Need some good thoughts sent my way!

[dpenning]

We have used Ebby.com for our last two property purchase. The search functions are easy and allow you to look at specific neighborhoods and save searches. New construction is fun but I wouldn't rule out pre-owned. Also, a web site calculator may say they can put you into a house for $588/month for a 150k home but they aren't including TT&L so be sure you fully understand everything around the expenses. Not to be a downer but I think it catches some people off guard. My daughter in-law said she was surprised when the property taxes went up and then so did her mortgage. I also remember saying I should have just had my checks pre-printed to home-depot when I bought my houses, both new construction and pre-owned!

Good luck and have fun with it, very exciting times!

 

[raechiemay]

All good points! My loan officer gave me access to the actual MLS site which has been extremely helpful. I'm practicing a little restraint & not trying to bite off more than I can chew. I know for a fact I cannot afford a $150k home. Lol!

I actually found a pre-owned house that's a tad bit bigger than what I was looking for (1900) sq ft & I really like it from what I see in the pics. It's currently got a renter in it so the owner has to give the current renter time to make it available for viewing so next weekend it is. It's the first house I've seen pics of & really *wanted* to go see it. Plus it's in my price range! Bonus!

Question: how much negotiating power do I have with a for sale by owner? The asking price on this house is $122k. Ideally I'd like to get it down to the $115k range if possible but they would also have to cover my closing costs.

 

[ruthcatrin]

Question: how much negotiating power do I have with a for sale by owner? The asking price on this house is $122k. Ideally I'd like to get it down to the $115k range if possible but they would also have to cover my closing costs.

Depends on the owner, some will price high, figuring if they get it cool and if not it gives them negotiating room.

Others will price it just about exactly where they want it to sell.

 

[Hector]

redfin.com is a good site too that's where I found my house

 

[raechiemay]

Depends on the owner, some will price high, figuring if they get it cool and if not it gives them negotiating room.

Others will price it just about exactly where they want it to sell.

I think if I try to offer maybe lower than what I want to pay, it may mean that they will get right around the area I want.

Thanks hector I will check out Redfin!

 

[Robtouw]

Good for you! You can do this! Understsnd what your priorities are and be ready to compromise. Many older homes are built then newer ones, and get an inspection on any home new or old, it is worth it! Either offer a bit lower then asking or ask for closing but not both. Ask your realtor to show you the last 2-3 houses sold in the area of the home you choose and base your offer on a comparable rate. Understand most sellers do not have to accept your offer so be fair! Take your camera and me notes when you like a place so you can see it and think on it later. Remember to list things you would change to get a good idea of what it ll cost you to fix, change, etc, it adds up fast! Don't be shy, ask loads of questions, look at everything! Ask the sellers for a one yr warranty that you can renew, they are usually under$600.

When you find the right house, before you offer go back at different times to see what the neighborhood is like, introduce yourself to the neighbors and get a feel for the new area. We walked away from two places in our last home search because of the neighbors, its easier before you buy then dealing with them after.

We sold our last home in 24 hrs of listing with 4 full price offers and moved a bit too fast on our current home, it was a great learning experience! I wish we had moved a bit further away from "progress", its catching up quickly and the many projects we thought would be easy have been expensive and are taking forever to complete.


GOOD LUCK! Let us know if you find a place!

 

[angelbears]

The MLS listing site should have a section that shows what houses have sold in that area for the last 3 years and a range that they sold for. In Texas or at least Harris County they cannot disclose the actual selling price but they have to give a range. For example a house that sold for 105,000 will show that it sold in the 100,000 to 120,000 range. Check the house that you are looking at against those that have sold recently. The market has been pretty volatile and you could see extreme swings. Anything that is lower than the norm was more than likely a foreclosure and needed a lot of work.

9 times out of 10 your house note will go up each year. Sometimes as little as 5 dollars a month to as much as 100.00, even if you have a fixed P&I, taxes and insurance will go up. If the mortgage company is doing your escrow they do a escrow analysis every February or March and that is when they will notify you. The biggest jump is usually the first escrow analysis, so be prepared.

 

[Robtouw]

Our situation was a bit unique, I ended challenging the appraisal because it was wrong. My realtor kept saying the mls listings were correct but thry were not. I had watched carefully over a year and had done my homework. The market value basis ended up being over $25k higher then it should hsve been. After demanding the appraisal board remove a comp sold as a "flipped" property and replacing it with one outside of the neighborhood, the board ruled in my favor! It was a total pain in the butt but saved us a total of $36k! If something doesn't feel right challenge it! At the very least you will know you did your best!

