quote:

ORIGINAL: DomKen

Get the house inspected by a professional. I've known a number of people who didn't who found themselves stuck with a bunch of repairs that an inspector would have caught before closing.

After that go visit the house without the realtor at different times of the day and night and on the weekends. If the neighbors are unpleasant for some reason or the house is under an airport approach pattern or some such you want to know this before closing.

quote:

ORIGINAL: cjenny

quote:

ORIGINAL: DomKen

Get the house inspected by a professional. I've known a number of people who didn't who found themselves stuck with a bunch of repairs that an inspector would have caught before closing.

After that go visit the house without the realtor at different times of the day and night and on the weekends. If the neighbors are unpleasant for some reason or the house is under an airport approach pattern or some such you want to know this before closing.

Don't use a home inspector that the realtor suggests, use an impartial one. Go thru the house with him, even down into the crawl space if you have one.
Visiting the home during different times of day is a fantastic suggestion and one that I will remember!
I went to the local police and asked about the neighborhood, any problems that recur such as drugs or out of control teens ick lol.
If you are looking for something you assume you will sell (which most houses are, few are purchased forevah) then make sure the school system is good, that makes a home sell easier.

Remember too, even if you fall in love with the perfect house it isn't perfect if you can't sell it later.

Be aggressive about non-cosmetic issues, the cosmetic ones don't matter but the plumbing does.

quote:

ORIGINAL: cyberdude611

The hardest part about buying a home is not picking out the right one...but dealing with the bank. Once you get to that stage, you'll know what I mean.

quote:

PS: I would kill for a riverfront home that I have a chance at

quote:

ORIGINAL: pahunkboy

Ok- good- good.  I have the mortgage lady that KNOWs programs for disabled. I met with her today. I picked out an attorny for closing- the cheap one is $450, $700 for the better title insurance. I picked out the realtor- known her 20 years.

The county has $3500.00 to throw in for closing costs.

Price of this place is $35k.

Needs 10-12k  to make it nice. This from my brother.

I will need 5% down.

I have 12k mattress money. this can do the repairs.

5% of 35k is....under 2k.  meanwhile the neighbor wants easement for his parking- he offerred 5k. I said no way. $500 a year. [to defray my water and sewer bill]  people fist fight over parking spaces when it snows in that town. so off street parking is prime.

quote:

ORIGINAL: pahunkboy

Im en route to purchase a money pit. ERR I mean a house.

I want to pick your brain on the aspects of it. The good the bad, and the ugly.

What the, bank, realitor, attorney WONT tell me.

Unleash you learning episode.

PS: I would kill for a riverfront home that I have a chance at. I will have a spare bedroom too.

quote:

ORIGINAL: cjenny

Don't use a home inspector that the realtor suggests, use an impartial one. Go thru the house with him, even down into the crawl space if you have one.
Visiting the home during different times of day is a fantastic suggestion and one that I will remember!
I went to the local police and asked about the neighborhood, any problems that recur such as drugs or out of control teens ick lol.
If you are looking for something you assume you will sell (which most houses are, few are purchased forevah) then make sure the school system is good, that makes a home sell easier.

Remember too, even if you fall in love with the perfect house it isn't perfect if you can't sell it later.

Be aggressive about non-cosmetic issues, the cosmetic ones don't matter but the plumbing does.

quote:

ORIGINAL: MstrssScarlet

quote:

ORIGINAL: cjenny

Don't use a home inspector that the realtor suggests, use an impartial one. Go thru the house with him, even down into the crawl space if you have one.
Visiting the home during different times of day is a fantastic suggestion and one that I will remember!
I went to the local police and asked about the neighborhood, any problems that recur such as drugs or out of control teens ick lol.
If you are looking for something you assume you will sell (which most houses are, few are purchased forevah) then make sure the school system is good, that makes a home sell easier.

Remember too, even if you fall in love with the perfect house it isn't perfect if you can't sell it later.

Be aggressive about non-cosmetic issues, the cosmetic ones don't matter but the plumbing does.

You are absolutely right about finding an impartial inspector!!!  The last house we bought, we used an inspector recommended by the realtor.  He missed some things that cost us big time.  Even the neighbors knew more than he did.  (I believe someone made a suggestion reguarding this as well.)  One of the neighbors told me that the gutter on the front of the house had already come off once and the single male living there previously was known for making haphazard repairs.  I brought it up to the inspector (who was still there) and he claimed it was no big deal.  I could see a dent in it from the ground, even though it was a two story house.  I should have stuck to my guns.  In less than a year the gutter broke loose and almost smashed one of the new windows we had put in.  I called the inspector and he actually laughed about it!  Wasn't laughing after I talked to a lawyer......
Mistress Scarlet

Edited to add:  Check the credentials on the inspector.  In this area, almost anyone can call themselves a home inspector and there's no law against it.

quote:

ORIGINAL: UtopianRanger

quote:

ORIGINAL: pahunkboy

Im en route to purchase a money pit. ERR I mean a house.

I want to pick your brain on the aspects of it. The good the bad, and the ugly.

What the, bank, realitor, attorney WONT tell me.

Unleash you learning episode.

PS: I would kill for a riverfront home that I have a chance at. I will have a spare bedroom too.

Shrewd is the key word here my friend. I own four homes{outright} and I got every one of them by being unabashed and intuitively smart.

The best piece of advice I can offer you is to make friends with the realtors but don't listen to them. Use them as a tool to find the houses but don't listen to their strategy and good manners. It's a buyers market in many places and you can come in real LOW sometimes and pick something up for much cheaper than what these realtors might ever think.

The last house I purchased, a realtor told me that my low ball offers would insult the sellers and give me a bad reputation with other realtors.... I politely disregarded her advice and told her to put the offer in any way. It turned out that the buyers {a brother and sister} were a bunch of dopeheads that just inherited the house from their mother that passed away. All they wanted was the money so they could go out and party and buy more crack. I came with an offer twenty percent below what most folks would have offered - They didn't even counter back!!  They took the money!!!

After the sale was over I took the realtor out to dinner, patted her on the back and told her what a wonderful job she had done. We're friends. But had I listened to her advice....I mighta been 25 -35 k poorer. Remember.... you can never fully know what the seller’s situation is.....so come in REAL low and you might just surprise yourself. Sure you’re gonna make a few people mad….and some will even think you’re a cheapskate…. But who the hell cares?  Getting the house for as cheap as possible is your main objective.

I'd tell ya to be very patient and relaxed..... In today’s market were the foreclosure rate is starting to skyrocket, there's many good deals on the horizon my friend.

The other advice given to you here is very solid. If you buy something with a rotten foundation you could be in trouble


Good luck.



- R


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