First time home buyer TELL ME EVERYTHING

We are looking into buying our first home.

I have no idea wtf im doing here.

Plz HALP.

Any general advice is appreciated.

Thanks in advance. Phone Post 3.0

Read home buying for dummies Phone Post 3.0

  1. Never trust real estate agents

    2. Get an inspection before you go through with closing on a house

    3. Never trust real estate agents.

SEX OFFENDER MAP

 

plug in the zip of whatever town you are interested in

 

http://www.familywatchdog.us/

You sign a shitload of stuff and have to upload or fax a bunch of forms that seem pointless. The process takes forever and ends up being more expensive than you bargained for somehow.

That's what buying a condo was like for me.

SallymeetsHarrySack - 1. Never trust real estate agents

2. Get an inspection before you go through with closing on a house

3. Never trust real estate agents.
This. Get an inspection and make sure the guy is good and thorough. And when you see the contract, see what the home owner includes in their list of stuff they want to take. Some will include tons of shit like faucets.

But the inspection is critical. Make sure they check for mold as well. Mold is something that can cost a ton of dough to clean out later. Phone Post 3.0

Stick to your budget, make sure one of your salaries can cover the mortgage and expenses and you should be able to maintain a very comfortable lifestyle and still build savings.
Good luck! Phone Post 3.0

Yea be ready to fax things you never thought you would need for mortgage.

The bank asked for the dumbest shit but my wife keeps a hard copy of E V E R Y T H I N G so it wasn't so bad.



Don't get a fixer upper unless you like doing that shit. Avoid septic tanks. Phone Post 3.0

TTT Phone Post 3.0

Where you at?

I just bought my first house in Westchester county in NY last July.

Really was stressful as fuck.

One piece of advice I could give is make sure you get a good inspector. We were all in on a house when we called in this inspector who found some major shit wrong with the house. Ended up walking away from that house and thank god cause it would have been the money pit.

House we ended up buying was much nicer, and the previous owners took meticulous care of the place.

Good luck bro! Phone Post 3.0

Don't bitch or argue. Just send the documents and send them quickly. Phone Post 3.0

Spend some time researching warning signs of a bad foundation. Spend time in the basement looking for any issues with the foundation. If you see an issue walk away no matter how much you like the house. In my opinion, foundation problems are too much to deal with.

Find out where the flood zones are in your area. Just because the disclosure and realtor says it's not in a flood zone doesn't mean it's true. Phone Post 3.0

if the bank asks for your bank statements for 6 months send them every page and don't be dumb and black out the account number with a sharpie. if we ask for every page we mean every fucking page. and why are you blacking out your account number, i already have your ssn and dob dummie.

you wonder why it takes so long? because asshats decide "well, the last page just has cancelled checks on it, they don't need that..." or "the last numbered page is blank, screw that..." and when it hits an underwriters desk they're now required to review EVERY FUCKING PAGE due to the feds getting balls deep in residential mortgage financing.

chances are you're going to be asked for the same documents 2 or 3 times, especially if you fax over documents.

and on that note, stop using fax machines. it's not 1992 anymore. download your bank statements in PDF form and send them over, have your CPA send us a PDF copy of your tax returns and invest 50 bucks in a scanner and scan your pay stubs and W2 forms and then email them over.

what's that? scanners and email is too complicated for you? don't buy a house than you fucking idiot, chances are you're not going to be able to figure out your homeowners policy or loan terms either.

SallymeetsHarrySack - 1. Never trust real estate agents

2. Get an inspection before you go through with closing on a house

3. Never trust real estate agents.
Never trust mortgage brokers either Phone Post 3.0

myersei -
SallymeetsHarrySack - 1. Never trust real estate agents

2. Get an inspection before you go through with closing on a house

3. Never trust real estate agents.
Never trust mortgage brokers either Phone Post 3.0

LOL how so? the process completely changed in october of last year.

what, EXACTLY, should the buyer not trust about a mortgage broker?

 

Mr. Wright -

if the bank asks for your bank statements for 6 months send them every page and don't be dumb and black out the account number with a sharpie. if we ask for every page we mean every fucking page. and why are you blacking out your account number, i already have your ssn and dob dummie.

you wonder why it takes so long? because asshats decide "well, the last page just has cancelled checks on it, they don't need that..." or "the last numbered page is blank, screw that..." and when it hits an underwriters desk they're now required to review EVERY FUCKING PAGE due to the feds getting balls deep in residential mortgage financing.

chances are you're going to be asked for the same documents 2 or 3 times, especially if you fax over documents.

and on that note, stop using fax machines. it's not 1992 anymore. download your bank statements in PDF form and send them over, have your CPA send us a PDF copy of your tax returns and invest 50 bucks in a scanner and scan your pay stubs and W2 forms and then email them over.

what's that? scanners and email is too complicated for you? don't buy a house than you fucking idiot, chances are you're not going to be able to figure out your homeowners policy or loan terms either.

lol

we send PDFs of every tax return to the client for these exact situations

 

i'd say that at least 60% of them will still call me to send them tax returns "ASAP or else i wont get the mortgage" anyway

 

then i just forward them the original email i sent to them with the attachment

you'd think they'd get it after i do that to them the 1st time...but we have clients that repeatedly ask me to send them copies.....i've forwarded the same orig email for the 5th time for one guy recently

Mortgage Industry slow clap for Mr Wright

Most home inspectors are useless and not a damn thing they report is legally binding. You will need one for legal reasons if the purchase goes sideways because even though they can't be held responsible for missing something, lawyers always want to know if there was a home inspection. but do your own research on the house and handhold the inspector through the house inspection. In short home inspection not legally binding to inspector but may be legally useful to you if shady shit happens. Phone Post 3.0

BubblesNS - Most home inspectors are useless and not a damn thing they report is legally binding. You will need one for legal reasons if the purchase goes sideways because even though they can't be held responsible for missing something, lawyers always want to know if there was a home inspection. but do your own research on the house and handhold the inspector through the house inspection. In short home inspection not legally binding to inspector but may be legally useful to you if shady shit happens. Phone Post 3.0

Do research and get a good home inspector. The one my sister got prevented her from having to dump cash into a money pit. Also don't trust the real estate agent even if they claim to represent you.

What area are you in?