to be some questionable stuff wrong with the house.

7. Dont rush to buy the house if the appraisal is way higher than the listing price.....appraisals are jokes and dont dictate house value

8. Be ready for your taxes to go up!!!!!

9. if you are buy a house that "needs some work" budget that stuff into your purchase price....

10. Do be afraid to fire your Realtor, they are a dime a dozen and all of them will say they are the best and they sell tons of houses.....it does not mean athing!!!!!! you can do most of the same work your self on the internet.....

11. EVERYONE KNOWS SOMEONE.....rates are available by area....your sisters husbands uncle gets the same rates as National City does....

THE MOST IMPORTANT TIP!!!!!!!!
all these people that get money from you buying a house (realtor get 3-6% of your house price, mortgage guy gets fees, inspector, appraiser) all work foryou...make them do their jobs and if you feel they are not doing it correctly tell them to kick rocks....THEY ARE ALL REPLACEABLE....!!!!!!

Yea--I'm in the process of looking for a duplex this summer. My stepdad and my mom was in the real estate business for my WHOLE life (I'm 22) I'mbasically about to get the low-down info for no extra cost

I bet my property taxes for one quarter is more than what you pay in a year too.

Dirty,

my Annual Taxes are $1,628

Originally Posted by DublBagn

1. buy your rate down by paying points (a point is a 1% of your total mortgage 100k mortgage = 1k per point) - doing this is smart especially now....you can get a 4.25 rate easily with today's rates...now you get to write these off on your next taxes...

Click to expand...

our mortgage broker actually suggested not buying points right now due to the fact that rates are as low as they are

^^^^think about this....IF (big if) you can buy your mortgage down a half or three quarters (5% down to 4.25%)....of course this all depends on how low youinitial rate is, cuz if its super low already then you wont be able to buy it down much further....

100k @ 5% is $500 a month = 6k per year
100k @ 4.25% is $425 a month = $5100 per year (both sets of numbers are only mortgage numbers, not taxes/insurance/other BS)

you just made your 1k back plus you get to write 1k off of your taxes.....but its all dependent on what rate you can walk with now...you should be able to get5% easily now....and watch your fees when you do look for your lender, they will pick you apart with stupid fees....

no....just home owners minus the ners

Bought in '04. Had an arm for two years and did a refi in '06 to 30 yr fixed.
Dont plan on seeing 2011 in this house. Family growing.

Advice: Do ur homework. Read up on Fanniemae.com and review the different loan types.
Dont buy what you like so much as buying what makes economical sense.
Maybe even use just one income to qualify so u know you dont overspend.
If you dont get a FHA loan then tell them you dont want PMI or MIP. No pre-payment penalty either.
Escrow can make your payment jump up by tens or even hundreds of dollars a month when taxes adjust
so decide if you want to pay ur taxes and insurance urself or have them escrowed.
Start a home based business to increase your federal tax deductions. Even if you dont make a profit you get write offs for so many years.
Decide if you want a big yard because yard work is time consuming unless you have it done for you.
Feels good to come home and the yard is manicured to perfection.
LOOK THE HOUSE OVER SEVERAL TIMES AND BE PICKY LIKE IF YOU WERE SPENDING $250 ON SOME Js.
Hire an inspector and do your own inspection for paint flaws and little inconspicuous things.
Flush the toilets, turn the water on and off. Open and close the windows, etc etc.

I bought my place a year ago last month. And as the manager of a bank one of the hats I wear is that of a loan officer (auto, 1st and 2nd mtgs). With rates theway they've been for the last few months all we've been swamped with refi's... if you have any specific questions let me know.

Originally Posted by DublBagn

1. buy your rate down by paying points (a point is a 1% of your total mortgage 100k mortgage = 1k per point) - doing this is smart especially now....you can get a 4.25 rate easily with today's rates...now you get to write these off on your next taxes...

2. you dont need to put down 20%..I say stay as liquid as possible for all the expenses you will incur in your new home....you can get a first time buyers FHA loan with 3% down, which you can ask for in concessions from the seller.....PMI is not that much

THE MOST IMPORTANT TIP!!!!!!!!
all these people that get money from you buying a house (realtor get 3-6% of your house price, mortgage guy gets fees, inspector, appraiser) all work for you...make them do their jobs and if you feel they are not doing it correctly tell them to kick rocks....THEY ARE ALL REPLACEABLE....!!!!!!

