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Old October 16th, 2009, 08:22 PM   #1
MonkeyBiz
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Default Looking at buying my 1st house.

School me on buying my 1st house. Go.
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Old October 16th, 2009, 08:24 PM   #2
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If you've got the time and patience and possibly money, buy a foreclosed house and rehab it. We bought a house for $153,000 finished the basement correctly (the previous owner did it wrong) and recarpeted the whole house, and repainted the whole house and now my parents reside in a house that appraises for $220,000.
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Old October 16th, 2009, 08:26 PM   #3
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i'll tell you what you probably already know. put as much down as you can and find a place that your payment will not exceed 40% of your net monthly pay. i didn't follow this but have since learned this information. good luck!
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Old October 16th, 2009, 08:28 PM   #4
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Close before the end of November to get the $8,000 tax rebate
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Old October 16th, 2009, 08:35 PM   #5
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One thing I learned from this site, is don't buy a house that has a lot lazy ninjas that live close by.
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Old October 16th, 2009, 08:35 PM   #6
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Depending on where you want to live you can buy for 50k and less. Also as stated not to exceed your payment to more than 30 to 40 % of your income. Be smart with your money.
Also google Dave Ramsey, finacial peace university.
This guy can show you how to retire a million air. He has a radio show every evening from 7 to 9pm at 103.5 fm or listen to him online at wmuz.com.
Good luck with your new home and save all you can.
As Dave Ramsey says, " live like nobody else now so later you can live like no one else"
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Old October 16th, 2009, 08:36 PM   #7
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I could learn a thing or two from this thread. I might pay attention, but I'm broke so I don't know about that.
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Old October 16th, 2009, 08:42 PM   #8
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PMI: if you don't have 20% down/own 20% equity in your house they will attach a PMI to your mortgage. WATCH THE FINE PRINT ON THIS SHIT! many will leave the PMI on there for the term of the mortgage. Make sure it is in there that you are allowed to terminate the PMI (if this applies to you) with a refinance once you gain 20% equity in the house. We had 19% down and had the PMI on the original mortgage. I refinanced after 3 months and had that removed.

negotiate the % that the agents are taking, get those as low as you can, don't be afraid to play hardball. it's a buyers market right now.

if you offer something on a house set the highest amount you are willing to go and if it turns into a bartering tennis match and they keep going past your highest amount walk. there will be another house around the corner. I say this because with a house comes unexpected repairs and being house poor is only going to leave you with buyers remorse.

never put an offer in after the first walk through. if you find something you like and want to put an offer in on it, schedule 1 or 2 more walk throughs a week or so apart. this will ground you back to reality and hopefully you putting in too high a bid based on first sight emotion.

Look at things in homes you walk through realistically. the chances the previous owner did everything the way YOU wanted are slim to none. deduct amounts off price based on fact, not on personal preference.

when you close make sure you have the mortgage company gets you the final amount you need to bring to closing at least 2 days prior to closing so that you can review the documents and take your time getting the closing check. Tell them that if you don't have the numbers and paperwork preview 2 days before you will not be closing. period. don't let them push you around you are THEIR customer. twice I received a call with everyone there and them asking me why i wasn't at the closing? I told them I requested the amount 2 days before along with the paperwork and terms so that I could review it. you did not do that and called me 1 hour before closing with the amount. too bad I said, we'll reschedule and if you can manage not to fukc that one up we'll close on the new date".

Last edited by ovrlnd; October 16th, 2009 at 08:46 PM.
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Old October 16th, 2009, 08:42 PM   #9
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Quote:
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I could learn a thing or two from this thread. I might pay attention, but I'm broke so I don't know about that.
Read post #6. That applies to you too
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Old October 16th, 2009, 08:45 PM   #10
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Be sure you get a really good inspector, that has a lot of attention to detail.

Home warranties can be kind of cool, if you buy a place with older appliances or utilities. Should be really easy to negotiate as seller concessions (if not a foreclosure).

