Questions About Buying House | TigerDroppings.com

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CQQ
New Orleans Saints Fan
LC
Member since Feb 2006
11228 posts
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Questions About Buying House


I bought my first house through my cousin so there was no need for a realtor. I'm looking to upgrade and am wondering where to start. If I see I house I like, am I supposed to contact the realtor presenting it? I'm not SURE we want to sell unless we find something we can't pass up. That said, I don't want to hire a realtor and put it on the market. If we do decide to move forward, do I hire the same realtor as the house I'm buying to make it easier or do I do some searching? Break it down for me, MB.

Couple more:

I'm in Lake Charles. What could I expect to pay for insurance/property taxes for a $240,000 home?

Also, is it better to put 10% down and pay PMI or can you do like 5% and pay PMI up front?



This post was edited on 8/15 at 8:35 am



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dallastiger55
LSU Fan
Jennings, LA
Member since Jan 2010
4713 posts

re: Questions About Buying House


if you can put 20% down and avoid PMI

where in LC you looking to move?






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CQQ
New Orleans Saints Fan
LC
Member since Feb 2006
11228 posts
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re: Questions About Buying House


South LC, around Elliot. If 20% is not an option, can you pay it up front?





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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
1915 posts

re: Questions About Buying House


put 10% down and then buy the PMI out, the PMI buyout with a 5% downpayment is going to be huge.





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CQQ
New Orleans Saints Fan
LC
Member since Feb 2006
11228 posts
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re: Questions About Buying House


How much will PMI buyout be with 10% down?





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AUCE05
USA Fan
Member since Dec 2009
10780 posts

re: Questions About Buying House


When you hire a realtor, you're really just increasing your advertisement of the property. You can cut a deal with the realtor you use. Tell him/her you'll give them 5% (3% is what the buying agent will get, and you will pay that). Going rate for a selling agent is 3%. So, that's 6% total. If they cut you a deal on selling your home, tell them you will use him/her when buying.





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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
1915 posts

re: Questions About Buying House


i need a whole lot of info to tell you that sorry, it depends on your credit score and make who ever is financing the house tell you what it will cost. banks use different PMI companys and the cost will vary from company to company. if you are buying out PMI make sure you are going to stay in the house at least 5yrs.





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CQQ
New Orleans Saints Fan
LC
Member since Feb 2006
11228 posts
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re: Questions About Buying House


How do you go about buying/negotiating with someone who's selling by owner without a realtor?





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dallastiger55
LSU Fan
Jennings, LA
Member since Jan 2010
4713 posts

re: Questions About Buying House


dave ramsey will tell you that if you cant afford to put 20% down and avoid PMI then you cant afford the house.

as i get older i agree with him






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TROLA
LSU Fan
BATON ROUGE
Member since Apr 2004
6197 posts

re: Questions About Buying House


If you are just casually looking, I would just call the realtor listed. They love double commissions and since you technically wont pay the fee, its no skin of your back. I say this because I wouldn't rely on the realtor to persuade me on price. Thats on you and what you are willing to pay. They of course will provide you with comps and such from the area but they will also really want to sell the house because of the double commission. This can be an advantage in ways if used correctly.


This post was edited on 8/15 at 11:33 am


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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
1915 posts

re: Questions About Buying House


if its for sale by owner then you really dont need an agent it will save money in the long run because it gives your more room on the price due to the seller not paying real estate commision.





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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
1915 posts

re: Questions About Buying House


as a mortgage banker i can tell you if everyone listended to dave ramsey i would be out of a job and the housing market would be non esistant. i would say 15% of my customers have 20% down. I dont believe in 100% financing but 20% down is just crazy with the prices of houses these days.





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dallastiger55
LSU Fan
Jennings, LA
Member since Jan 2010
4713 posts

re: Questions About Buying House


i understand your point but im just saying all the ghetto people in my neighborhood cant afford the house they are in and they are all house poor and thus lead to the foreclosures.

if they made people put 10-20% down then it would get rid of all the rift raft. some people just dont belong in homes, they cant afford them and cant take care of their stuff.






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CQQ
New Orleans Saints Fan
LC
Member since Feb 2006
11228 posts
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re: Questions About Buying House


quote:

hawkeye007


Another question for you.

Say I want to buy this house from the owner but I need to sell my house to get the money. Will that person agree to sell the house to me but still wait on me to sell mine?






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dallastiger55
LSU Fan
Jennings, LA
Member since Jan 2010
4713 posts

re: Questions About Buying House


Let me know how that works out





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CQQ
New Orleans Saints Fan
LC
Member since Feb 2006
11228 posts
 Online 

re: Questions About Buying House








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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
1915 posts

re: Questions About Buying House


doubt it its called a contengicy sale and most sellers dont like that. i would get your house on the market and see how long it takes to sell the house.





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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
1915 posts

re: Questions About Buying House


its hard to get into a house these days without a decent credit score and a downpayment. RD is the only financing that still offers a 100%. what really needs to be changed is the max DTI that is allowed for homebuyers. FHA will approve up to 55% DTI that number needs to be 35% or less.





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MikeBRLA
LSU Fan
Baton Rouge
Member since Jun 2005
9149 posts

re: Questions About Buying House


quote:

Say I want to buy this house from the owner but I need to sell my house to get the money. Will that person agree to sell the house to me but still wait on me to sell mine?


Google contingency offer.






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CQQ
New Orleans Saints Fan
LC
Member since Feb 2006
11228 posts
 Online 

re: Questions About Buying House


quote:

doubt it its called a contengicy sale and most sellers dont like that. i would get your house on the market and see how long it takes to sell the house.


Nervous to do this. We'll only sell if we find something we think is perfect. I don't want to sell my house and be stuck and settle. If I knew I could get the house I'm looking at, I would have no issue.






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