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RE: Home purchase-mistakes and shrewd moves - 2/21/2007 4:16:27 PM   
maybemaybenot


Posts: 2817
Joined: 9/22/2005
Status: offline 		Good advice so far. One thing I would mention is that you should Homestead the new home. In Mass. your lawyer offers it at the closing and explains and answers any questions you have. I would think it is done similarly in Pa. You might want to get more info about it from your broker.
The fee is low, under 300 dollars here, well worht it for the protection if offers.

                                                mbmbn

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Profile   Post #: 21
RE: Home purchase-mistakes and shrewd moves - 2/21/2007 4:26:22 PM   
KenDckey


Posts: 4121
Joined: 5/31/2006
Status: offline 		Some advice from my experiences

1 - Use an inspector but before you hire him check the contract.   I was once refused repairs because I used my own inspector instead of the one they wanted to use.   Might consider using both but costs extra.

2.  Take a #2 flat tip screw driver and personally look at the wires in the wall plugs.   If they are aluminum then ask for proof of when they were changed last.   I believe the national electric code requires them to be changed every 2 years and 5 years for copper.   Aluminum wires are the cause of way to many home fires.   If the holes in the walls are covered with lint and dust, requrie that they be vacummed.

3 - Find out if there was ever a septic tank (depends on age of home and location).   If you are currently tied to a sewer system, have them p rovide proof the septic tank was filled according to local law.

4 - if you can, crawl under the house and look at the piping and wires.   If the wires show signs of rodents eating at them you might have a mouse problem.  if the pipes have lots of repairs find out what the problem is.

(in reply to maybemaybenot)
Profile   Post #: 22
RE: Home purchase-mistakes and shrewd moves - 2/21/2007 5:40:07 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		LOL- ok- ya- I heard the sellers were "offended" by an offer of 17k, and then 25k CASH, and as is!

At the moment nothing is selling. How the heck can a foreclosure house be "offended"!    Here is how the losting reads-

Marketing Remarks: No Sellers disclosure. Buyer is encouraged to complete any inspections prior to writing an offer; buyer is responsible for de-winterizing property for inspections if needed and utilities if they are not already on. Buyer and buyer's agent are responsible for coordinating any inspections

WTF!

An offended person would know if the utilities are on....

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Profile   Post #: 23
RE: Home purchase-mistakes and shrewd moves - 2/21/2007 5:47:09 PM   
KenDckey


Posts: 4121
Joined: 5/31/2006
Status: offline 		LOL   Forclosure   LOL   Screw em if they are offended.   LOL   Make your offer  

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Profile   Post #: 24
RE: Home purchase-mistakes and shrewd moves - 2/21/2007 6:15:53 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		This sounded good- until i seen the liens. LMAO

http://www.treas.gov/auctions/irs/bsfl_real_1962.htm


http://www.treas.gov/auctions/irs/docs/g1bosprnoe1962enc.pdf

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Profile   Post #: 25
RE: Home purchase-mistakes and shrewd moves - 2/21/2007 6:17:21 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		BUY me this one!!!!  [[lol]

http://www.treas.gov/auctions/irs/hihi_real_1907.htm

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Profile   Post #: 26
RE: Home purchase-mistakes and shrewd moves - 2/21/2007 6:19:14 PM   
RWAble


Posts: 282
Joined: 1/5/2007
Status: offline 		Then lets be real. A mobile home is not a house, but just a trailer without means of moving quickly.

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Profile   Post #: 27
RE: Home purchase-mistakes and shrewd moves - 2/21/2007 6:20:05 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		i been working my ass off locating papers for the mortgage ppl. i think i have it all.....

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Profile   Post #: 28
RE: Home purchase-mistakes and shrewd moves - 2/21/2007 6:25:43 PM   
RWAble


Posts: 282
Joined: 1/5/2007
Status: offline 		Now that could be a gem in a sows disguise.

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When the Yankees leave Florida, then we can be free.

Life is a voyage, not a destination.

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Profile   Post #: 29
RE: Home purchase-mistakes and shrewd moves - 2/21/2007 6:26:47 PM   
slaveish


Posts: 1086
Joined: 2/19/2007
Status: offline
quote:

ORIGINAL: UtopianRanger

PS - Don't let anyone tell you that my approach with the realators and low offers doesn't work; because I learned it from someone very close to me in San Francisco who owns {outright} 30 - 35 properties that way 


Sure it'll work sometimes. Other times it won't. ~shrug~ An investor wants to buy low and rent or sell high. A good investor does it often. Lowball a whole bunch of properties without purchasing one and yeah, you're going to piss people off (namely your Realtor). Does anyone like to work for free?

