Aces High Bulletin Board
General Forums => The O' Club => Topic started by: midnight Target on September 22, 2002, 03:28:42 PM
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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.
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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!
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Two words- Mobile Home
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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.
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http://www.realtor.com
anything and everything you want to know.
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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
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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.
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Invest in some tools to go with your new house. Bob Vila recommends Craftsman.
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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.
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Originally posted by fdiron
Two words- Mobile Home
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Don't buy on contingency if you can help it...you have more bargaining power if you don't.
(http://home.earthlink.net/~ripsnort/Landscaping/Landscaping10.jpg)
(http://home.earthlink.net/~ripsnort/Landscaping/Landscaping6.jpg)
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Double wide!!!! :D
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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
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Yea, most homes have the "Meth lab ready" option.
Rip, that home in this area would fetch 400K. Enjoy.
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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.
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Originally posted by MrBill
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.
Pure Malarky. :rolleyes:
If it bugs you that much, hire a Buyer's Agent. "Agency" is rapidly becoming more of an issue in residential and raw land sales. Here in Colorado, most of us act as "transaction brokers"(TB) -- that is, we represent both parties and are responsible to each. The difference is that in this case, the listing agent (the one whose sign is out front) doesn't actually represent the seller *only* (Seller's Agent)--which until recently, was kinda rare.
In my experience, RE attorneys know little of the specific local markets, and can do much to screw a deal, even if they work for you.
Of course, YMMV.
dh
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My father always said 3 things about house hunting, and he was right...(we bought ours for $239,000, its appraised today (5 years later) for $350,000 roughly)
Location, location location
If you do the double wide thing, the above applies as well!
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1 acre!!!!! My estimate was too low at 400k then.
1/4 Acre is considered a huge lot here. Much bigger and you're pushing 1/2 million dollars.
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Tahgut, exactly which city, township we talking here? Just curious as I want to do a generic salary calculation on the area...
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Get out of Southern California.
I can't find a good reason to live here, can't wait to move to back to Oregon.
Have to fight crowds everywhere, there are no trees, smog, fires, earthquakes, crowds, dust, crowds, scammers and solicitors everywhere, Gray Davis, and of course, huge crowds fighting for anything that could be consdidered enjoyable.
I have simple goals. Get a little 4 bedroom house for the family, have enough land so the kids can play ball and we can have a small garden. Live somewhere with mountains and trees close by. Have a dog.
That kind of simple lifestyle in Southern California would cost more than I can imagine. It's not do able for the average person, yet those are average needs elsewhere.
My $.02 (you got your money's worth).
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Originally posted by midnight Target
1 acre!!!!! My estimate was too low at 400k then.
1/4 Acre is considered a huge lot here. Much bigger and you're pushing 1/2 million dollars.
Pah..that's cheap. $1million for a half acre here...minimum.
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Originally posted by Greese
I have simple goals. Get a little 4 bedroom house for the family, have enough land so the kids can play ball and we can have a small garden. Live somewhere with mountains and trees close by. Have a dog.
May I suggest:
http://www.fourteenernet.com/buenavista/
dh
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Originally posted by Curval
Pah..that's cheap. $1million for a half acre here...minimum.
Yeah, but how much for an acre of ocean? Bet its cheap! :D
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Originally posted by Ripsnort
Tahgut, exactly which city, township we talking here? Just curious as I want to do a generic salary calculation on the area...
Area's vary greatly here. Bad neighborhood... reasonable prices, good neighborhood.... you gotta be rich. I'm near Riverside California.
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"May I suggest:
http://www.fourteenernet.com/buenavista/
dh"
Colorado Springs is high on our list, but we are happy just being in Colorado, with the exception of Denver. Don't care much for it, and also anything east.
Our number one place is Sisters Oregon, though we may settle for Bend (which is further east, not quite as much in the mnountains, but still close).
Oh, I worked for a home builder for a long time. If you have the patience (and the land) I would reccomend building. You will save money, and if you are willing to put up with the hassles and tiem involved, can really be rewarding to have your own house built to the specs you need.
