Author Topic: House Hunting (Read 592 times)

midnight Target · « **on:** September 22, 2002, 03:28:42 PM »

Haven't been flying much. I've been spending every evening and weekend house hunting. I am about to become a member of the landed gentry.

Lousy market for us buyers though! Anyone with Real Estate experience would like to give me pointers I'd love to hear em.

Maverick · « **Reply #1 on:** September 22, 2002, 03:31:34 PM »

You using a realtor? Let them do some of the groundwork. They can "prescreen" neighborhoods and houses in your price range.

Check out HUD and FHA lists as well. There might be a fixer out there you'd like.

Good luck!

fdiron · « **Reply #2 on:** September 22, 2002, 03:51:20 PM »

Two words- Mobile Home

OZkansas · « **Reply #3 on:** September 22, 2002, 10:43:12 PM »

If you are a first time buyer......

1. Make sure plumbing is copper. If galvanized knock off $1500.
2. If driveway is concrete make sure it is in good condition. If you have to replace knock off $5 or 6K.
3.Ask when the roof was last done.
4. If the house hasn't had new siding and windows knock off $15K.
5. Find out how old the furnace and air are, if they need replacing knock off $5k min.
6. Only buy a house on high ground!!! Check for water damage in basement. If you see cracks in basement, walk away fassst!

You had better like working on various things related to home ownership or have a boat load of money to hire it done.

Never put off fixing anything in your house as it only gets worse with time and the expense grows exponentially!

BTW, I have heard that it will soon be a buyers market. I would wait a little longer before buying. See if prices drop during the fall and winter. Some people are suggesting that home owners sell now and move to appartments then buy after the bubble breaks. These times are had to read, but home ownership has always produced an increase in wealth. This is the only place where Uncle Sam doesn't get a piece of the action when you sell. Course you have to live in it as your primary residence for a year or two before you can sell without tax ramifications.

I only owned a home for 7 years but now that I am disabled it was the best place I invested and am living on the money I gained through home ownership:) Social Security disability payments won't even cover normal living expenses. I figure of all the money I paid to social Security through the years, I will be lucky to get back 12%. That means I have gifted the remainder to total strangers! I sure wish Social Security was partially privatized when I was younger then I would have the benefit of my own hard earned money for myself and family! As it is, I have just about nothing to show for all the Social Security taxes I have paid:( I was never a big earner but I would guess that I gifted over $150,000.00 to toal strangers.

Pfunk · « **Reply #4 on:** September 22, 2002, 10:49:03 PM »

http://www.realtor.com

anything and everything you want to know.

Pfunk · « **Reply #5 on:** September 22, 2002, 10:56:18 PM »

also you may want to look into hiring a lawyer, there are many many many, things that if you do not have checked out you could be setting yourself up for lots of legal problems. For example has the land been surveyed, are there any encroachments or easements on the land. Are there any encumbrances such as an existing lien on the house, or is there a deed restriction. You also must state what form of ownership you plan on having. This can differ from state to state, for example is the property going to be severality(you hold title individually), or will it be a form of co-ownership such as tenancy in common, or tenants by the entirety, or joint tenancy. You can get yourself into lots of trouble if you go into finding a property without knowing any of this information. Good luck

MrBill · « **Reply #6 on:** September 22, 2002, 11:34:10 PM »

Realtors work on commission, you don't buy they get nothing, therefore they do not have YOUR best interest in mind.

Bite the bullet and hire a real estate attorney.

Saurdaukar · « **Reply #7 on:** September 23, 2002, 12:42:21 AM »

Invest in some tools to go with your new house. Bob Vila recommends Craftsman.

MwRod · « **Reply #8 on:** September 23, 2002, 03:29:02 AM »

Hire House inspector, He saved me from mistakes our realtor or I didn't see. They know what to look for and where the hidden problems are. And most owners are willing to take inspectors at face value.

Ours cost us $400 dollars for both houses we were going to buy, Wifes dream home wouldv'e ended up costing us 5 figures in repairs if we didn't hire inspector.

Curval · « **Reply #9 on:** September 23, 2002, 07:00:14 AM »

Quote

Originally posted by fdiron
Two words- Mobile Home

Ripsnort · « **Reply #10 on:** September 23, 2002, 08:20:31 AM »

Don't buy on contingency if you can help it...you have more bargaining power if you don't.

GRUNHERZ · « **Reply #11 on:** September 23, 2002, 08:24:40 AM »

Double wide!!!!

Sikboy · « **Reply #12 on:** September 23, 2002, 08:46:45 AM »

Make sure the Garage has good ventalation. You never know when you'll want to build a meth lab.

[edit] Actually, living in MoVal, you can probably find a house with a built-in meth lab, so keep that in mind [/edit]

-Sikboy

midnight Target · « **Reply #13 on:** September 23, 2002, 09:43:56 AM »

Yea, most homes have the "Meth lab ready" option.

Rip, that home in this area would fetch 400K. Enjoy.

Ripsnort · « **Reply #14 on:** September 23, 2002, 10:28:19 AM »

I saved about $9000 by selling our first house, then moving into an Apt. while we wheeled and dealed for this house. These are going for roughly $350,000 in this area however they sit on 1 -acre lots.