Wakeboarder Forum Index

 
 FAQFAQ   SearchSearch   MemberlistMemberlist   StatisticsStats   FavoritesFavorites   RegisterRegister   ProfileProfile   Log in to check your private messagesLog in to check your private messages  Log inLog in 
BlogsBlogs   

Buying a house

 
Post new topic   Reply to topic    Wakeboarder Forum Index -> Non-Wakeboarding
View previous topic :: View next topic  
Author Message
Aubs
Motorboat Queen
Motorboat Queen


Joined: 12 Jan 2003
Posts: 9167

PostPosted: Jan 01, 2017 10:23 am    Post subject: Buying a house Reply with quote

As if 2016 wasn't scary enough with planning a wedding and getting married, 2017 will bring in our first house purchase.

Any advice/insight/words of wisdom? Obviously get prequalified (done), have a good inspector, sweat equity is important (we are fully prepared to do), and be super nice to all friends/family who will be necessary for painting parties, deep cleanings, etc.
Back to top
View user's profile Send private message
Faust
Wakeboarder.Commie
Wakeboarder.Commie


Joined: 20 May 2005
Posts: 1494

PostPosted: Jan 02, 2017 7:15 am    Post subject: Reply with quote

I'm by no means an expert but I've bought/sold 3 houses now, keeping my eye out for the 4th. I created and have been adding to and modifying this little list along the way.

1. Find area/neighborhood to purchase. Ideally an up-and-coming location. Affluent areas also generally tend to stay that way and remain stable. Spend a few weeks researching homes in the area for sale, homes recently sold, rents, price/sqft, cap yield, assessments, etc.

2. Attend open houses and contact realtors familiar with the area with many listings in the area. Choose one as a buyer’s agent. There is a good chance they will get the new listings in the area first, and their buyers will be the first to know, giving the buyer an edge.

3. Obtain preapproval from the bank. Don’t forget points, fees, appraisal, inspection, premiums, taxes, repairs, etc required with the down-payment, which tack on roughly 5% of the purchase price. (Eg 160k house, 25% down-payment of 40k, plus 5%, 8k, = 48k cash required for the 160k purchase.)

4. Focus on homes with a good location (across from park, on water, not near trains/airports, etc), which won’t require much work, but are still a good value. Not the most expensive house on the block, but surrounded by expensive homes.

5. Once a potential house is found, go to the city and review all permits and look for red flags (free). Also contact home insurance and ensure there haven’t been any significant claims and insurance can be easily obtained (free).

6. Offer, counteroffer, etc. Compare with other offers to make sure nothing is forgotten. Send earnest money with offer.

7. After acceptance, schedule inspection with a licensed inspector (~$385). This is a good way to have credibility for reporting significant defects, and to have a third party check the ‘main 5’: foundation, roof, plumbing/hvac, electrical, appliances. When waiving the inspection contingency, do NOT agree to purchase the house ‘as-is’, as there is one more pre-closing walkthrough.

8. After inspection, inform bank and send all required documentation (W2s, previous tax transcripts, etc.) The bank will also ask for a non-refundable deposit at this time (~$400) for the appraisal. They will schedule the appraisal at this time, which may take a week or two.

9. After the appraisal, arrange for homeowners insurance and pay the first annual premium. Send receipt to the bank and this should fulfill all of their documentation requirements.

10. Seller must deliver evidence of title insurance to buyer no less than 5 days before closing. Do the final walk-through within 3 days before closing. If it goes well, attend closing, and bring cashier’s check as required by bank. Review title, mortgage documents, etc, sign multiple documents, and receive new house keys.
Back to top
View user's profile Send private message
Faust
Wakeboarder.Commie
Wakeboarder.Commie


Joined: 20 May 2005
Posts: 1494

PostPosted: Jan 02, 2017 7:22 am    Post subject: Reply with quote

PS Congrats on the wedding! Life will just keep getting better, we just had our 2 year anniversary and birth of our first daughter.
Back to top
View user's profile Send private message
Chad H
PityDaFool Who Posts This Much
PityDaFool Who Posts This Much


Joined: 28 Jun 2004
Posts: 6443
City: Atlanta

PostPosted: Jan 02, 2017 8:30 am    Post subject: Reply with quote

I'll be watching this thread as well because we are also looking to buy within the next year or two
Back to top
View user's profile Send private message
Aubs
Motorboat Queen
Motorboat Queen


Joined: 12 Jan 2003
Posts: 9167

PostPosted: Jan 02, 2017 5:49 pm    Post subject: Reply with quote

Thanks for all of that insight Faust! I really appreciate it!

We put an offer in on a foreclosure today (contingent upon inspection of course). Our time frame is really tight, so wanted to get the ball rolling. I think the house has a lot of potential (layout is great, love the neighborhood, location is good in relation to nearby restaurants and stores, etc. - but definitely needs some TLC). Anticipating about 15k (with 5k set aside just in case) of work up front based on my research and having friends/family look at it who have done extensive renovations before. With the majority of homes being part of HOAs, that sort of complicates the buying process, but it's all good.

Fingers crossed!
Back to top
View user's profile Send private message
ohsix
PityDaFool Who Posts This Much
PityDaFool Who Posts This Much


Joined: 12 Jan 2003
Posts: 6836

PostPosted: Jan 03, 2017 6:27 am    Post subject: Reply with quote

Sounds like I'm a little late, but I've only bought 2 houses. The most important thing I've learned is you can change everything about a house except the location. Also, after building a house, I suggest buyers find a house they 70-80% like and change the rest rather than building. Building custom is much more expensive where I live versus remodeling to your tastes.
Back to top
View user's profile Send private message Send e-mail
chavez
Ladies Man
Ladies Man


Joined: 22 Sep 2003
Posts: 27370
City: Roseville

PostPosted: Jan 03, 2017 7:42 am    Post subject: Reply with quote

ohsix, truth. Location should be priority #1 (this includes the actual neighborhood not just the general area), followed by your personal wants like size, layout, etc.

