tetra316 0 #1 January 31, 2008 I think I'm going to do it! I've been preapproved and have a pretty good idea of my price range. So how long did it take you once you actively started looking till you moved in? Landlord issues are forcing this sooner than I originally wanted. Quote Share this post Link to post Share on other sites
NWFlyer 2 #2 January 31, 2008 I think I actively looked for about 4-5 weeks, then it was about another four weeks from offer acceptance to closing. I think my closing was on the 25th of the month and I timed my lease to end at month-end so I had a little bit of time to move out after taking possession of my new home without having to do it all in one day. Exciting stuff - I think you'll find with the soft market that it's a good time to be looking; you can really be a lot pickier than you could have been a couple years ago - sellers are not going to get the inflated prices they could get back then."There is only one basic human right, the right to do as you damn well please. And with it comes the only basic human duty, the duty to take the consequences." -P.J. O'Rourke Quote Share this post Link to post Share on other sites
BillyVance 34 #3 January 31, 2008 Quote Exciting stuff - I think you'll find with the soft market that it's a good time to be looking; you can really be a lot pickier than you could have been a couple years ago - sellers are not going to get the inflated prices they could get back then. Yep, it's definitely a buyer's market now."Mediocre people don't like high achievers, and high achievers don't like mediocre people." - SIX TIME National Champion coach Nick Saban Quote Share this post Link to post Share on other sites
NWFlyer 2 #4 January 31, 2008 QuoteQuote Exciting stuff - I think you'll find with the soft market that it's a good time to be looking; you can really be a lot pickier than you could have been a couple years ago - sellers are not going to get the inflated prices they could get back then. Yep, it's definitely a buyer's market now. Even the Northwest (where we live) is finally catching up with the rest of the country) and slowing down. Seattle and Portland values are still actually up over this time last year, but values are down relative to recent months."There is only one basic human right, the right to do as you damn well please. And with it comes the only basic human duty, the duty to take the consequences." -P.J. O'Rourke Quote Share this post Link to post Share on other sites
dannydan 5 #5 January 31, 2008 Quote I think I'm going to do it! I've been preapproved and have a pretty good idea of my price range. So how long did it take you once you actively started looking till you moved in? Landlord issues are forcing this sooner than I originally wanted. WHATEVER you do DO FIXED rate! 15 20 maybe 30 yr and refi (w/o clo costs see below) in about 2-3 yrs if rates are down below yr original! Opt out of any "PRE PAY penilties" and look for a lender that does not SCAM you with a "closing cost" CLOSING COSTS is a SCAM and has been since it was incorp into the loan terms years ago(b4 I born 1963)!!!! The FED sets the RATE, lets say 2.75%, the Mortg Co. gives you a RATE lets say 6.25%.... the difference is 3.5%.... The Mortg Co. is MAKING (overhead and PROFIT) 3.5%!!! Thats is the REAL closing costs!! TRY like hell to ALWAYS pay at least 10-15% on PRINCIPAL each month or at least every other month.... homeowners SHOULD be paying at least as a minimum of 20% towards their principal annually!!!!! (without ANY penilty!) Make sure you can get out of yr rental contract with no major penilties, and ALSO make sure that you are allowed ENOUGH time (in terms&conditions) to make the move into yr NEW LAWYER uP! DO you have any relitives with this kind of exp? That you TRUST? If so, ask them questions, have them guide you through the process! READ READ READ the TERMS of the contract with yr lender BEFORE you sign!! Take the paperwork homwith you and READ IT over the next 24+hrs or so.... MAKE sure you get a copy of what you signed and put that in a fire resi/proof lock box..... COVER yr ARSE!! For the "FIRST TIME" buyer, its is fun cool and FAST.... But mistakes happen, usually in FAVOR of the lender!!!! BEST of luck to you! edit ; OOOPS silly me I didnt answer yr original question!! My first house it took 14days from time of APPROVAL to move in! My 2nd house ALL of the pprwrk was done in 5 busi days and my commercial bldg was done inside of two weeks and get this, I did most of that agreement over the fone from Puerto Rico while on vacation after WFFC 06!!! But I was already est by that time and purchase! Quote Share this post Link to post Share on other sites
tetra316 0 #6 January 31, 2008 Thanks for the advice guys. It's definitely going to be a fixed rate. I also just found out today that I'm most likely going to have to be out of my rental place by April 1st. (no rental contract just month to month) So it sounds like this might be doable. Quote Share this post Link to post Share on other sites
dannydan 5 #7 January 31, 2008 Quote So it sounds like this might be doable. Make sure it looks good in yr head and not just on paper babe! Quote Share this post Link to post Share on other sites