Take the new home credit, also might as well start saving to get the energy savings credit (buy new windows, furnace, insulation, etc...).
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Old October 16th, 2009, 08:55 PM   #11
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House payment should not exceed 25% of your take home pay. No less than 20% down payment and 15 year mortgage. I'm not picking on any one but a lot of people would be in better shape if they would follow these standards. The faster you can pay off bills the faster you can start using money to make money.
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Old October 16th, 2009, 09:06 PM   #12
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When you think you have found the house you want. Have a famliy member and a friend do a walk through with you at seperate times. Theywill find things that you are over looking everytime. It will help you to see past theexcitement. Then you can submit your bid on the house. When i bought my house i offered 59k less than they were asking. They Laughed at me at the time . But i endedup getting it for 51k less than they were asking for it 2 weeks later so it never hurts to lowball the seller.
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Old October 16th, 2009, 09:34 PM   #13
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Quote:
Originally Posted by xjmichigan View Post
Close before the end of November to get the $8,000 tax rebate


There is talk of extending it also.
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Old October 16th, 2009, 11:38 PM   #14
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1. See if you qualify for MSHDA loans, down payment assistance, etc. With the MSHDA SF-DPA (single family down payment assistance) loan and the Obama 8k, I ended up with $13,900 off the cost of my house. The only caveat is that I have to pay back $5900 of that money at either refinance, sale, or pay-in-full of the house.
2. Find a real estate agent and a mortgage agent you trust. Mine were fantastic and answered all of my questions, staying patient even when I was being a pain in the ass.
3. Don't be afraid to do your own research and to mention it to your mortgage agent/ realtor. Things like looking up the ownership history of the house, tax assessment, insurance rates, etc. Pay special attention to those line items on the HUD1 (good faith estimate).
4. Keep looking, even after you've found your "dream home". Offers get rejected, sales fall through, etc... no point in stopping your search until it's time to start closing.
5. Talk to the neighbors, if you can. They'll tell you more about the area or about the home's history than a realtor will. Ours told us that the entire sewer system out to the main had been replaced recently because of root invasion, so that's one less thing to worry about. The realtor didn't have any idea about that.

Good luck, congrats. It's pretty awesome to walk into your own house.
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Old October 17th, 2009, 12:37 AM   #15
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Quote:
Originally Posted by xjmichigan View Post
Close before the end of November to get the $8,000 tax rebate
theres talk of extending this 1st time home buyers and raising it to 15k. you only get 10% of the cost of the home though. like fastrt6dakota said make sure you trust your realtor and mortgage lender. we just jumped in and ended up w an idiot realtor who reccomended an idiot mortgage lender. My gf and her dad have done more organizing and negotiating w the selling party than these 2 clowns have. alot of people have said it and its true. dont get too excited and take a couple walk throughs before you take any action.
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Old October 17th, 2009, 12:58 AM   #16
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Pay cash if possible.


I'm serious.

With the housing market in Michigan, it's possible to buy a foreclosure home for what the down payment on that home was a few years ago. Once the house is yours, you can get a home improvement loan to fix what's wrong with it.





Oh, and EVERY house has something wrong with it, even if it's only the color scheme.
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Old October 17th, 2009, 01:08 AM   #17
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Detroit has good starter homes
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Old October 17th, 2009, 01:14 AM   #18
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Quote:
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Detroit has good fire starter homes
fixed
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Old October 17th, 2009, 03:51 AM   #19
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There is a down payment assistance loan you can get that is 0% interest. It is up to $7500 and can be used toward your down payment or closing costs
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Old October 17th, 2009, 03:53 AM   #20
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Quote:
Originally Posted by redram98 View Post
theres talk of extending this 1st time home buyers and raising it to 15k. you only get 10% of the cost of the home though. like fastrt6dakota said make sure you trust your realtor and mortgage lender. we just jumped in and ended up w an idiot realtor who reccomended an idiot mortgage lender. My gf and her dad have done more organizing and negotiating w the selling party than these 2 clowns have. alot of people have said it and its true. dont get too excited and take a couple walk throughs before you take any action.
Where did you hear about this? What are the chances it would happen? I mite put off looking until I know if it will happen for sure or not
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