And remember, after you've found your property, she still has to work with the people you can now forget (namely other Realtors who now think she cannot give good advice to her buyers and will make life very difficult for her because they're still pissed).

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RE: Home purchase-mistakes and shrewd moves - 2/21/2007 7:06:47 PM   
SirKenin


Posts: 2994
Joined: 10/31/2004
From: Barrie, ON Canada
Status: offline 		See, that is the mistake people make.  You want a realtor that works for YOU.  Not that works for the seller.  Too often you get realtors that are worried about their own pockets, and the more they sell for, the higher their take.

If your realtor does not defend your best interests on a consistent basis to get you the best possible price, especially in a buyer's market, it is definitely time to ditch your realtor.  Listings go on a nationwide listing service.  You do not HAVE to have any particular realtor.  Shop around until you get one that is out for the one thing that really matters.  You.

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Profile   Post #: 31
RE: Home purchase-mistakes and shrewd moves - 2/21/2007 7:19:44 PM   
KenDckey


Posts: 4121
Joined: 5/31/2006
Status: offline
quote:

ORIGINAL: RWA Able

Then lets be real. A mobile home is not a house, but just a trailer without means of moving quickly.



ROFL   Might be but I bought mine 3 years ago for $25 and is now worth $57  

< Message edited by KenDckey -- 2/21/2007 7:21:49 PM >

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Profile   Post #: 32
RE: Home purchase-mistakes and shrewd moves - 2/21/2007 8:17:06 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline
quote:

ORIGINAL: SirKenin

See, that is the mistake people make.  You want a realtor that works for YOU.  Not that works for the seller.  Too often you get realtors that are worried about their own pockets, and the more they sell for, the higher their take.

If your realtor does not defend your best interests on a consistent basis to get you the best possible price, especially in a buyer's market, it is definitely time to ditch your realtor.  Listings go on a nationwide listing service.  You do not HAVE to have any particular realtor.  Shop around until you get one that is out for the one thing that really matters.  You.



locally most realtors insist on duo commission, w 1k minumin. a PA contract is 10 pages long. every section is read to the buyer/seller. 

i can kick azz w Chicagoland realtors. But here- it is a difffernet breed.  BTW- bumping is 99.99% never done here!

(in reply to SirKenin)
Profile   Post #: 33
RE: Home purchase-mistakes and shrewd moves - 2/22/2007 6:32:06 AM   
sub4hire


Posts: 6775
Joined: 1/1/2004
Status: offline 		Find someone you can trust to go over the home for you.  Inspectors aren't what they are cracked up to be in all states.
In some states, you can simply state you are an inspector and claim the fee.  That is moreless how it works here in NE.  If you have been a realtor for 2 years...suddenly you are qualified to inspect homes for a living.

I know personally they missed a whole lot when I bought this house.
Different states have different legislations regarding them.  Check it out before you put all of your faith in someone who may or may not even know how to do their job.

(in reply to pahunkboy)
Profile   Post #: 34
RE: Home purchase-mistakes and shrewd moves - 2/22/2007 9:03:06 AM   
stockingluvr54


Posts: 673
Joined: 6/22/2006
Status: offline 		I would highly recommend a FIXED 30 or 15yr loan....avoid those attractive adjustables or interest onlys....they'll hurt you in the long run.

Also remember that with only 5% down....you'll have to pay PMI (mortgage insurance) which ads up to quite abit after awhile. Keep in mind that once you have a 20% stake in your equity that you DON"T have to keep paying the PMI and it can be dropped. The mortgage co. is NOT going to offer this info (unless the laws have been changed?)...so it's up to you to recognize it and have it removed! Mortgage co. will just keep letting you pay this...greedy bastards....

Also get an amortization schedule that breaks down your FIXED loan and pay anything over your monthly bill on the priniple...pay as much as you can in the first 2/3 of the course of your loan and you'll be surprised at how many thousands you'll save in interest. The amortization schedule you put up on the ole frigerator door will show you exactly how much intersest you save by paying down your principle as much as possible during the first 1/3-2/3 of your loan. It's the suckers that just make the minimum payment every month. Of course if $ is tight and you can only pay the payment...then that's all you can do? But every extra nickol should be put on your principle....you'll save thousands!!!!

