Are there any home owners on NT?

[cjspida619]

i was just wondering cuz me and my girl are thinking about buying one. i just wanna know how the process was and how was the experience.
are there any horror stories. what are some thinks i shpuld look out for?

cuz we're excited and scared at the same time.

 

[nkeair]

i dont know anything about owning a home, but heres a useful tip i read in a book


pay half your mortage every 2 weeks, by the end of the year, you will make an extra payment without even noticing it

thats if you do buy a house

 

[cjspida619]

thanx are there any more tips?

 

[youngtriz]

damn im mad nervous too... we are still looking right now...we put in a offer on a 2,700sqft house for 215k.... but i dont think they are gonna accept it....but we are still looking... wifey says im being picky as hell right now... but we are thinking of just getting something that is comfy and livable now... waittil the markets goes up.. sell it, and put a nice down payment on our dream home

 

[cjspida619]

^^^thats pretty big bigger than the one we lookin at where do you live? do you own a house now?

we lookin at a 3 bedroom 2 bath with a pretty big yard the one we lookin at is $165000 i really wwant this place cuz its way bigger than our apt and we wannahave a yard for a dog. and now is the perfect time to buy a house since the market is down

 

[youngtriz]

yeah man... i live just outside the portland, OR area... vancouver, WA.... its about 5min away... better schools for my kids... we also live in a apartment,and we out grew it... so its time... the one thing that im scared of is the extra spending money... i make more then enough right now to not really have worryabout what we spend.. clothes, food, 2 kids... but doubling rent is a lot of money.... i dont wanna worry about when my next pair of shoes is gonna come

 

[cjspida619]

^^^ ya man i feel that but i think our payments are gonna be cheaper if we buy this house than if we continue to pay rent im happy that her parents are goingto help us out.

how much down payment you puttin i think we gonna do $25000, we just checked some houses out today my girl found one she loved already.


so how is the process of doin a offer?

 

[youngtriz]

^^^ damn 25k... i wish i had the kind of money to put down..

we are only gonna come up with 3%... aint no one gonna be helping us, we gotta do everythingour damn selves....if you put a offer on a short sale then the process can take up to 30days... ( you negotiate with the bank ).... other then that i think itcan be pretty quick... watch out for those people that put the house for sale for MAD CHEAP ( too good to be true type deal )... what they do is see how manyoffers they get... average them out, take the house of the market, and put it back on the market with the average of the offers... but TAKE YOUR TIME... it isa big investment and commitment... dont let no one rush you for nothing... its your money... find what you like... and if you like it... make sure you go backa couple more times... to see if you can find anything wrong instead of being overwhelmed from the first visit while falling in love with it...

 

[minus28]

We (My wife and I) are in the process. We have basically been out bid on about 8-10 houses in the 2 years we have been looking. some have been short sales andsome have been foreclosures. basically when we see one we like we jump on it. it also pays to have a good Realtor that works for you. the one we are using iswell know throughout the Bay area and gives great advise. Basically in the offer process you just sign papers stating the price you want to pay and send it tothe selling Realtor. they may accept or send back a counter offer. just watch House Hunters or My First Place or Property Virgins on HGTV. They show theprocess in detail and give good tips. My wife has me hooked. Property Virgins probably gives the process the best look at the whole process. What you shouldlook for versus what you first see. Changes you can make to the place to improve the resale value. Basically HGTV is the channel to watch.

My Bad for rambling...

 

[cjspida619]

ya i can dig that! the realator sent us to some pretty old houses today but we seen one for $1649000.

did you already get the inspection? how long have you guys been lookin for a house?

lol we been watchin alot of HGTV to see how the process goes down

 

[maza4ever14]

just bought a 3 bedroom 1 1/2 bath 5500sq ft lot, 1120 sq ft in Pittsburg CA for 90K.

I would def. recommend looking into REO( foreclosures ) owned by Wachovia because they usually fix them up. Dont even look into short sales cuz they takeforever. We were working on one for 7+ months and still didnt get it in the end.

If you are a first time homebuy def. look into the FHA loan. Even with so so credit, you could get approved. 2 incomes are dope too, but be prepared to get alot of paperwork for the loan cuz it isnt easy at all. They ask for damn near a blood sample cuz they dont want to make the same mistakes that destroyed thehousing market.

im 22 BTW. as long as you have been at your job for 2+ years you should be good.

 

[dirtylicious]

Originally Posted by NKEAIR

i dont know anything about owning a home, but heres a useful tip i read in a book


pay half your mortage every 2 weeks, by the end of the year, you will make an extra payment without even noticing it

thats if you do buy a house

..or you could just take 1 full extra payment..divide by 12 and apply that amount solely to the principle each month.
easier for people who do bills monthly like I do.

 

[lurkin2long]

Originally Posted by MaZA4eVeR14

just bought a 3 bedroom 1 1/2 bath 5500sq ft lot, 1120 sq ft in Pittsburg CA for 90K.

I would def. recommend looking into REO( foreclosures ) owned by Wachovia because they usually fix them up. Dont even look into short sales cuz they take forever. We were working on one for 7+ months and still didnt get it in the end.

