First Time home buyer

[tkim11]

Need a lil help. I'm planning to buy a townhome and I havent got a clue on what I should look out for and what to expect. My parents wont help so I'm fucked. I have a loan officer ready to go and I've been eyeing this house for some time now.

I guess, what steps should I take so I dont go in looking like a dumbass? I'm 26 yrs old and getting ass at my parents house is a bit lame.

[Meg30]

i'm 26 and just bought my first...it is one of the most stressful times but god does it feel good when you get those keys....you're ahead off me that you know what you want to buy but i had an awesome Realtor and he made it SO much easier on me

[Three Jack]

TK, I by no means am an expert, in fact I know very little in the area, but I would make sure you understand the property taxes you will be paying, if it is a condo or coop if there are any assesments coming or owed from completed/future work and make sure you get a qualified home inspector to give it a very good 'once over'....

[Meg30]

get a real estate lawyer...my mortgage company recommended one...people told me i didn't really need one for new property...but they're inexpensive and WELL worth it

[LALVES]

I Myself Am No Expert Either But I Have Had My House For 5 Years I Am Now 30 Currently Doing A Refi With Mike Warsop And Home 123 He Is Good I Have A Few Credit Issues And Helped Me With A Refi Tomorrow Is The Apprisal He Works Quick If Thats Any Help

[tkim11]

get a real estate lawyer...my mortgage company recommended one...people told me i didn't really need one for new property...but they're inexpensive and WELL worth it

I know I'm also supposed to get a home inspector and all types of people..but how? I don't want to call the first person i see on the phone book. And what does a real estate lawyer do? thats the first time I heard of one.

[Spark]

I know I'm also supposed to get a home inspector and all types of people..but how? I don't want to call the first person i see on the phone book. And what does a real estate lawyer do? thats the first time I heard of one.

are you using a real estate agent??

[Meg30]

I know I'm also supposed to get a home inspector and all types of people..but how? I don't want to call the first person i see on the phone book. And what does a real estate lawyer do? thats the first time I heard of one.

you really should have a realtor...they have inspectors and lawyers they work with all the time...the lawyer makes sure there are things like no leans on the house...apprently the town where i bought the water company could put a lean if the water bill wasn't paid...he took take care of all that..mine only charged 300 for everything...the sellers always have attorneys..why shouldn't you?

[10DimeBry]

I know I'm also supposed to get a home inspector and all types of people..but how? I don't want to call the first person i see on the phone book. And what does a real estate lawyer do? thats the first time I heard of one.

if you have a real estate agent, generally they will schedule you for a home inspection. they have direct people that they deal with. you dont even have to pick up the phone. FYI if you can be there in person for it(inspecton) DO IT. My wife and i purchased a 84yr old home, about 1.5yrs ago. the guy that inspected our house gave us soooooo much info on how i could improve the homes value that it was worth being their. plus they will tell you and go thru everything. the inspector we had was very detailed.

[gbell]

TK,
If you want, get my email addy from the site. You are in for a fun,yet bumpy and stressful time. I would be more then happy to answer more of your questions via email.

[S49erman]

tkim11,

I can help.. in fact.. this is what I do for a living! With your permission ill get your e-mail from monte.

Best wishes,

-Scott

[tkim11]

Any one wishing to help can get my email. Please, admin give out my email to S49erman. Can i also have gbell's email?

thanks for all your help. And yes, Spark, I will be using a realtor.

I was told that using a realtor's inspector and/or lawyers are bad since they can work togther to just get sales up.

[gbell]

Any one wishing to help can get my email. Please, admin give out my email to S49erman. Can i also have gbell's email?

thanks for all your help. And yes, Spark, I will be using a realtor.

I was told that using a realtor's inspector and/or lawyers are bad since they can work togther to just get sales up.

TK,
Using a realtor's title company, as well as inspector, has it's pros and cons. Using these "bundled services" through the realtor will allow for a few dollars savings. But you are 100% correct as far as the conflict of interests, especially with the inspector. Put yourself in the inspectors shoes. How neutral can you be when you are literally an employee of the real estate office who is only making money if/when your deal goes through. Now imagine that inspector winds up finding something. He can be torn as to whether or not to inform you, or ignore it to remain on the preferred provider list of the realtor? He knows where most of his business comes from so he might lean to not informing. And as a first-time homebuyer, you are none the wiser. I hope you contact me so I could help you look out for the landmines.

[CHICAGODOG]

Dont Use The Realtors Inspector !!!!!PS I Close in 9 Days and my life has been a living HELL!!!


Almost forgot get a Comparative Market Analysis (CMA)for the last couple years of the complex you are looking at and find out how much the units have been selling For!!!

[gbell]

Dont Use The Realtors Inspector !!!!!PS I Close in 9 Days and my life has been a living HELL!!!


Almost forgot get a Comparative Market Analysis (CMA)for the last couple years of the complex you are looking at and find out how much the units have been selling For!!!

Kind of tough to do a CMA exclusively as new factors needs to be taken into consideration when appraising a property. What is the outlook for prices in the neigborhood, how long properties have been on the market, as well as if any of the house sales prices have been "juiced" to allow for seller allowances are just a few pieces of info necessary for an accurate appraisal. A house that was sold at 400k but had a 25k seller contribution is really worth 375k. Accurate home valuations are very difficult right now.