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Thread: Ot: made an offer on a house

  1. #1

    Ot: made an offer on a house

    i'd be a first time home buyer...

    my wife and i put an offer on the first house we looked at.

    i have been waiting all day to hear from the realtor...


    its killing me!

    anyone have any mortgage advice or tips?

  2. #2
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    Depends on where you are buying and what you are buying. PM me if you have any questions at all and good luck to you and your wife.

  3. #3
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    Quote Originally Posted by IdRatherBPlaying
    i'd be a first time home buyer...

    my wife and i put an offer on the first house we looked at.

    i have been waiting all day to hear from the realtor...


    its killing me!

    anyone have any mortgage advice or tips?
    One thing to be careful of if you are a first time buyer. Realtors sometimes try to convince you to take an adjustable rate mortgage in order to qualify. Not a good idea, especially in today's economy where rates could very well go up in the future.

  4. #4
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    congrats, good luck....

    unless you are really pressed for time, keep looking while you negotiate with this owner, sometimes these deals drag out for months, I've even seen them fall apart on closing day !

    Its turning into a buyers market, you should be able to let them know you are looking at 3-4 homes and they need to meet your offer.

    .02

  5. #5
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    If its not your dream house i.e. a house, I would do some kind of arm i.e. a 5 or 7 year. Good luck. Remember, if you don't win, there are a lot more houses out there. Don't get too down. We lost out on two houses and with the first one, I felt like someone died.

  6. #6
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    I haven't done any homework on it yet but I'll be in the same predicament this year... Isn't there a program whereby 1st time buyers can lock into a fairly low rate? SUNY May or something like that?

    When the time comes I'm sure I'll be scouring the internet trying to find any break I'd by eligible for as a 1st time buyer. Anyone know if I can work the hispanic angle in there somehow? I don't want a handout but would be a fool not to utilize what's out there....

  7. #7
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    I think fannie mae is the first time buyer program ?

  8. #8
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    Quote Originally Posted by samwise
    I think fannie mae is the first time buyer program ?
    that's the one... just googled it.

  9. #9
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    Quote Originally Posted by IdRatherBPlaying
    i'd be a first time home buyer...

    my wife and i put an offer on the first house we looked at.

    i have been waiting all day to hear from the realtor...


    its killing me!

    anyone have any mortgage advice or tips?
    Wishing you lots of luck on the house

  10. #10
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    I'm a loan officer, with 15 years experience.

    Feel free to pm me with any difficult questions. I am not licensed in NY, but I just helped my clients with a multiple-home transaction that landed them in Dobbs Ferry, in a great 3 bedroom.

    And as Lester Lyles says, an Intermediate ARM is great. Within 7 years you could have some nice equity.

    Have you been prequalified? Credit pulled? How much help has the Realtor given you?

  11. #11
    thanks for all the responses guys,

    i am buying in PA and went with a 30 year fixed at 5.875%

    the house is way more "house" than we need but it is at the price we were looking for... its really unbelievable.

    there were 8 offers so its gonna be tight.

    we had to offer over 3% more than asking price...

  12. #12
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    my GF is a processor, let me know if u need a mortgage broker with a jet discount.

  13. #13
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    Advice

    I was a realtor for 8 years a long time ago when the market stunk. Not all realtors are bad. Mostly they are good and honest people. It depends on where you live.

    Rule #1 - Never gets a loan from a CA bank. When times are bad they are ruthless and have the highest foreclosure rate.

    Rule #2 - If you don't trust your realtor get another one. Real Estate lawyers SUCK (unless there Jet Fans) they get paid whether the deal closes or not. The realtor makes sure all the problems get solved; they only get paid if the house closes. And you only go back or give referrals if they do a good job. Note: There are bad realtors too but I've had a harder time finding a good lawyer.

    Rule #3 Test your real estate agent. Ask Him/Her questions that you already know the answer to.


    Good Luck!!!

  14. #14
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    What Part of PA?

    Quote Originally Posted by IdRatherBPlaying
    thanks for all the responses guys,

    i am buying in PA and went with a 30 year fixed at 5.875%

    the house is way more "house" than we need but it is at the price we were looking for... its really unbelievable.

    there were 8 offers so its gonna be tight.

    we had to offer over 3% more than asking price...

    I'm in Lehigh Valley!!!

  15. #15
    Quote Originally Posted by TheMacExchange
    I'm in Lehigh Valley!!!

    abington

  16. #16
    Charter JI Member
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    The first thing you need to do is rent the following movies...

    1. Mr. Blandings Builds his Dream House
    2. The Money Pit


  17. #17
    Quote Originally Posted by TheMacExchange
    I'm in Lehigh Valley!!!
    I am just north of there. Spend most of my time there though.

  18. #18
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    Keep an Even Keel and Keep On Making Bids...

    Quote Originally Posted by IdRatherBPlaying
    i'd be a first time home buyer...

    my wife and i put an offer on the first house we looked at.

    i have been waiting all day to hear from the realtor...

    its killing me!

    anyone have any mortgage advice or tips?
    I just closed on a house a month ago. We saw 39 houses over a 4 month span and bid on 5 of them, 1 bid was outright rejected and 3 deals were working toward contract but fell through. This is a fustrating process. Do not fall in love with a house. It clouds your judgment. Don't get too happy or too sad about the process. The homeowner is most likely accepting bids from other prospective buyers. They may very well reject your bid and go with someone elses. It happens. Just keep on looking.

    Whenever your bid is accepted, get ready to set up for an engineer's inspection. This is greatly important because the engineer will review the house and inform you of major issues. He or she can't tell you everything that's wrong with the house because, in all likelihood, there are items obstructing his or her view. It is so true when someone says that "no house is perfect." They aren't. You have to be comfortable with a certain level of "damage" to a house.

    On mortgages. Go with the 30 year fixed. Mortgage rates fluxuate so it's better to have a fixed number. Mind you, taxes and utilities will always be on the rise so it's important to keep that mortage payment (principal & interest) at a number you'll know will be there for three decades.

    Sorry if I was redundant of other posters. Just some thoughts to help.

  19. #19
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    Something to look at is a 15 year motgage - if there's any way you can squeeze the extra $$$ in, go for it. Even if it puts a crimp on things at first, that # never changes unless your taxes or insurance go up.

    If you do this, you'll be amazed at how quickly you get used to paying that amount every month, particularly because while that number stays more or less the same, you should make more money year after year - you'd be amazed at how quickly you look at a once unsurmountable number as nothing. And to have your house paid off in half the time is sweet.

    I'm 36 years old and I have just 7 years left to pay on my home. It's a nice feeling.

  20. #20
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    Quote Originally Posted by TheMacExchange
    Real Estate lawyers SUCK they get paid whether the deal closes or not. The realtor makes sure all the problems get solved; they only get paid if the house closes.
    I respectfully disagree. The LAWYER is the ONLY one representing YOUR interests. REMEMBER, a real estate agent DOES NOT REPRESENT YOU. The Agent gets paid MORE if you PAY MORE. They have NO incentive to get you a deal. My lawyer found language in my Agents Purchase and Sale that was ridiculous and PROTECTED THE AGENT not me.

    Agents will do ANYTHING to close a deal. LAWYERS make sure YOUR interests come first. Look I hate lawyers as much as next guy but you need one in this case. Think about it. Its the biggest purchase of your life and you'll be paying for 30 years. Shouldn't you have one person who is representing only you? If you end up not closing, there may be a good reason and a lawyer may haved SAVED you from a huge mistake.

    And NEVER go with mortgage broker recommended by Agent. Ask around.

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