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Thread: Buying a House?

  1. #21
    Senior Member
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    Jun 2004
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    denton, texas
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    108
    researchasaurus- your house is so pretty! Congratulations!!

    We close on our house tomorrow afternoon and start moving/painting tomorrow night!!

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  3. #22
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    May 2005
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    My spouse and I went to an intro homebuyer class a few months ago and at the time, we realized that it just wasn't possible for us to sign up for any of the grants they offered. But he has since gotten a raise, so we will be talking with a counselor at the affordable housing project and we hope to start a matched savings account this month. We will have the maximum amount of money in the matched savings by next March, so we will be buying a house in a little less than a year, if all goes well.

  4. #23
    Senior Member
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    Jan 2006
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    387
    Congratulations to all of the new and prospective home owners. There is a lot of good advice already listed here.

    I bought my condo a little over a year ago. My best advice would be to relax about the fact that it is completely overwhelming. There is a lot going on and lot of decisions to make quickly and its scary. Trust your realtor to guide you though as much of this as possible.

    Definitely have him/her show you a few more places. I still ended up buying the first place I looked at - which I discovered when I was supposed to be apartment hunting and not looking to buy at all, but I was more comfortable with what things hsould cost and had a better perspective.

    I didn't sleep at all the night I was waiting to see if my offer was accepted and I didn't sleep at all the night I closed. I think this is normal for the biggest purchase of your life.

  5. #24
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    Aug 2004
    Location
    austin (area) texas
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    Quote Originally Posted by kdaum
    Finally a few hours later she left and I safely came home.
    Fast forward a few days later and we notice that several of the things agreed upon in the inspection were not done. She didn't connect the pipes she needed to, install the other smoke detectors, etc. We never really thought to check on these things, as we would assume that everything would be in check. We also discovered that the plumbing in the bathtub was completely clogged. Now if the inspector would have done his job properly, he would have noticed this. As it filled up in about 1 min. or less. Stupidly, I didn't go along on the inspection; but know now to do so.
    Was this actually the home owner? Why was she not at closing?

    You bring up a good point. You get your inspection done and make sure receipts are shown to you at or prior to closing to be sure all work has been done.

    We have sold one and bought two houses. When we sold, it was like giving up our baby and we wanted to be there to explain or answer any questions. The second house we bought (same time frame) the owners were not present. They'd previously done the paperwork in the presence of an attorney or something. But the house was pretty much prestine when we arrived. Some things we asked to be addressed were not, but they were minor. Getting it done via warranty was available to us.

    I would add that if the neighborhood has deed restrictions, get a copy of the homeowner's association rules before you decide to move and find out your quarterly dues.

  6. #25
    Junior Member
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    Mar 2006
    Location
    Melbourne, Australia
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    researchasarus your house looks really wonderful!
    my husband and i just bought our first home and got the keys one week ago!
    We run our own business and boy did the banks make it hard for us to get financial approval! We couldnt afford anything in the inner city, (way out of our price range) so we bought a 3 bedroom weatherboard cottage about 45 minutes out of the city. Well we could of afforded a small pokey one bedroom flat, but after living in a flat for 16 years i REALLY wanted a HOUSE with a GARDEN, i'm sick of sharing! Anyway, all our iner city friends cant believe we are going to live 'so far away' but you know what? we are so happy, and love the house we dont care it's a little out of the way.
    My advice before signing up for a house you love is to double check the condition it's in...now we have the keys and have had a thorough look around we realise there's a bit more work needed on it than first expected!!
    For anyone interested there's some photos here - (I avoided taking shots of 'problem' areas!):
    http://s48.photobucket.com/albums/f2...NSIDE%20HOUSE/

  7. #26
    Senior Member
    Join Date
    May 2005
    Posts
    108
    We applied for the matched savings account and took our first home buyer education class over the weekend. We should be approved with no problems because our credit is nearly perfect and we make under the maximum salary to qualify. We are getting excited and we're already starting to weed out our junk.

    We have lived in our tiny, dumpy apartment and have had to deal with slum landlords for far too long and it's so nice to finally be able to see the light at the end of the tunnel.

  8. #27
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    May 2005
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    108
    Well, we didn't qualify after all for the matched savings program because according to the afforable housing people, we make way over the income limit even though we are actually just under it. I don't know what math they used, but I know it's screwed up. But there's not much we can do about it because according to them, we are disqualified in two different ways. We don't qualify for any of the other grants either, so now we have to save on our own and possibly get gifts from my spouse's parents. But they have put restrictions on that help, like neighborhood approval when they know nothing about the town we live in (they think the whole town is garbage and we should move somewhere better- where the houses are three times as much as they cost here) and treat us like imbecilic children who don't know anything about homes or what constitutes a good neighborhood.

  9. #28
    Senior Member
    Join Date
    May 2005
    Posts
    108
    Well, my spouse and I are finally ready to start looking for a house. We've looked at a few HUD homes, but they needed way more work than we can put into them. We aren't finding anything just yet, but I contacted a buyer's agent yesterday and the longer we take to find a house, the more money we will accumulate. I hope to be moving by late summer/early fall.

  10. #29
    Senior Member
    Join Date
    May 2005
    Posts
    108
    We've been casually looking at houses since the summer, but we really started looking seriously last month and we think we found the house. Our agent is currently getting answers to some questions we have and we are taking a second look at the house this weekend. It needs a bit of work, but we have handy friends who are willing to help us with the DIY projects. The house has been on the market for several months now and our agent thinks we can get a good deal on it (not that the asking price is that high anyway, but we'd like some help with closing costs). My goal is to move out of my apartment by the end of the year.

  11. #30
    Senior Member
    Join Date
    Sep 2007
    Posts
    101

    Re: house loans

    Quote Originally Posted by 4square

    We got the previous owners to pay closing costs, didn't pay anything down on the house and our payment is still under $600 with taxes and insurance escrowed (based on $87,000.00 loan / 30 years). We live in a smaller town in the midwest as well which can effect the housing costs.
    Wow... in Dallas, $87k wouldnt buy a shack! I want to live somewhere that you can buy a quality house for that money!! My aunt is selling a 2 bedroom house that is about 1,200 sq ft right now for $225,000! My parents (same neighborhood) bought their house 10 years ago for $180k and now it is on the tax role at about $350k

    My two cents:
    A house is an awesome investment. Think about it, you can get more square feet, a yard, privacy, etc etc etc for just a bit more than you spend on an apartment (well, at least that is the way it is here). The biggest hurdle in my way right now is the down payment... but we are working on that too.

    Although it is an awesome investment, it is a BIG deal! They wouldnt make you sign your name 500 times if houses were like shoes. Be sure you are ready... I agree with the above statement - make sure you can work in the mortgage, insurance (a lot of mortgage companies will NOT loan you money unless you have home owners insurance), maintenance, utilities, and a savings account for those necessities (ie: the first day of winter in Denton where it inevitably freezes and oops, the furnace breaks). If you have to eat ramen just to afford the upkeep of the house, is it worth it?

    "Definitely have him/her show you a few more places. I still ended up buying the first place I looked at - which I discovered when I was supposed to be apartment hunting and not looking to buy at all, but I was more comfortable with what things hsould cost and had a better perspective. " - This is really good advice!!


 
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