tetra316 0 #8 January 31, 2008 Quote Quote So it sounds like this might be doable. Make sure it looks good in yr head and not just on paper babe! Don't worry, I'm an accountant Quote Share this post Link to post Share on other sites
mx757 4 #9 January 31, 2008 find out what the utilities are in area your buying my phone / internet cost 100 month and aqua texas screws us on water / sewer bill 98 month before any water charges! and stay away from home owners assc. they suck Quote Share this post Link to post Share on other sites
airdvr 210 #10 January 31, 2008 Quote Quote Quote So it sounds like this might be doable. Make sure it looks good in yr head and not just on paper babe! Don't worry, I'm an accountant Know anything about doorbells? Please don't dent the planet. Destinations by Roxanne Quote Share this post Link to post Share on other sites
peregrinerose 0 #11 January 31, 2008 Did you read the 'House Buying Sucks' thread that Skydivingchad started? It's true. But since you're in the market, my house in PA will be on the market March 31... wanna relocate? Consider doing the same thing I did when I morphed from apartment dweller to homeowner... found a foreclosure. When I bought this place, it stunk, it had hot pink ceilings, hot pink walls, hot pink rotted shag carpets on the floors. It was full of dog shit, goat shit, and miscellaneous shit (literally). Structurally, it was fine, cosmetically and olfactorily, it was a total nightmare. I paid $82,500 for it 7 years ago. The day I bought it, the house appraised at $120,000. My appraisal came back yesterday at $157,000. Not a bad investment If you're willing to put some work in, buying a foreclosure is really worth it.... get the place up to par cosmetically yourself and save a fortune. When you decide to go find your dream house later, you'll have a nice hunk of equity to make that much easier. Now's a great time to buy... interest rates below 6% now. It's a buyers market, sort of ... depends on where you live. If you're in CA or FL, they are giving houses away. Here in PA, the housing market wasn't affected nearly as much as in other parts of the country. There are almost no foreclosures out here, average time on the market is 6 months, houses are selling at appraisal value, for the most part. Good luck! Jen Do or do not, there is no try -Yoda Quote Share this post Link to post Share on other sites
tetra316 0 #12 January 31, 2008 I thought about doing the whole foreclosure/fixer upper house but I have no money to do that. Sure I can buy a cheap house but how will I fix it. I didn't think lenders would give you a home equity loan specifically to make improvements unless you were an investor/contractor or some such to prove you knew what you were doing. Foreclosures here seem pretty in line with normal house prices. No big steal there. Quote Share this post Link to post Share on other sites
Remster 30 #13 January 31, 2008 QuoteI thought about doing the whole foreclosure/fixer upper house If this is your 1st house, then I'd say dont (unless you have a high stress threashold). There will be enough stress in/around the purchase process (how does owing $200,000+ -I'm guessing here-sound to you? lol) that you dont need to add to that with the stress of having lots of construction to do. Now, if the place is very liveable now, just a bit older, with older kitchen and baothrooms, and you can wait to remodel, thats different. But foreclosures arent for the weak of heart. Regardless of what you buy, even if its an as is property, get an inspection.Remster Quote Share this post Link to post Share on other sites
lawrocket 3 #14 January 31, 2008 QuoteSo how long did it take you once you actively started looking till you moved in? Take those prior anecdotes and throw them out the window. Things are so different now than even six months ago. Things to look for? Look into REO's - those are bank owned properties. The banks are pretty desperate to get rid of them and you can get AWESOME deals right now. As far as fixer upper. Why would you do that? There are plenty of move-in ready homes right now that you can get into that are hassle free. In many places, the only houses that are moving are dirt cheap and in good condition. Also, the more house you can afford, the more it will appreciate over five years. But don't buy more than you can afford. Right now is the best time to be buying a house in a long time - especially if you've got some down payment money saved up. If foreclosures are in line with the rest fo the market where you are, negtiate them down. the banks are desperate right now for money coming in. My wife is hotter than your wife. Quote Share this post Link to post Share on other sites
tetra316 0 #15 January 31, 2008 I've seen a lot of properties listed as a 'short sale' or bank short sale. This is a foreclosure right? Quote Share this post Link to post Share on other sites