Click to expand...

1. Buy downs are not always a good idea. It's a case by case basis on whether or not it makes sense. Do the math or have your lender do it.

2. FHA is the new subprime IMO put 20% down if you have it, (my bankdoesn't go above 80% LTV so you'd HAVE to put 20% down) I don't mean overextend yourself, but equity in your home is never a bad thing. You shouldobviously have money stacked for repairs and furnishing, etc. PMI is a waste of money even you can claim it on your taxes... there is no benefit to thehomeowner AT ALL. Last year Bank of America had a first time homebuyers program where they did not require PMI if you put less than 20% but at least 5% down(no hidden +#%* to get the deal either) <------ that's huge you should inquire if they still offer that program.

As far as the most important tip... the realtor doesn't get 3-6% when you purchase the home.

Originally Posted by DublBagn









5. a stupid one but helpful is go to the house a few times if you like it...but at different times to see how the neighborhood is and how loud things get...drive around during 8-9am see how loud people are when they go to work...try after schools get out and when people come home.....talk to the neighbors!!! If they are horrible when you meet them think about what it would be to share a property line with them....



8. Be ready for your taxes to go up!!!!!



10. Do be afraid to fire your Realtor, they are a dime a dozen and all of them will say they are the best and they sell tons of houses.....it does not mean a thing!!!!!! you can do most of the same work your self on the internet.....


THE MOST IMPORTANT TIP!!!!!!!!
all these people that get money from you buying a house (realtor get 3-6% of your house price, mortgage guy gets fees, inspector, appraiser) all work for you...make them do their jobs and if you feel they are not doing it correctly tell them to kick rocks....THEY ARE ALL REPLACEABLE....!!!!!!

Click to expand...

#5 sounds like a good plan cuz i wasnt even thinking about none of that!
#8 around how much does the taxes run
#10 tis is so true because they are supposed to find homes for us to look for and i found more than they have sent me!


we are planning on puttin $25000 on a house that runs $164900 do think that is good?

Congratulations to those who already own a crib @ age 20-25.

I'm jealous and I'm 23 btw.

^^^the realty company gets anywhere from 3-6% depending...now your personal realtor might not see all of that but thats what they get to chop up the variousways

Originally Posted by DublBagn

^^^the realty company gets anywhere from 3-6% depending...now your personal realtor might not see all of that but thats what they get to chop up the various ways

Click to expand...

That's when your selling not purchasing. Have you ever seen a buyer being charged 3-6% from a realtor who's trying to sell them a house??If so run away from that realtor lol.

Originally Posted by cjspida619

Originally Posted by DublBagn









5. a stupid one but helpful is go to the house a few times if you like it...but at different times to see how the neighborhood is and how loud things get...drive around during 8-9am see how loud people are when they go to work...try after schools get out and when people come home.....talk to the neighbors!!! If they are horrible when you meet them think about what it would be to share a property line with them....



8. Be ready for your taxes to go up!!!!!



10. Do be afraid to fire your Realtor, they are a dime a dozen and all of them will say they are the best and they sell tons of houses.....it does not mean a thing!!!!!! you can do most of the same work your self on the internet.....


THE MOST IMPORTANT TIP!!!!!!!!
all these people that get money from you buying a house (realtor get 3-6% of your house price, mortgage guy gets fees, inspector, appraiser) all work for you...make them do their jobs and if you feel they are not doing it correctly tell them to kick rocks....THEY ARE ALL REPLACEABLE....!!!!!!

Click to expand...

#5 sounds like a good plan cuz i wasnt even thinking about none of that!
#8 around how much does the taxes run
#10 tis is so true because they are supposed to find homes for us to look for and i found more than they have sent me!


we are planning on puttin $25000 on a house that runs $164900 do think that is good?