 

[raechiemay]

Well...wrapped the weekend up with some good learning experiences! Mentally noted, listed out below:

1) learned that a particular salesman in a new construction neighborhood is a complete jackass & even though it doesn't matter now, I will be going over his head to complain about how he treats potential buyers. He was so rude, he laughed at my offer & flat out told me that's never going to happen. Ok...but you could be a little bit nicer about the situation. Submit the offer anyway & the worst they could say is no or they could counter. I low balled bc I was more interested in seeing a potential counter offer & it doesn't hurt to ask right? I understand the housing market is booming right now & my offer was probably not ideal but they're still making a hell of a profit on the house. Even at a price lower than my offer. He just didn't want it cutting into his commission.

2) learned that the realtor that I thought was so helpful & nice is also a complete jackass. Was supposed to meet him at 12:30. I was on time. 12:30 comes & goes, 12:45 comes & goes & absolutely no phone call to say he's running late, nothing. I basically wasted my time.

3) people who are in a hurry to get where they're going do not have time for my lolly gagging & trying to find houses. Almost had people slam into the back of me a couple times bc I was unfamiliar with the area & my GPS was having a "moment" at the time.

4) now considering the possibility of purchasing 1-3 acres, contracting/building my own home & only paying direct construction costs. I could easily build a $150k+ home & only pay $90-100k. Looking into this further.

5) house hunting is exhausting, exciting, disappointing.....all at the same time. Which leads to more exhaustion & the severe desire to take a nap.

6) Dairy Queen is awesome.

......uh surely there was more. My brain is fried.

7) Dairy Queen is awesome.


Anywho....that was my weekend in a nutshell. The process goes on....

 

[Sadies Mom]

If you are going to buy a piece of land and build on it make sure you do a inspection and soil test before purchasing. It may not be suited to build on, just keep that in mind. And there are a lot of very nice pre-fab homes out there. We have been looking at that too. Buying a home is an exhausting and exiting experience. Just be patient. Realtors can be like a Mastiff, hard headed, just have to be more hard headed

 

[NeSaxena]

Good luck, Raech... Sending prayers and positive thoughts your way

 

[raechiemay]

I have placed an offer on a house that is under construction & projected to be completed around the end of May which would put closing around the end of June if it takes 30 days. I'm not getting my hopes up as I have learned that builders are not budging on their base pricing so we will see what happens. I will find out today if they accept or counter & whether or not I will work with them or have to find something else. I had chosen a plan that is perfect for me & the house has really nice standard features. I did not chose any upgrades at all because everything I can do later at a much lower cost or maybe even free given that I work in the home building industry & I have vendors I can sweet talk into getting discounts.

If you think about it, please send good vibes & thoughts. I'd really like to think that the process of searching is finally over!

 

[raechiemay]

Just an update on the situation, my first offer I spoke of in the post above was declined & no counter offer was put in place.

Fast forward to this past Thursday I found another home with the same builder in a different community. The floorplan is different but only 9 sq ft smaller than the first house. I placed an offer, they countered my offer on Friday, I brought my original offer up by $1500 & they accepted!!! the house is under construction & they haven't poured foundation yet. I will move in around July! I'm so excited!!!

 

[musicdeb]

Congrats new home owner!

 

[raechiemay]

Thank you!! I hate packing but at the same time I can't wait to move! The house is in a nice neighborhood with a couple large green belt areas where I can take duchess off leash to play so she doesn't dog up my sprinklers in the back yard!! She does like to dig! The absolute best part about it is it's in a quiet neighborhood. No more psycho neighbors or crazy traffic at 3 am flying past the house.

 

[Hector]

Thank you!! I hate packing but at the same time I can't wait to move! The house is in a nice neighborhood with a couple large green belt areas where I can take duchess off leash to play so she doesn't dog up my sprinklers in the back yard!! She does like to dig! The absolute best part about it is it's in a quiet neighborhood. No more psycho neighbors or crazy traffic at 3 am flying past the house.

Sweeet!

 

[musicdeb]

Thank you!! I hate packing but at the same time I can't wait to move! The house is in a nice neighborhood with a couple large green belt areas where I can take duchess off leash to play so she doesn't dog up my sprinklers in the back yard!! She does like to dig! The absolute best part about it is it's in a quiet neighborhood. No more psycho neighbors or crazy traffic at 3 am flying past the house.

Awesome! When are you having a BBQ for forum members to show us the new house? August? September?

 

[raechiemay]

Definitely when it's cooler deb! September would probably be perfect weather!

 

[angelbears]

I'm so happy for you!!! Can't wait to hear more.

 

[cinnamon roll]

Pics or I call BS!!!!!