Thinking of buying a house....any advice?
602682
First find yourself a realtor that you like.  Use their knowledge and connections and save yourself some headaches.  Second, do your research on mortgages.  Don't just go to your local bank or a person you know, check around for the best rates and terms.  Finally, when you're ready to buy, find a home inspector with many years of experience.  They can help you with the maintenance piece so you can budget for items you'll need to replace in the future.
1154501
As hard as it would be to pass up the sleigh bed, (for me too!) the best thing to do would be to save it for unexpected expenses.  If you had more in savings I would say go for it, but I can tell you that when you own a home, there's always something that comes up unexpectedly!
221256
At this point, buying a house in Orange County may not be the best purchase you could make.  Housing prices are at an all time high right now but they look to be heading back down.  That could put you upside down on your loan (i.e. you would owe more on the loan than the house is worth).  The prices are so high here that some of the people I work with are selling their houses for a large sum and moving into rentals until the prices move down.  Then they will buy another house and have made a profit on their old one.
634179
Never offer the full asking price. I would start out offering 10,000 less than they are asking. They'll probably negotiate with you till you come to a happy medium. Happy house buying!
165221
I'm a Realtor who has a Network of great Realtors across the country who's very serious about what they do. I can refer you to a professional. Just fill out the form at http://www.ReferredPro.com where it includes the following information. (The more information you fill out the better I can assist you):\n\n* what is your price range? \n* whether or not you are already preapproved for a loan? If not, I can refer you to a great lender as well.\n* what is your price range?\n* how many bedrooms and bathrooms? \n* what areas are you considering? \n* your contact info.\n* what is your timeframe
225190
get a repayment ....thats the only kind to go for unless u a financial wizzkid \n\nalso try lookin into this new goverment housing scheme they look reasonable where u only buy half your house ..\n\ni feel ya pain ...1st timers got it tough
1140204
depends on your lifestyle, you like to move around, rent , if you are looking for something set then make the jump on something while the market is down then renovate and sell. or stay which ever. apprasials are going up for taxes, that is something to think about talk to a realitor, but they get about 6% of sale price and dont think about owner finance its not good for that. good luck
376377
Hey there.  Im in the process of closing on my first home (a coop in NY) and am excited to stop renting.  I would suggest that regardless of your credit, if possible, you should definitely stop renting.  Heres my reasoning ~ When you rent, you're basically giving away your money.  Each month, you pay a certain amount and you get NONE of that back.  If you were to buy with bad credit you would probably need to do so with a relatively high mortgage rate (shop around! you never know!), but even so, most of that money each month would be going away for you.  For instance - Lets say your mortgage is $800 a month, and $30 of that is interest.  You've just put $770 away you'll get back when you sell, and as opposed to whatever you're paying each month, it's like you paid $30 bucks in "rent" ($$ you can't get back!)\n\nIf you're not in a rush,  I'd suggest taking a look at coops, and condos.  They can come in big sizes, maybe even duplex's, with yards and plenty of amenities.  It might be more worth your money to buy one of these instead, and move in a few years.  You'll get all that money back, and depending on where you live, you might even make a lot if you can sell for more than what you paid.\n\nAlso, get as long of a mortgage as you can - 30 years, and dont feel liek you need to pay it all off.  I would suggest if youre open to moving, buy a good investment that needs enough work other people won't pay a lot for it, but that you're happy living in for awhile.  Negotiate the price, and sell ina  few years.    Use that as a down payment for your dream home, since you'll have that cash liquid to use as a down payment for something even better.\n\nSumming it up:  DEFINITELY buy instead of rent! No more stupid landlords, either!
77751
There is so much to do.  We just went through it for the 3rd time.  buying a house isn't a fun thing.  it is stressful but rewarding in the long run if you do your homework.  \n\nYou don't need to have a realestate agent.  We bought all three homes without using our own personal agent and we also sold both of our homes without any agent.  What you DO need to have, is a good lawyer to handle all the paperwork and contracts.  ( ours cost about $800) small investment but very worth it!!\n\nI would start looking for a home AT LEAST 3 to 4 months in advance of when you actually want to be moved in.  The hunting part can take 2 to 3 months even longer if your picky/ or there isn't much to choose from.  Then comes the closing process.  This is the time you get the mortgage loan, the title, the home inspection, and all other legal stuff out of the way.  Finally you will be ready to close on the home.  This is the day that was set by the bank, you and the seller for the ownership to change hands.  \n\nYou will need to have enough money in your bank to cover the down payment you will be putting - along with closing costs.  the average closing costs are about $5,000 to $8,000.  So you need to be ready for that.  \n\nI would suggest not to get in too deep. don't go for interest only loans, they are a bad idea.  If you can't afford a house with a regular fixed rate mortgage you should probably hold off until you are finacially ready.  \n\nThere is just so much more than what I posted above.  If you are serious about buying a home - you should start researching it many months in advance so that you will not be in over your head and get taken advantage of. \n\nGood luck
80159
You should have some financial knowledge before setting out to get a loan.  I imagine you need the loan to purchase a one family house, instead of some apartments and other high end real estate.  I would suggest that you read a book first on buying a house, it will explain many of the curve balls the bank will throw at you when it comes time to buy the house.  Credit is not so important because the house will be your equity.  If you dont pay the bills the bank will take the house.  Try going to one or more banks, if they decline your loan, then ask them why, this way when you get to the next bank you will have some experience.  The bank is the safest way to borrow money, aside from loan sharks, and family.  You should look for a competitive interest rate, something less then 5% is good but I wouldn't pay more then 6.5% no matter your credit.  Well if you have a credit rating of less then 500, then be prepared to pay more in interest.  A large down payment will defer some of the monthy payments.  When buying a house I prefer to tie up the deal first, then worry about the money.  Also look the housing market in the USA showing slow growth this year.  I bet next year houses will be a lot more affordable.  Whatever the asking price is, take 10% off that price and offer the person that.  Look at the house, if there are cracks and damage take that out of the asking price.  I would buy a book on real estate before buying a house.  Get something like real estate for dummies,  I know it sounds degrading but its a 20 dollar book and could potentially save you thousands of dollars.  Its better to be informed before making an expensive decision.