PS...if the interest rates fall a full point under your current rate....it's wise to pay the dough and refinance. That'll pay for itself and then some. General rule of thumb on refinance is it'll pay for itself if rate is a full point under your current rate....

Good luck!

< Message edited by stockingluvr54 -- 2/22/2007 9:07:13 AM >

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Profile   Post #: 35
RE: Home purchase-mistakes and shrewd moves - 2/22/2007 10:48:02 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline
quote:

ORIGINAL: stockingluvr54

I would highly recommend a FIXED 30 or 15yr loan....avoid those attractive adjustables or interest onlys....they'll hurt you in the long run.

Also remember that with only 5% down....you'll have to pay PMI (mortgage insurance) which ads up to quite abit after awhile. Keep in mind that once you have a 20% stake in your equity that you DON"T have to keep paying the PMI and it can be dropped. The mortgage co. is NOT going to offer this info (unless the laws have been changed?)...so it's up to you to recognize it and have it removed! Mortgage co. will just keep letting you pay this...greedy bastards....

Also get an amortization schedule that breaks down your FIXED loan and pay anything over your monthly bill on the priniple...pay as much as you can in the first 2/3 of the course of your loan and you'll be surprised at how many thousands you'll save in interest. The amortization schedule you put up on the ole frigerator door will show you exactly how much intersest you save by paying down your principle as much as possible during the first 1/3-2/3 of your loan. It's the suckers that just make the minimum payment every month. Of course if $ is tight and you can only pay the payment...then that's all you can do? But every extra nickol should be put on your principle....you'll save thousands!!!!

PS...if the interest rates fall a full point under your current rate....it's wise to pay the dough and refinance. That'll pay for itself and then some. General rule of thumb on refinance is it'll pay for itself if rate is a full point under your current rate....

Good luck!


ok- im pre-approved- 5.375% 30 yr fixed- 5% down 0 points

(in reply to stockingluvr54)
Profile   Post #: 36
RE: Home purchase-mistakes and shrewd moves - 2/22/2007 10:52:00 AM   
subfever


Posts: 2895
Joined: 5/22/2004
Status: offline
quote:

ok- im pre-approved- 5.375% 30 yr fixed- 5% down 0 points


Those are very attractive terms. Good luck with your closing!

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Profile   Post #: 37
RE: Home purchase-mistakes and shrewd moves - 2/22/2007 11:03:10 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline
quote:

ORIGINAL: subfever

quote:

ok- im pre-approved- 5.375% 30 yr fixed- 5% down 0 points


Those are very attractive terms. Good luck with your closing!



I need advice on how to get rid of icky oders. pet order-

Also- who do i want for homeowners insurance?

ild like to use an indoor/outdoor paint. what type paint is best? we are talking old platers walls.

Keep in mind the selller has to accept offer- as I offerred a lower then asking price.

HOw do i freeze my property taxes?

the locks are horrible on the place-

ohhhhhhhhhhhhhhh-BTW BTWWWWWWWWWWWWWW=- the place includes coal and mineral rights!!!!!!!!   most the area does NOT.  also- it is zoned taht if i want to put a shop business there- i can.  :-D~~~~

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Profile   Post #: 38
RE: Home purchase-mistakes and shrewd moves - 2/22/2007 11:32:58 AM   
stockingluvr54


Posts: 673
Joined: 6/22/2006
Status: offline 		5.3 is a good loan! The 30yr fixed will hopefully have your payments low enough to where you can pay extra each month and PAY DOWN THAT PRINCIPLE!!!!!

Don't forget that PMI once you have a 20% equity in your place....it'll save ya an extra 30-$40 per month!!!!

Don't think there's a damn thing you can do about your taxes...they're gonna go up no matter what......

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Profile   Post #: 39
RE: Home purchase-mistakes and shrewd moves - 2/22/2007 12:02:41 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline
quote:

ORIGINAL: stockingluvr54

5.3 is a good loan! The 30yr fixed will hopefully have your payments low enough to where you can pay extra each month and PAY DOWN THAT PRINCIPLE!!!!!

Don't forget that PMI once you have a 20% equity in your place....it'll save ya an extra 30-$40 per month!!!!

Don't think there's a damn thing you can do about your taxes...they're gonna go up no matter what......



theres a lock at 5.8.  with rates that cheap ild rather ride it out.  Ill needs insulation galore- and  probaly 100 gallons of paint.    the place is 2000 sq feet.  :-)

(in reply to stockingluvr54)
Profile   Post #: 40
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