- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
About to purchase first home
Posted on 3/25/10 at 11:52 pm
Posted on 3/25/10 at 11:52 pm
what do I need to do and what do I need to know?
I have 50k to put down and am looking to spend around 250k in the Houston area.
Do I need to go get pre approved for a loan? Do I need to do anything other than just find a house I want to buy?
I have 50k to put down and am looking to spend around 250k in the Houston area.
Do I need to go get pre approved for a loan? Do I need to do anything other than just find a house I want to buy?
2
Posted on 3/26/10 at 7:55 am to 8thyearsenior
Get an agent. You dont have to pay them anything because their commission gets paid by the seller, and they'll do all the leg work for you.
Posted on 3/26/10 at 8:33 am to 8thyearsenior
quote:
250k in the Houston area
Do you need that much house in Houston? 250 in houston is a big house. Make sure you know what you will pay in taxes. Find the area you want to live in. Get pre-approved then find your house. If you dont know the area get an agent but in both cases do your own research. You are paying for your agent no matter what anyone tells you. You are paying for the sellers agent as well. Dont fall into the trap of beliving that the price of the house isnt adjusted to account for the cost of commission.
Posted on 3/26/10 at 8:53 am to Catman88
quote:
Do I need to go get pre approved for a loan?
Always best to do that. Doesnt take long.
quote:
Do you need that much house in Houston? 250 in houston is a big house.
Not if he wants to live close to downtown. If you want to live way out in the burbs and drive an hour to work every morning then yeah. For $250k you can get a 2/1 1000sq ft house in the Heights and drive 5 minutes to work. Depends on his situation and preferences.
This post was edited on 3/26/10 at 8:55 am
Posted on 3/26/10 at 9:27 am to Haughton99
quote:
Get an agent. You dont have to pay them anything because their commission gets paid by the seller, and they'll do all the leg work for you.
This. I would recommend not going with anyone you know or even a friend of a friend. You'll want a strictly professional relationship when it comes to money.
Posted on 3/26/10 at 9:32 am to Catman88
quote:
You are paying for the sellers agent as well. Dont fall into the trap of beliving that the price of the house isnt adjusted to account for the cost of commission.
I'm pretty sure if an agent were to price a house 6% above market value it would sit there a long time before selling. The agents are paid out of the profit the seller makes from selling the house. The price is set based on comps in the immediate area.
Posted on 3/26/10 at 9:47 am to Haughton99
quote:
I'm pretty sure if an agent were to price a house 6% above market value it would sit there a long time before selling. The agents are paid out of the profit the seller makes from selling the house. The price is set based on comps in the immediate area.
True but most sellers do factor in that 6% into their sale price to some degree or at least try to so the market value in the area inherently has some commissions priced in.
Posted on 3/26/10 at 9:50 am to lsugradman
quote:
True but most sellers do factor in that 6% into their sale price to some degree or at least try to so the market value in the area inherently has some commissions priced in.
I guess since that theory is impossible to prove or disprove we'll just have to agree to disagree.
Posted on 3/26/10 at 9:55 am to Haughton99
Those are the best theories to have 
Posted on 3/26/10 at 1:33 pm to Haughton99
quote:
You dont have to pay them anything because their commission gets paid by the seller, and they'll do all the leg work for you.
Who's money is being divvied up at the closing table? The buyer's money. Without the buyer's money, no transaction takes place, thus there isn't any question who pays for it, the buyer (indirectly).
quote:
I guess since that theory is impossible to prove or disprove we'll just have to agree to disagree.
It's not any theory, its a fact. The seller will walk away from a closing with 6% less money if they use an agent vs. if they didn't have one. And the buyer will factor their bottom line (cash out at closing) into if they are going to accept or reject an offer.
Posted on 3/28/10 at 10:44 am to MikeBRLA
quote:
Who's money is being divvied up at the closing table? The buyer's money. Without the buyer's money, no transaction takes place, thus there isn't any question who pays for it, the buyer (indirectly).
Exactly....the buyer pays, the seller distributes.
HERE is a checklist. For most people a house is the largest purchase of their lives so do your homework. Mistakes in buying a house can be VERY expensive.
Posted on 3/29/10 at 6:07 am to arrakis
If u can find something before April 30th and get a purchase agreement signed u will also get the 8k back from the government
Posted on 3/29/10 at 3:07 pm to LSU1018
quote:
If u can find something before April 30th and get a purchase agreement signed u will also get the 8k back from the government
Not if you don't close before June 30th.......
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News