1st Time Home Buyer Help

[Colorado700R]

yea what he said. oh and one more thing. take a drive at night a couple of times and see how the neighborhood is. peels might be lurking around. 

WTF did I do to you?

I bring property values up. I provide a detrimental service to the neighborhood..

I just heard about your reputation.  :grin_nod: (sorry peels)

I guess Queer Eye for the Straght guy only works on TV.

[Krandall]

Alrighty...

So here's the skinny...


Worked through my work bank for my loan app... took them 1 week to get back to me to tell me that I needed 10% down.. due to the house being in a declining value area... I then questioned the lady asking her.... "wouldn't that be considered to pretty much any place anyone buys right now???"

She said yes..  I said good day.


I went to my home town bank friday. Faxed my paperwork yesterday. I have a call/message on my phone this AM saying I'm pre-approved already... just have to go in to talk to him thurs to get all the details... crazyness.

Hoping everything goes as planned. We're going to look at the place Saturday morning. If everything looks fine, I think we'll be having a home inspector go out as well as have the sewer inspected. if everything looks alright there. We should be putting in an offer soon. (Or putting in an offer w/ the clause that says "if everything passes inspection")

[Lady4Fiddy]

sounds great, hope all goes well for you. 

[Peelz]

You must have an accepted offer first before inspection. Take somebody you know at first to help with easy stuff, before the offer is mad, maybe. Just make sure offer has stipulations in there about things you are concerned about. Don't spend the money on inspection on a house that is still up for other offers. Get it off the market, So to speak. This is what I was trying to say in shout. Bid contract will state "upon inspection" If it fails inspection, or you find something you don't like, then you can just walk away, or Adjust the offer to include repairs, or just a lower offer.

Good Luck Randy

[Lady4Fiddy]

As long as you can put that clause in there as Peels stated that would be a good idea; always read the fine print no matter how boring it seems.

[Peelz]

As long as you can put that clause in there as Peels stated that would be a good idea; always read the fine print no matter how boring it seems.

Best advice so far.

Heard a story while I was waiting for New Raptor paperwork to print at dealer.  Next to my chair was a raptor 660 set of fenders, axle, and hubs. I said "wow those look familiar" He said he was putting together used parts for a guy whose house burnt down. This person thought insurance covered everything in the garage. It did....just not any motor vehicles.    Fine print on back with an asterisk said only one vehicle was covered.

I would cry.

[socalrappy700]

Talk around and find a good agent, you don't have to pay them since they collect on the sales commission.  Make sure they know contracts and they will keep you safe.

[Flynbyu]

Take someone with some knowledge about homes. If you can take your dad, or someone you know that has built a home.

The house is only 20 years old, so I wouldn't expect any issues other than needing a minor upgrades here and there. If it were me looking at the home, I would look at the foundation if it's not on a slab. If it has a basement. Make sure the home has no issues with the foundation (cracks, etc). I would look in the attic for structural issues. Definitely check the heater/furnace/air conditioner. A unit like that for a home that size would cost $12-15,000 to replace. I would fire it up and make sure it is working! Make sure there is no water damage under sinks and if it has a basement look for water stains. If the basement is finished, look for sheetrock that is brighter/darker than other areas. This would indicate something has been replaced or fixed. Don't be afraid to ask questions!!!!

The only stupid question is the one you don't ask!

~Brian

[double06]

You must have an accepted offer first before inspection. Take somebody you know at first to help with easy stuff, before the offer is mad, maybe. Just make sure offer has stipulations in there about things you are concerned about. Don't spend the money on inspection on a house that is still up for other offers. Get it off the market, So to speak. This is what I was trying to say in shout. Bid contract will state "upon inspection" If it fails inspection, or you find something you don't like, then you can just walk away, or Adjust the offer to include repairs, or just a lower offer.

Good Luck Randy

He's right.  You do it after you make the offer with the clause in it that if it fails etc. etc.   You make the offer first because each time you do a home inspection, it costs somebody money.(ie. you)  So, you do that inspection because you are dang near sure that this is the home that you are going to buy.  I think the inspections are somwhere around 300 bones...     Don't want to be spending that evertime you look at a house.  If they accept your offer, then you go ahead and fork over the money for the home inspections...  Hopefully there are some minor* things wrong and then you go back to the negotiating table.  

[Krandall]

Excellent thank you everyone. I'm going to see if my dad is available saturday morning to come with us just to look things over with us when we check it out. Thank you guys all for the wonderful advice. It's great having such a resource of information like you guys at my fingertips. 


Sorry.. sentimental moment over..

get back to work f*ckers.

[Peelz]

The only stupid question is the one you don't ask!

Genius

Also, Flush the potties, run the faucets. Check the outlets. Bring something small you can plug in.

check that roof! I have seen shingles "thrown on" just to advertise NEW ROOF.

Jeez, Krandall, we got ya covered. I wish RaptorSOurce had been around when we were shopping.


yep double, 300. Just gonna say that.

[socalrappy700]

+1

Check the roof!  That is a big thing also.  If the plywood is shot it could be big $$$.  I know your excited to get a house but when you look at the house make sure to take off the rose colored glasses and look everything over with a fine tooth comb.  I was in the attic the first day I saw our house checking for anything structural and looking at the electrical system, making sure it was romex and not piped lines.  Also check out the plumbing, you'll want copper.  Like they said turn everything on and flip every switch.  I even started the dishwasher to make sure that worked.  TRY EVERYTHING, and take your time.

[Peelz]

+1

Check the roof!  That is a big thing also.  If the plywood is shot it could be big $$$.  I know your excited to get a house but when you look at the house make sure to take off the rose colored glasses and look everything over with a fine tooth comb.  I was in the attic the first day I saw our house checking for anything structural and looking at the electrical system, making sure it was romex and not piped lines.  Also check out the plumbing, you'll want copper.  Like they said turn everything on and flip every switch.  I even started the dishwasher to make sure that worked.  TRY EVERYTHING, and take your time.

great advice again. DOn't be afraid to ask the realtor to take you back more than once. We inspected ours 2-3 times, before the inspector even came.  The house before it that we lost to another bidder, I inspected like 5 times because the price was so low for it's area and condition, that I was looking for any cut corners.

[Krandall]

Is copper really a requirement anymore? I know my grandparents just had their house built 2 years ago, I think there's only copper running into the well pump and water heater. other than that it's all PVC.

[socalrappy700]

PVC or copper is fine.