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Originally posted by Ripsnort
Yeah, but how much for an acre of ocean? Bet its cheap! :D
Funny you mention that...I have about 100 acre lots of ocean availiable at very reasonable rates I also have a bridge for sale in London...but that one is a bit pricey.;)
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1. Don't believe anything a real estate agent says.
2. Don't buy the most expensive house in the neighborhood.
3. Hire a good home inspector.
4. Talk to the neighbors.
5. Trust your intuition.
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Originally posted by Ripsnort
Tahgut, exactly which city, township we talking here? Just curious as I want to do a generic salary calculation on the area...
Heya Rip, For what it's worth I live in Citrus Heights, a suburb of Sacramento. My house is a three bedroom, three bath two story 2100 sq ft Larchmont home built in 1971. We have an inground pool, hot tub, wetbar and huge family room and RV parking. Lot isn't the biggest, but it's comfortable. We paid 159,900 in January of 2000 after a search that lasted for several months. Now the house across the street, a mirror image of ours only not quite as nice, sold for 239,000 a few months ago, so I'd guess ours is worth 250k. This area is just about the last affordable area in California, BTW. Of course wages here suck, the traffic is worse every day, theres nut burgers on every street corner and chitbirds willing to steal everything from your chrome valve stems to your garden hose.
LOL Ironically enough I may be relocating to Honolulu as my two biggest clients are from Hawaii. I got a brochure on a 9th floor 2 and 2 with a "lahani," (help me out 10Bears) which I think is a patio or whatever, for 259,000. I haven't checked into it yet so I don't know if there's building dues on top of that or not, but that seemed more reasonable than a comperable apartment in San Francisco or Seattle even.
MT BTW, the first thing you need to do is send away for your VA entitlement certificate. Do a Google search on Veterans Administration, and go to Veterans Home Loans programs. There you can get a pre-qualification form, and you send that in along with your DD-214 and the VA will issue you a certificate of eligibility. I did (ok, actually my wife did) all of that before we even started looking. Oh, and what MWRod said. A house inspector would have saved me alot of money had I sprung for one. A teremite inspection is very basic and doesn't detect problems with foundations or whatever.
Above all enjoy the search for your new home. Don't get discouraged, and if there's any doubt at all about a place don't buy it. You'll know when you have found that perfect house because your wife will tell you so. LOL Good luck MT. :)
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Originally posted by Curval
Funny you mention that...I have about 100 acre lots of ocean availiable at very reasonable rates I also have a bridge for sale in London...but that one is a bit pricey.;)
Curval, you must be refering to the Tower Bridge because The Queen has already sold London Bridge to America. I knew things were bad in Britain but I didn't know how bad it was until I heard England was selling off its historical landmarks. Wouldn't it be cool if Bill Gates bought Big Ben and had it reassembled in Seattle?
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Elfenwolf:
A lanai is a balcony. A 2/2 for $259k in Honolulu seems ok. In my building 2/2 goes from $300k and up, even for a unit with 800 odd sq. ft. and only one parking stall. May I ask what the place is called?
mauser
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Originally posted by mauser
Elfenwolf:
A lanai is a balcony. A 2/2 for $259k in Honolulu seems ok. In my building 2/2 goes from $300k and up, even for a unit with 800 odd sq. ft. and only one parking stall. May I ask what the place is called?
mauser
Heya Mauser, It's offered by Marco Polo Realty, Diana Prentiss, phone number 808-942-3737. All it says is "9th floor condo, 2 bd, 2 ba, upgraded, open island kitchen, bamboo flooring, spa, spacious tiled lanai with canal, city and ocean views. 265k" and a picture. Sorry bout wrong price previous post. I mentioned it because I was surprised at how affordable Honolulu has become. BTW, how did St. Louis High School do against DeLaSalle in football last Saturday night? DeLaSalle has bout 126 straight wins going back 10 years and is the best HS program in the country. St. Louis Hi is bout the best in Hawaii. Bet it was a good game, but haven't heard.
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Originally posted by Elfenwolf
Curval, you must be refering to the Tower Bridge because The Queen has already sold London Bridge to America. I knew things were bad in Britain but I didn't know how bad it was until I heard England was selling off its historical landmarks. Wouldn't it be cool if Bill Gates bought Big Ben and had it reassembled in Seattle?