191033
The following  link will help you out. It has many different calculators on it pertaining to home buying. It gives you "How much can I afford" and "How much can I borrow" info as well as things like "Rent vs. Buy" options.\n\nGood luck with your home search!!
15631
CREDIT Score is the big question.  If you have a decent credit score and enough income, then you might be a prospective home owner.  If you have a local credit union, contact them on mortgages available in your area.  Since credit unions are non-profit, they will most likely give you the best advice.  Another note on home ownership is the additional responsibilities, such as paying for water, garbage, gardening, painting, plumber, home insurance, etc that are usually taken care of my the landlord.
520904
100%... wait!!  I just sold my home in Nor Cal.  I'm moving to AZ.  Both have been hot markets, and prices are declining.  I'm going to rent for 6-12 months, and hopefully save 50-100K.\n\nSo if you have no need to buy yet... hold on as long as you can.  Real Estate Cycles are sometimes 15 years, so the decline that is just starting might go for 3-4 years.\n\nPlus, interest rates have already bumped up 16 times.  At most, we might see 3-4 more bumps.  Hopefully only 1 or 2 more.\n\nWait, and save your money!
716184
1. Work out how much you can afford\n2. Get property papers/look on the internet for houses\n3. Drive around the areas to see what they're like.\n\nThat's as far as I have gotten so far. Next will be viewing different properties I think.\n\nEdit: Just remembered I also look them up on www.upmystreet.com to see if it's a decent neighbourhood and what the ACORN classification is
571572
Buying real property is not like purchasing stock.  Purchase it with the intention it is your home for 4-5 years.  Your return will be on your taxes -  You will gain equity and you can right off  the interest on the loan, & the taxes on the property and get a refund from the Federal Government and possibly State taxes. Waiting has thus far proven that interest rates rise and houses may come down a little, not enough to cover the interest rate hikes.  Speak with a loan officer to find out how much you can actually afford.  Renting is just throwing your money out the door with no return. I am a homeowner and have now been rewarded with a return of equity of over 275% and I still won't sell.  My investment was overpriced in 1971 and I now have an unbelievable return on my investment.  Don't think short term, think long-term and when the price is right sell it and move on.
798503
Start with an attorney.  You're going to be making some legal promises that can last thirty years, you need someone that knows what they're doing who is on YOUR side, and no one else's. \n\nYou need to talk to mortgage brokers, figure out what price range you're looking in. \n\nThen you need to find the house you want. Realtors are great for that, but if you don't use one, you still need to know what price range to shop for. \n\nWhen you find it, you sign a contract. It says "On or about a date two months from now, I'm going to pay you X and you will give me a deed to the house, free and clear of all liens.  This contract is void if the house is inspected and found to be in horrible structural condition."   It'll run about five pages. \n\nYou get the house inspected to be sure the roof is solid, not just painted on, that kind of thing.  \n\nIt gets appraised to be sure you didn't get conned on the value. Lenders don't like lending twice what the house is worth. \n\nA date to Close is set, something agreeable to all parties and lawyers. \n\nThe lender sends your loan papers and the money to your lawyer. \n\nYour lawyer explains what you're signing;  pay attention to the Note, which is your promise to repay the loan, and the mortgage which says if you don't, they take the house, and even while you are paying you keep it insured and in decent shape, and pay the taxes, etc.  Then he hands everyone their checks and it's your house. \n\nYou also will go through the "hud 1" or "settlement statement".  That's where you see all the money in and out on the transaction.  Closing costs are basically anything that has to be paid by you or the seller that isn't the price.  Loan fees, attorney fees, conveyance taxes, appraisals, filing fees, final water bills.... anything.   \n\nNow, having said all that... you also need to have an iron clad contract with the boyfriend detailing what happens to the house and the payment if you split up.   The courts won't be interested in helping you without a written contract.
73794
Talk to a loan officer and see if he/she can approve you for a cash flow loan. I am firmiliar with the Eugene area, I live in SW Washington. Its a great place to own a house and the property values appreciate quickly. If you are interested, I would highly recommend seeing what your options are; you might be suprised to see how much you can actually make.