Buying a house, I need advice! help

04lincolnls

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I'm trying to buy a house without a realtor. It's my first, and I seem to be a little lost. The owners just gave me a five page purchase agreement:shifty:, What comes next? I've already talked to the bank and they said I need a downpayment and I'm getting closer to having that. Just realy not sure what I'm doing. How do you get those government loans and grants obamer was so quick to pass. What should I be looking for with a purchase agreement? Whats next.:confused: Anyone thats been through this please help, tips, tricks a good site that will help maybe .thanks
 
You want the seller to pay at least half of the closing cost. I got lucky when I bought my house. I paid $500 at closing. The seller paid the rest of the closing cost and upcoming property taxes since I was between seasons.
 
They said they would pay the first 1000. Its a 30,000 house so how much would you think it might be?
 
You are buying a $30k house? Just get a realtor and pay the 2-3%!

No way all the other houses in the area don't even compare. A realtor will jack the price up 20k I'm thinking. Because the next house on my list is for 75k and this one is totally updated and better. (I live in a town with 1200 people so when you guys from big towns hear $30000 your probably thinkinng wtf ghetto)
 
^^^^or do you meen just use there services? Is that possible? Without them taking over the sale.
 
30K? Holy hell that's cheap. Have an inspector come and take a look at the house to make sure there aren't any potential issues with anything. In fact, deduct that inspection price from the amount settled on. You dont' want to have to drop 10K on a new roof next year, know what I mean?

What is this 5 page purchase agreement? Make sure that there is a provision in there about changing your mind if there are issues after the inspection.

I dunno though... 30K seems way low, even for a town of 1200. My brother bought a small place in a town of 700. I think he picked it up for 79K. 2 bedrooms, 1 bath, unfinished basement. Small lot, mid block, in town. 30K just seems too good to be true.

As far as the $8000 first time homebuyer credit, that deadline has lapsed.
 
Thanks pete I was waiting for you to chime in. Yeah I know huh? seems to good to be true. I'm definatly being causios. Its got a new roof in 08' new windows too. and a strong foundation. Maybe someone is finally throwing me a break. Don't want to seem ungratefull for the blessings I already have though. Half the town is for sale. But it is on the :q:q:q:qt side of town but i already live on that side so. why not.
 
Oh the purchase agreement is long doesnt say to much just basic stuff but. I'm not signing nothing till my attorny friend gives it a looksee. This place is two bedroom one bath , two story old farm style you know but desent. fresh paint hardwood floors. It's not a palace but I see huge potential. And its got a huge ass yard gonna be good for the new baby. and I'm hoping to use this place to get the one I really like in five years. Btw good call on the inspector I'd of never thought of that thanks
 
No way all the other houses in the area don't even compare. A realtor will jack the price up 20k I'm thinking. Because the next house on my list is for 75k and this one is totally updated and better. (I live in a town with 1200 people so when you guys from big towns hear $30000 your probably thinkinng wtf ghetto)

No, you get a "buyers" agent. Check around, find a realtor, and they help you in the purchase of your home...it has nothing to do with the seller. Realtors typically get 2-3% of the selling price as their payment...which is less than $1000. That is cheap insurance to me for the first time buying a home, especially one that sounds too good to be true!
 
Oh the purchase agreement is long doesnt say to much just basic stuff but. I'm not signing nothing till my attorny friend gives it a looksee. This place is two bedroom one bath , two story old farm style you know but desent. fresh paint hardwood floors. It's not a palace but I see huge potential. And its got a huge ass yard gonna be good for the new baby. and I'm hoping to use this place to get the one I really like in five years. Btw good call on the inspector I'd of never thought of that thanks

No prob. Glad to help out when I can, although I am not an expert on the subject. I wouldn't think an inspector would charge more than 200 to inspect the property. He should also check out septic/well requirements (if you are outside city limits, and not annexed into municipal water/sewer.
 
Ya, get an agent. They only get a percentage of the sale, and they arent going to cause the cost of the whole deal to go up, but you do need to compensate them for their services. IMO, it would be stupid not to get an agent, you could get hosed so easily these days.
 
At only $30k you had better check for liens or back taxes due. A simple thing but can cost you if you don't know about it.
 
The realtor doesn't work for you
the realtor works for the person who pays them... the person selling the house.
Don't forget that. People make that mistake all the time. The "buyer" doesn't pay the realtor, the "seller" does.

You don't need to hire a realtor, just hire a lawyer, like a real estate attorney.

Don't delay on this.
 
The realtor doesn't work for you
the realtor works for the person who pays them... the person selling the house.
Don't forget that. People make that mistake all the time. The "buyer" doesn't pay the realtor, the "seller" does.

You don't need to hire a realtor, just hire a lawyer, like a real estate attorney.

Don't delay on this.

You only have half the story. For a home seller, they can either sell it themselves or utilize a real estate agent. That would be the seller's agent, responsible for pricing, advertising, etc. For a home buyer, they can either buy it themselves or utilize a real estate agent. That would be the buyer's agent, responsible for locating potential homes, showing them, working through negotiations, etc.

The buyer's agent does not have to be paid by the seller! Typically, when an agent is selling a house, they account for paying each side 2-3% commission...but that is not how it has to go, especially when the house if FSBO.
 
...regardless, get an attorney not a realtor to represent you when buying a house.
 
...regardless, get an attorney not a realtor to represent you when buying a house.

The problem with that is the attorney may not know all of the local codes, covenants, laws, requirements; or even the "lesser" stuff like school districts, taxes, market, or other localized information.
 
I just want to point out to you guys, a 30k house in the northern plains region is VERY different from a 30K house in the more developed portions of the country. In the more sparsely populated areas, you can get a lot of house for very little money. My last house was on 1.5 acres on the edge of town, had 4 bedrooms, a heated garage, and more space than I knew what to do with. You guys would crap yourselves if you knew what I paid for it. Granted, since moving to Vermillion, houses are quite a bit more expensive than they were in that part of North Dakota, but even a $100,000 house here would go for more than 3 or 4 times that in the parts of the country that some of you are from.
 
U must have an agent / realtor.... PERIOD. u need an inspection, contract, title search, etc.. these things are mandatory to check before purchase, Closing costs is usually 2 to 4 percent of purchase price, very minimal, realtors make money off the seller not the purchaser, in your case they have no listing agent so u would need either; a) lawyer to look over contract, or; b) a realtor that will take care of everything for u and get a small percentage for his service.. B is the best choice trust me .. and bringing a realtor in does not raise price of house, the seller determines his price.. is that house worth more ... maybe but its irrelevant.. cover your ass and go with option b my friend .. then you will have no worries .. and make sure if th inspector finds big problems that u negotiate with the seller to fix those things or to void the contract
 

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