they have first time home buyer classes you can take that area really helpful.

 

how do you know what you can and can't afford?

 

make sure it has a roof.

 

I own a clock radio and an oscillating fan, but not a home. fml.

 

Buy low sell high.

 

post pics? :chuckles:

 

sorry, i'm mildly retarded (and was hungover.)

so homes in our price range are not new and some are the typical "handyman's" dream. so, i guess i'm looking more for other's experiences during their first time homebuying experience, what was good, what went wrong, what you changed the second time around. also, i've heard that most of the time being your first home you have to have an escrow account - i'd rather pay taxes in a lump sum. i am going to the class but it is not until july 21/22 and i'm impatient.

and i will make sure it has a roof, was about 4th on my list of "must haves" for a home

 

go take a class...there seems to be a lot for you to learn...or at least talk to a friend who is knowledgable. my advice for now...look into first time buyer loans, I got a $30k loan, payments and interest deferred for 5 years...3% after. that is a hell of a deal . also what you are talking about is called an impound loan...they lump your taxes and insurance in with your monthly mortgage. there are pros and cons to that depending on your habits. you should get a lower rate with an impound loan...youre forced to pay it monthly so there isn't a big surprise twice a year. down side is that it ties up your money.

also finding a good realtor or agent is key! they can make the experience a pleasure or a pain iin the ass.

 

troof

Find a realtor with a GRI or an ABR after his/her name. GRI = 90 hour coursework in all aspects of real estate sales. ABR = buyer specialist with an emphasis on answering buyer/first-timer questions.

For the life of me, I can't figure out why you wouldn't want to escrow your taxes. They won't over-charge you, and it's just one less thing to worry about. Even if you pay it in a lump annually or bi-annually, you'll still need to set it aside every month if you don't want a financial kick to the balls every once in a while. That said, I pay my insurance on my own, but it's pretty durn cheap.

The two major stress moments for most buyers are 1) offer time and 2) inspection time. If you're looking at distressed property, be prepared to find a lot wrong and sellers that aren't particularly willing to fix anything. Get estimates and make sure you can afford fix-up before you decide on a house.

Also, always have a cash reserve of at least a few thousand dollars in case something goes wrong. If you only have, say, $25k in the bank to buy a house, don't put down more than $23k after closing costs, because something will probably come up in the first year (for me, it was freezing pipes, but there are always surprises). If this isn't a possiblility, buy a home warranty (or ask the seller to buy you one). It's about $300, and it covers all major appliances including furnace in case anything breaks in the first year.

 

I decided not to do an impound loan because I didn't want that extra $400 tied up every month. if for some reason something comes up one month and can't make that $400 you can stretch another month to make up for it without any penalties. granted, you have to be pretty disciplined with money to do this. but being okay with having your money tied up is pretty much bottom line with not getting impounds.

and the seller actually bought me a home warrenty. I hope the water heater and furnace breaks soon :uhhok: :shh:

hell, let's hope the stove and fridge goes too