What is your best advice for someone (me) who is looking to purchase their first home.? - wisconsin first time home buyer
Me and my friend have been approved for about 290,000 of funding (which has never been funded, in truth). We are looking for houses 110-145K. We live in Wisconsin, where the houses are much cheaper than in the West or in the city.
What is your best advice for a first time home buyers in real estate, financing, or general advice? Thank you for your contribution, we can see that!
Saturday, January 2, 2010
Wisconsin First Time Home Buyer What Is Your Best Advice For Someone (me) Who Is Looking To Purchase Their First Home.?
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Without even looking into houses until you have seen your budget and agreed on a house payment, you can afford it. Give your own time. Make a list of features that should have, and want, how you do not want, and be flexible. For example, when I bought my first house, I had to four-bedroom, but learned quickly that I could not afford me. There are many houses in my area, its sloping front yards, and how hard to drive, I like that and not move to a "flat" have driveway. In every part of the process, if you and your agent, I say, improve their space, and continue, if necessary. If the house has furniture of May, as you want it written into the contract and the device. The fund is to give plenty of free time and to prepare for a lot of paperwork!
Meeting the cost of a professional inspector go through the house.
Get an overview of the property boundaries.
Get your own attorney review all contracts before signing.
Make sure several thousand dollars for deposit / installation / set-up costs for utilities, telephone, cable, etc.
Do not buy new furniture after moving into the house. And in fact, the use of a volume in space and furniture.
1-PAY cards
Ensure 2-check the credit reports and make sure everything is clean - you try to get your guests up to 700 +
3-Prepare for down payments and other 5-20% to 4.6% the cost of closing
You can find a real estate agent feel comfortable
4-get a fixed interest rate loans only
5, which you can comfortably afford the monthly payments, including property tax, homeowners insurance (50/month), possibly a PMI (less than 20% - an additional $ 50/month), the G / utility, the is used - (heating, gas for heating or cooking), (electricity, water, sanitation - could 30-50/mo or more), the repeal of 1% of housing for the annual maintenance
Make sure that all the major systems of the house in good condition before buying it - the roof, heating, electricity, plumbing, septic / sewage
Find a house that you really want. Hold down the beach, the mortgage is a very comfortable, and can still save money. Unexpected costs pop up all the time.
After 20% of the GPA is great and will save.
Do not expect to turn you, and lead sales at a profit. Buy a house, not an investment.
Read all the documents. In fact, you read all the details.
*** You have full control at home. You can find problems before they have to sell as much .***
Request copies of bills. then you have an idea of the month to month on the house are related.
Make sure you can trust your agent. Using a real estate lawyer who represented their interests. They add the costs to emphasize, however, take off from you and to see their documents.
I doubt that you could buy a condo for that amount, where I live .... on the east coast and in a very rural area.
An agent who has the time to work with you. Sometimes busy agents do not have the time nor the patience to work with the home buyer immediately. You want to buy the first house you see on. Ask your friends or family for recommendations. If not, go to the opening of the homes, with stakeholders (especially if they can not even) and someone you can build a relationship.
Save Save! Plus you can save, the better. Save 20% of PMI might fear.
He spoke clearly points to a lender for a good faith estimate of the cost. You may want to speak a few other lenders. Compare more than interest rates. There are tons of things that cost you money, the transaction costs of prepayment penalties, etc., etc.. Know before signing on the dotted line so that the overall package.
If you find a home you love to make you an offer. Make sure risks in the contract that, subject to adequate funding and an inspection. Dependedng on the condition of the house, you may put themselves at additional risk. The seller will not accept or reject your offer disadvantages.
Even if a new house or new, you do not skip the home inspection. A good home inspector is worth his weight in gold! A recent study of his house into a new house is a small error in the roof that allows water to enter the ground. You do not want to buy and surprises.
Home Shopping should be fun, good luck!
PS About the generous offer for you to see an agent is paid if you called it, it is not only polite.
I am an insurance agent, so I'm looking for a house is not what everyone watches. Realtors more angry at me because I found the problem with a house.
First, if you find a house, get an independent auditor. Meet him and tell him to pick him up to death. You want everything that is bad in the house know. (Things even easier) It does not mean you will not buy the house for these problems, but you say, where you can work with the repairs to be fixed. Discover how the old water heater and heating and cooling. The question of whether there has been no change to the wiring? Look under sinks and deep in the closet. Look at the water heater closet, consider look for leaks. Check the drawers of the cabinets. Are they good or disintegrate. How old is the roof? Check to see if there have been leaks, if not get where they. See also the tower of the house. If the seller is not a good housewife and shows pride of ownership, then what will you do, is Mayuntil we are on the house.
Check to see if there has been no claim if the insurance company suppliers. If it repairs?
Do this even if you buy a new home. You'll be surprised how many people buying a new home and were in trouble because the contractor is not doing well and people thought, just because it's new, it succeeded.
Talk to neighbors, asked if there are problems with the house, I had an insured person who moved in and three months after the wall began to crack. The house had been the solution for more than a year, but the seller had all the cracks in the walls before they repaired to the market. There were problems because sanitary settling.The neighbors told them that, therefore, the lady had moved.
Also mean that the seller provide a home warranty insurance.
Let me take not panic, your time and look. Only not in the cosmetics of the house. Looking deeper.
This is probably not what theKing, but I say, normal people who do not believe these things, look wallpaper, and if my bed is to stay here.
Good luck
General notes: Do not rush into anything, take your time, do not feel obliged by your broker. Look at the house during the day, night and when it rains. This may be your biggest purchase ever.
Check the water pressure, the Foundation can mold in the basement, bathroom and take care of them, namely, the window frames, gas and water supply cuts, and open close and get nothing in writing May, focusing on you.
The best advice is to be able to check your status to "First Time Homebuyers Program '
Arizona was recently awarded $ 400 million for the first time buyers in their homes to help.
Free allocation of 5%, which should not be returned.
No penalty for early repayment and the rate of 6.55% is involved.
Here are the details for the buyers Arizona are
http://www.welcome2arizona.com/home/firs ...
Terry S.
http://www.Welcome2Arizona.com
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