BillyVance 34 #16 January 31, 2008 QuoteI've seen a lot of properties listed as a 'short sale' or bank short sale. This is a foreclosure right? I would think so."Mediocre people don't like high achievers, and high achievers don't like mediocre people." - SIX TIME National Champion coach Nick Saban Quote Share this post Link to post Share on other sites
Richards 0 #17 January 31, 2008 Be really cautious about reading the "writing on the wall" about the area you are moving into. My wife and I bought a condo after having checked the plans of the development in the area which said that they were developing more condos. What we missed was that the city was thinking of putting in a homeless shelter only a few blcoks away. Kind of thing that you want to be carefull about. One of the ones we almost bought, the developer was being very evasive about the planned development in the area and upon further investigation it turned out that the city was going to put up subsidized housing all around the condo development (we would have been the few property owners in the middle of welfare city.). We dodged a bullet on that one but took a minor hit on the one we bought. Do your homework before buying My biggest handicap is that sometimes the hole in the front of my head operates a tad bit faster than the grey matter contained within. Quote Share this post Link to post Share on other sites
lawrocket 3 #18 January 31, 2008 QuoteI've seen a lot of properties listed as a 'short sale' or bank short sale. This is a foreclosure right? Short sale is not. It's where the homeowner is trying to sell for less than the note it worth. They are never quick and take a lot of negotiation. Bank owned properties have only the bank to deal with. They just want to unload it for whatever they can. On top of that, they allow you good access to get in and inspect the place and you know that you don't have to deal with the homeowner stripping out all of the wiring when he leaves - leavingyou with a dump. The term to look for is REO - "Real Estate Owned." Find out what REO's are out there and you can get quick escrows. Go to Countrywide and WAMU and ask for a listing of their REOs in your area. My wife is hotter than your wife. Quote Share this post Link to post Share on other sites
BillyVance 34 #19 January 31, 2008 Quote Do your homework before buying And get a thorough examination done by a qualified inspector too."Mediocre people don't like high achievers, and high achievers don't like mediocre people." - SIX TIME National Champion coach Nick Saban Quote Share this post Link to post Share on other sites
seejanefall 0 #20 January 31, 2008 Woo Hoo! So it's a go. _____________ PMS #394 Quote Share this post Link to post Share on other sites
PLFXpert 0 #21 January 31, 2008 Quote Take those prior anecdotes... I agree with the majority of your post with one exception: Quote As far as fixer upper. Why would you do that? This point is moot. It is different for everyone. For example, where I live the value is the property. If you can afford that house that's structurally sound, awful inside, but on the marsh, intracoastal, etc. BUY IT! Most things can be worked with by tearing down a wall, ripping out cabinets, etc. I will say this, though: Whoever thought of having the master closet at the end of the master bath (i.e. where you have to walk through the master bath to get to the closet) is a fucking idiot. That is all. Paint me in a corner, but my color comes back. Quote Share this post Link to post Share on other sites
tetra316 0 #22 January 31, 2008 The latest is that we either have to sign a lease for the entire house by March 1st or leave. I don't want to rent an entire house, that's why I do room rentals. Plus he's an a** and has said other things too. Quote Share this post Link to post Share on other sites
seejanefall 0 #23 January 31, 2008 Awwww. Well, it seems to have been just the push you needed? _____________ PMS #394 Quote Share this post Link to post Share on other sites
peregrinerose 0 #24 February 1, 2008 Quote Sure I can buy a cheap house but how will I fix it. I didn't think lenders would give you a home equity loan specifically to make improvements unless you were an investor/contractor or some such to prove you knew what you were doing. Foreclosures here seem pretty in line with normal house prices. No big steal there. Fix it the same way I did... live in it and do one thing at a time yourself. I didn't have a home equity line for anything. I saved my money, when I had enough I did what I needed. Nothing was expensive at all... the only pricey thing was new siding, that was $1500, and I got $300 back by recycling the aluminum siding that was on it. Paint is cheap, refinishing hardwood floors is cheap, flooring and tile aren't expensive, if you it yourself. Some foreclosures are the same as regular houses, some are far lower, fixer uppers either way are cheaper than perfect houses. I agree completely with getting an inspection, well spent $400. Good luck! Do or do not, there is no try -Yoda Quote Share this post Link to post Share on other sites
PLFXpert 0 #25 February 1, 2008 Quote I saved my money, when I had enough I did what I needed. Smart lady! Paint me in a corner, but my color comes back. Quote Share this post Link to post Share on other sites