If I was being totally honest I would have to admit I was referring to London Bridge...but only because it has been sold a few times before it was "re-located" to Arizona (or wherever it ended up.)
But that would be IF I was being honest...clearly I meant Tower Bridge.:p
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What's the asking price? :)
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Originally posted by Greese
I have simple goals. Get a little 4 bedroom house for the family, have enough land so the kids can play ball and we can have a small garden. Live somewhere with mountains and trees close by. Have a dog.
That kind of simple lifestyle in Southern California would cost more than I can imagine. It's not do able for the average person, yet those are average needs elsewhere.
My $.02 (you got your money's worth).
Rapid City, SD meets this requirement. I am on a 1/3 acre lot, appraised for taxes at 270K, bought is 5 years ago for 219k.
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Elfenwolf:
I don't pay much attention to football, but DeLaSalle now has 127 wins. They took St. Louis 31-21, here's an article:
http://starbulletin.com/2002/09/22/sports/index1.html
Hm... Sounds like the Marco Polo condo. It's an older luxury condo just outside of Waikiki. The canal is our Ala Wai Canal, it kinda forms the northern border of the busy/touristy Waikiki area. The Marco Polo is on the opposite bank, so the area is quieter than Waikiki. There's a private high school (Iolani) about a block away, our largest shopping mall (Ala Moana) about a mile to the West, and the University of Hawaii to the North about a mile and a half. One of the few local hobby shops to the North about 1/2 a mile. That is of course if this is the building:
http://www.realtyisle.com/images/properties/100/marcopolo.html
I only been in there once to visit a friend who used to live there in a 1/1, so I have no idea how the 2/2 looks like aside from pictures. Good luck with your possible relocation :)
mauser
p.s. sorry for the sidetrack; i forgot to check if private msgs are still disabled
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mauser, Thanks for the link, it's appreciated. I do alot of work with the State of Hawaii, Organization of Police Officers, and also with the Hawaii Fire fighters Associations on Maui, Hawaii and Oahu, so it'd be an easy move career wise. Now I have to convince my wife we won't be forced to live on poi and pineapple. Thanks again for taking the time to link me up.
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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.
Stay away from attorneys, they think they know everything and really know jack. Get a good realtor, you can easily find out who is good and who is not. An agent has a fiduciary responsibility to his client and so if he's the agent for the buyer, his job is to find you the best deal he can and look out for your own best interest. Beware the dual agent who is representing both the buyer and seller...to which does he owe his fiduciary responsiblity? Realtors and appraisers are not home inspectors though and so you should not forget to have a professional home inspector do his job for you and find potential problems. A preliminary title search can look into liens and all that for you. The entire home-buying process is not a perfect process though and its an imperfect market where buyers and sellers bring their emotions. But then again, you aren't looking for market value but value to yourself.
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Thanks for the sist all.
Found one, 4 bd, 2.5 bath, 2 story on corner lot about 15k under market due to landscaping (or lack thereof). Even comes with a game room complete with pool table and bar.... woohoo!!
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Originally posted by midnight Target
Thanks for the sist all.
Found one, 4 bd, 2.5 bath, 2 story on corner lot about 15k under market due to landscaping (or lack thereof). Even comes with a game room complete with pool table and bar.... woohoo!!
Wtg man! Wish I would have caught this thread earlier. I would have suggested for you to build your own house. You'll get more for your money, at least here in Texas. You can also supervise the construction to make sure they are putting in what they said they would. I'm sure that Ca has some pretty stiff building codes so it may not be a better thing to build one there unless you're rich.
Oh and what the hell are you saying this is a lousy time to buy a house?!?!?!?! Interest rates are the lowest in 40 yrs and we're going/been in a reccession for about 2 years now. House prices should be lower, unless they are selling. In which case maybe we're not in a reccession and you will finaly agree that the Republican way is the ONLY way :D
:p
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Jebus, where are you people living? That house would go for about $160-170,000 in PA, and 1 acre of land is considered normal here. :eek: