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Message
Buying First Home Soon
Posted on 2/24/13 at 5:06 pm
Posted on 2/24/13 at 5:06 pm
Going to take advantage of these interest rates. Any advice for a first timer? What do you wish you had done differently?
5
Posted on 2/24/13 at 5:19 pm to ShreveportTIGER318
Go lower on my 1st offer. Shudda low balled them big time.
Posted on 2/24/13 at 5:24 pm to ShreveportTIGER318
Try to put down 20% to avoid PMI.
Conventional loan >>>>>>>> FHA Loan (try VA or rural development if you qualify)
Conventional loan >>>>>>>> FHA Loan (try VA or rural development if you qualify)
Posted on 2/24/13 at 7:29 pm to ShreveportTIGER318
Try and swing a 15 or 20 year mtg instead of a 30...Nothing like seeing real progress on paying down your mtg....DO NOT GET AN ADJUSTABLE RATE!!!!!....I cant believe there are people who still do this given the already crazy low fixed rate environment.....Best of luck to you.
Posted on 2/24/13 at 8:23 pm to Mercy Percy
quote:
Go lower on my 1st offer. Shudda low balled them big time.
It never ceases to amaze me how poor the advice is on this board when it comes to residential real estate.
In contrast to that advice...mine would be to study the sold comps in the immediate area and of the past six months. Decide what the property is worth to you.
Posted on 2/24/13 at 9:34 pm to ShreveportTIGER318
I just bought my first home a few months ago.. It had been on the market for 2 months.
He was asking 110K, down from the 117k he listed it at.. We weren't in a hurry, so I offered 105k with seller paying all closing costs- and paying for a new roof (architectural shingles). Now I've got a home that has a $600/month mortgage that I can rent for $950 all day..
My biggest piece of advice, don't fall in love with a house. View it as an investment in a down market. Deals are abound right now. Low ball offer every potential buy. Just don't become emotionally attached until you close on it.
He was asking 110K, down from the 117k he listed it at.. We weren't in a hurry, so I offered 105k with seller paying all closing costs- and paying for a new roof (architectural shingles). Now I've got a home that has a $600/month mortgage that I can rent for $950 all day..
My biggest piece of advice, don't fall in love with a house. View it as an investment in a down market. Deals are abound right now. Low ball offer every potential buy. Just don't become emotionally attached until you close on it.
This post was edited on 2/24/13 at 9:35 pm
Posted on 2/24/13 at 9:34 pm to Ringeaux
quote:I agree I went with a 20 when I refinanced best thing I ever did
Try and swing a 15 or 20 year mtg instead of a 30...
Posted on 2/24/13 at 9:35 pm to Ringeaux
quote:I agree I went with a 20 when I refinanced best thing I ever did
Try and swing a 15 or 20 year mtg instead of a 30...
Posted on 2/24/13 at 9:44 pm to MoreOrLes
quote:
quote:
Go lower on my 1st offer. Shudda low balled them big time.
quote:
It never ceases to amaze me how poor the advice is on this board when it comes to residential real estate.
I feel like this is a comment coming from a real estate agent working on commission.
Personally I'm all about taking advantage of someone needing to get out from under a note or someone that is eager to just get the house sold. If it's not the exact deal you want, always be willing to walk.
Posted on 2/26/13 at 11:55 am to ShreveportTIGER318
(no message)
This post was edited on 3/28/13 at 6:32 pm
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