You should also consider taxes - things like local assessments, school bonds, etc. These can be a massive "hidden" cost.

Another hidden cost, which may or may not apply to your area of Floriduh, is electric utility costs. The people who live (literally) on the other side of my fence pay 50% more for electricity. My bottom tier = 10¢. Theirs = 15¢. Not joking. Solar can help here.

I could go on and on with little tidbits, but I'd say Faust covered a lot of it.

Around here, you do not get the keys at signing. You get the keys only when the transfer is recorded by the county. That can add a day or two more.

_________________
Quote:
That's Mr. Gingermex to you a$$hole.


RIP MHL 04/25/1958 - 01/11/2006
Back to top
View user's profile Send private message Blog Visit poster's website
Aubs
Motorboat Queen
Motorboat Queen


Joined: 12 Jan 2003
Posts: 9167

PostPosted: Jan 03, 2017 6:35 pm    Post subject: Reply with quote

chavez - Good call to check on those. Will do tonight.
Back to top
View user's profile Send private message
Aubs
Motorboat Queen
Motorboat Queen


Joined: 12 Jan 2003
Posts: 9167

PostPosted: Jan 13, 2017 2:58 pm    Post subject: Reply with quote

Counter offer has been accepted. Countersigned contract is in hand. Inspection was completed as well. Now we have to do pages and pages of paperwork to finalize all of the mortgage stuff and need to get pricing done for the work we want/need to do.

Psyched that this is coming together though!
Back to top
View user's profile Send private message
Okie Boarder
Ladies Man
Ladies Man


Joined: 03 Mar 2008
Posts: 10039
City: Edmond

PostPosted: Jan 16, 2017 9:06 am    Post subject: Reply with quote

Congrats! I didn't notice this until now and it looks like everyone covered the items I would add.
_________________
If love is blind, why is lingerie so popular?
Back to top
View user's profile Send private message Yahoo Messenger
goofyboy
Wakeboarder.com Freak
Wakeboarder.com Freak


Joined: 19 Jul 2004
Posts: 4445
City: Houston

PostPosted: Jan 17, 2017 6:50 am    Post subject: Reply with quote

congrats!! enjoy the new place.
_________________
Work SUX!
Back to top
View user's profile Send private message
Aubs
Motorboat Queen
Motorboat Queen


Joined: 12 Jan 2003
Posts: 9167

PostPosted: Feb 03, 2017 5:00 pm    Post subject: Reply with quote

Thanks all! Hopefully we close on the 14th - fingers crossed!
Back to top
View user's profile Send private message
Partyb
Wakeboarder.Commie
Wakeboarder.Commie


Joined: 12 Jan 2003
Posts: 1783
City: Lantana, FL

PostPosted: Feb 05, 2017 11:36 am    Post subject: Reply with quote

Congrats Aubs. If you email/text me I can review the HUD super fast if you like. Otherwise, best of luck.
_________________
Check out https://www.facebook.com/darcizzleoffshore
Back to top
View user's profile Send private message Send e-mail
samthompson
Newbie
Newbie


Joined: 06 Feb 2017
Posts: 5

PostPosted: Feb 13, 2017 4:26 pm    Post subject: Reply with quote

Congrats! A huge milestone. Don't skimp on the home inspector. We got bit when the home inspector didn't find a few cracks in the foundation. Cost us thousands :/
Back to top
View user's profile Send private message Visit poster's website
BrentC5Z
Wakeboarder.Commie
Wakeboarder.Commie


Joined: 01 Feb 2008
Posts: 1433
City: Tulsa

PostPosted: Feb 15, 2017 8:55 am    Post subject: Reply with quote

Congrats! Hope everything continues to progress.
_________________
http://www.youtube.com/greasemonkeytv
Back to top
View user's profile Send private message Visit poster's website
Chad H
PityDaFool Who Posts This Much
PityDaFool Who Posts This Much


Joined: 28 Jun 2004
Posts: 6443
City: Atlanta

PostPosted: May 06, 2017 4:15 am    Post subject: Reply with quote

Didn't want to start a new thread, but our offer was accepted yesterday. Close mid June.
Back to top
View user's profile Send private message
E.J.
Ladies Man
Ladies Man


Joined: 15 Jan 2003
Posts: 7561
City: Mogadishu

PostPosted: May 07, 2017 6:52 pm    Post subject: Reply with quote

Good on you, Chad! Congratulations.
Back to top
View user's profile Send private message
Okie Boarder
Ladies Man
Ladies Man


Joined: 03 Mar 2008
Posts: 10039
City: Edmond

PostPosted: May 08, 2017 12:24 pm    Post subject: Reply with quote

Congrats!
_________________
If love is blind, why is lingerie so popular?
Back to top
View user's profile Send private message Yahoo Messenger
Display posts from previous:   
Post new topic   Reply to topic    Wakeboarder Forum Index -> Non-Wakeboarding All times are GMT - 8 Hours
Page 1 of 1

Add To Favorites

Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
You cannot attach files in this forum
You can download files in this forum
             


Copyright © 2012 - Wakeboarding - Wakeboarder.com - All Right Reserved
Powered by phpBB © 2001, 2005 phpBB Group