Click to expand...

the bank wants as much money as possible up front.....now I dont disagree with "starting with equity in your home", but if you have 25ksaved up and you are going to just sign it over to the bank I would say you were crazy.....if you have 50k then you should be OK....and dont over spend youwill get approved for way more than you can realistically afford...

taxes are all dependent on your area and what you millage rates are and remember its not what you buy the home for....its what the house is appraised for bythe state assessor....and believe me the house you are looking at my have dropped 40% in value the last year but the state dont want to tax that lose so theysay your house is worth way more than what you are paying...

look at the value of the comps in the neighboor hood that were "quality sales" (as the state puts it)...no forclosures, quick claim deeds, etc.....if10 comparable new constructions sold in your neighborhood in the last year you are screwed because those properties are setting value per sqft average....but Ipay 400 a month extra for insurance and property tax...

Originally Posted by JStunn197

Originally Posted by DublBagn

^^^the realty company gets anywhere from 3-6% depending...now your personal realtor might not see all of that but thats what they get to chop up the various ways

Click to expand...

That's when your selling not purchasing. Have you ever seen a buyer being charged 3-6% from a realtor who's trying to sell them a house?? If so run away from that realtor lol.

Click to expand...

no kidding....I was just pointing out that when buying a house a lot of money changes hands and everyone is quick to tell you that they are thebest and what they can do for you, when in reality they are all the same......

The wife and I are currently saving up to buy our first home. I'm amazed at some of the prices you guys are quoting. In the Seattle we cant find a decenthome for under $450,000. Even abandoned crack houses with 20' high sticker bushes are between $280,000 and $320,000 depending on the area. One possibilityI was considering was buying land and building a home on it. I have found a few nice pieces of land with views of lake washington from atop a hill and acrossfrom a japanese garden for $200,000 with utilities in the ground. I figure if I could get a nice home built for under $150,000 that might be a good move if Ican keep construction prices down.

Damn....wish I was done with school already so I could start stackin some chips up for a house. By the time I'm done and start gettin some goodmoney.....these prices are gonna be gone

damn man seattle is mad expensive.. why dont you try moving out around seattle??? i got family that lives all around those areas... from everett, kirkland,bellevue, redmond, tacoma ... nevermind tacoma.. i wouldnt want to live there either... but there should be some nice burbs outside the city just alittle..

^ It is expensive. I would consider moving outside of the city but honestly most of the surrounding areas are not that fresh to me. Plus that would mean thatwe would have to commute to the city everyday and that would equate to me being in my car for at least 3.5 hours a day. Another possibility is us buying herparents house in shoreline (just outside of city limits). Which I would have to tear down anyways because its small (1100 sp ft) and has a horrible floor plan,but it has a HUGE front and back yard. So we could possibly build a fairly big house and still retain a nice space for a garden/pattio.

I just bought a town home for $186,000 3bedrms, 2.5baths, 2 car garage, 2800 sq feet. Closed on March 6 the seller paid all the closing cost plus I was ablekept the washer and dryer that was already in the place. The one piece of advice I would give is to keep a constant line of communication open with your loanofficer cause dealing with them to make sure they have the proper paper work was the worst part of the process imo.

^^^ I get what your say u had to keep going back and forth wit the loan officer?

Where do you stay at cuz that sounds like a very good deal

I just bought a 1300 sf house in VEgas for about 100grand. close to everything in the SW side of town. I love it. Now is the time to buy and sell it later onwhen the market gets better. I will say that it is hard as heck to do this by yourself, which i did. I almost lost my mind after getting rejected 6 times. butit paid off.

Yeah, I had to go back and forth because she was not on her job. I called her everyday till the day I closed cause once the seller gives a closing date yourloan officer has to have all the paperwork in order other wise you will have to pay a per diem plus lose your ernest money in the process. I live inMableton,Ga btw.

1) pay cash
2) do everything in your power to get it paid off ASAP at the youngest age possible if not able to pay cash.
3) now is the time to buy (In the u.s)

Honestly.... it's something everyone does.
Take a look at your budget, see what you are able to get at the moment and get within your means. Remember if you 110k house is paid off in ten years you willbe able to sell that for... by then... twice that.

Damn reading these cheap prices in the rest of the country makes me mad lol....

i just got preapproved for a mortgage and ill put about 30% down

I just made an offer on a place about over 20% off the listing price, about 6000 sq ft, but they are desperate and bought themselves way too expensive a placeand got in over their heads so im gonna make sure I get a steal if I buy it, if they dont wanna come down at least 15%, then ill make offers on a few backups...