If you are a first time homebuy def. look into the FHA loan. Even with so so credit, you could get approved. 2 incomes are dope too, but be prepared to get a lot of paperwork for the loan cuz it isnt easy at all. They ask for damn near a blood sample cuz they dont want to make the same mistakes that destroyed the housing market.

im 22 BTW. as long as you have been at your job for 2+ years you should be good.

good info my man.

 

[patmc13]

put down atleast 20% and make sure ur rate is def under 5%...make sure you also get all the home inspections before you buy it, and dont be lazy and try to cutcorners.....There are alot of great deals out there right now...

 

[cadillacflow]

Here was the process for me.

1. Find a Realtor and get pre-approved for an amount.
2. Look for a house within that amount.
3. Make an offer.
4. Get it inspected.
5. Sign the papers.

I've owned 3 homes. Wasn't that hard at all IMO. But, I was lucky that all 3 houses I wanted I got on the first offer and nothing was wrong with themafter the inspection. So, I guess it could be a little frustrating if you don't get the house you want, inspection goes bad, etc. Also, make sure you payoff any old debts first, your probably going to have to do this anyway. My credit was always A1, so I didn't have this problem, but they asked me thiseverytime I was getting approved. Good luck.

 

[dirtylicious]

just bought a 3 bedroom 1 1/2 bath 5500sq ft lot, 1120 sq ft in Pittsburg CA for 90K.
that's just ridiculous.

wow.

90K in the NYC Tristate would'nt even get you an outhouse

 

[JayDean03]

this is good info

keep it going yall.

 

[antbanks81]

Man it's worth it, but it's always something. TRUST ME! I picked up Homebuying for Dummies, I suggest you do the same. My post would be too long if Ianswered all your questions. PM me if you want details

 

[trasoul82]

The best advice I can give you is to make sure you know what the home inspector is required to do and what they are liable for. I had a few leaks in my housethat the home inspector said were fixed. Luckily they weren't that bad. I had to jet overseas shortly after I bought my house because I was one of the oneswho got thrown into a house that I couldn't afford at the time. I'm gonna tighten things up when I get back and kick my sis out. Due to my situation(renting out to sis), I can't really talk much about the day-to-day of owning a home, but I bought my house more as a "prod" than anything else.It held my feet to the fire and caused me to make some much bigger moves than I would have if I was still sitting in my all-utilities-paid apartment. Not thatthe apartment life was bad, but the lack of equity was something I had to move beyond.

 

[youngtriz]

Originally Posted by Patmc13

put down atleast 20% and make sure ur rate is def under 5%...make sure you also get all the home inspections before you buy it, and dont be lazy and try to cut corners.....There are alot of great deals out there right now...

.. you talking if coming up with 20% is mad easy likeanyone can do it....

 

[zach13g]

I bought my first home at 21, this was about 3 years ago my credit was amazing like a top score of 751 so buying a house for me at least was easy.

I would agree about getting pre-approved, just make sure you have all of the paperwork needed, they need everything.

Make sure you read everything they give you to sign or they just want you to review your financial history. My lender almost got me there we were in the finalstages of getting the loan she's telling my what the rates are ect... that I would have to do a 2 mortgages to get the loan with a 10% intrest rate, I waslike what...

?

they had me review my past and current financial history ect... and sure enough they thought I still had a loan for 20k on a car which I sold about 5 monthsbefore and a Amex for 5K which I paid off in full a month before the meeting, finally got that situated and got my loan on a single mortgage 6% Flat rate for30 years.

I would agree with Dirty, if you ever plan on owning that home or really cutting into that overall amount owed pay a little extra each month, I myself for thefirst 2 years paid $100 exrtra on each monthly payment so I knocked off $2400 in 2 years might not seem like a whole lot but trust me it will add up in thefuture.

And of course try and get the home as cheap as you can, you or the seller will have to pay for inpections and a appraisal, if you buy a older home be preparedto some fixing up and eventually repairs as they come along here and there.

I got approved for up to $110k, house was listed at $80k I paid $72k and partial closing cost, appraised at $90,000.
3 Bed, 1 bath, 1700sq ft ranch with full basement 1.5 car garage ( it can almost fit 2 cars lol)

 

[ol whoadie bastard]

me and my fiance just went to the bank today to see what we could get pre-approved for

we weren't given an amount that we are approved for...she asked us what we want to spend on a house and she said we were approved for much more than thatso all is good

my fiance wants us to put 20% down (don't get me wrong, i would love to do that as well) so we don't have to pay mortgage insurance but i don'tknow how feasible that is...we have some money saved up right now and are saving up more and her dad plans to give us some money as a wedding present but ontop of that we want to buy furniture for a house as well

now, we need to start the process of looking for a house

 

[purpheartgrapes]

I saw the houses going for $50 on CNN yesterday, I thought about coming up just for the hell of it.

 

[dirtylicious]

Originally Posted by Zach13g

I paid $72k and partial closing cost, appraised at $90,000.
3 Bed, 1 bath, 1700sq ft ranch with full basement 1.5 car garage ( it can almost fit 2 cars lol)

 

[zach13g]

I live in OHIO ^













wait I live in OHIO

nah it's not that bad, hahaha.