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Posted: 5/18/2016 8:33:30 PM EDT
[#1]
Quoted:
first home purchase. put in an offer on my first house. VA loan. anything i should keep in my mind. while going thru this process? It is business. |
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Posted: 5/18/2016 8:40:08 PM EDT
[#2]
Make sure your interest rates are fixed and can be lowered if the rates go down. Real Estate people, as nice as they are, are still making a buck on you. If they tell you someone else is bidding on it make them show you. It's your money.
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Posted: 5/18/2016 8:41:10 PM EDT
[#3]
Watch out for tornados...
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Posted: 5/18/2016 8:43:48 PM EDT
[#4]
If you're buying a house that's a fixer upper, you're going to have a tough time with a VA loan. They have strict inspections and appraisals. I just sold my house to a couple using a VA loan, fortunately we didn't have to fix much.
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Posted: 5/18/2016 8:46:21 PM EDT
[#5]
Nice. I know some people don't get homes inspected (which is crazy to me, I am young, don't know a whole lot about every single thing, and a second look by someone else is a good idea). Cost me 275 for the house I was looking at. This was my first time too. I close on Friday... just two more days and I'll be king of my domain.
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Posted: 5/18/2016 8:51:25 PM EDT
[#6]
home was redone in 2009 i believe. its an older home (1900) but updated. will be getting a home inspection done forsure.
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Posted: 5/18/2016 8:59:27 PM EDT
[#7]
This probably won't be your first offer, don't get attached to the house until you're in it.
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Posted: 5/18/2016 8:59:39 PM EDT
[#8]
Quote HistoryQuoted: Nice. I know some people don't get homes inspected (which is crazy to me, I am young, don't know a whole lot about every single thing, and a second look by someone else is a good idea). Cost me 275 for the house I was looking at. This was my first time too. I close on Friday... just two more days and I'll be king of my domain. - The inspector will find some things wrong. There's something wrong with every house. He'll probably find a bit of rotten wood. - If you don't know an inspector, real estate agents are good sources to find an inspector. - Ask the inspector to meet you there when he does the inspection. Be nice. Tell him this is your first house. Tag along, ask him questions, but don't be a pain. When he's finished, ask him to review the findings with you. (Example: his written report may say that the range doesn't work. He may tell you verbally that one eye doesn't work.) Enjoy your new home! |
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Posted: 5/18/2016 9:04:11 PM EDT
[#9]
If that offer hasn't been accepted by now the house is likely sold already.
Around here anything under $200K is selling in hours over asking price with several offers. |
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Posted: 5/19/2016 1:16:01 PM EDT
[#10]
Quote HistoryQuoted:
If that offer hasn't been accepted by now the house is likely sold already. Around here anything under $200K is selling in hours over asking price with several offers. Around here nice houses at good prices sit vacant for months and even years. They countered we countered . We will see. . |
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Posted: 5/19/2016 1:31:12 PM EDT
[#11]
If you can afford the higher monthly payment get a 15 year mortgage.
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Posted: 5/19/2016 1:58:31 PM EDT
[#12]
Quoted:
first home purchase. put in an offer on my first house. VA loan. anything i should keep in my mind. while going thru this process? Most personally invasive process ever. |
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Posted: 5/19/2016 2:17:15 PM EDT
[#13]
Quote HistoryQuoted:
. I close on Friday... just two more days and I'll be king of my domain. until the first prop tax bill shows up peasent |
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Posted: 5/19/2016 2:20:55 PM EDT
[#14]
Quoted:
first home purchase. put in an offer on my first house. VA loan. anything i should keep in my mind. while going thru this process? Make them fix everything you find wrong with it. The VA inspection should identify most of the issues - they will scrutinize more heavily than a typical home inspector would. The VA home inspection process is a lot harder to clear than others. I have sold two homes to VA purchasers. Both were immaculate, but minor problems were found both times and had to be fixed before any loan was approved. So, go ahead and be very picky. |
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Posted: 5/19/2016 2:23:12 PM EDT
[#15]
Quote HistoryQuoted:
until the first prop tax bill shows up peasent Quote HistoryQuoted:
Quoted:
. I close on Friday... just two more days and I'll be king of my domain. until the first prop tax bill shows up peasent Oh please. Renting has property taxes, too. Built into the price of the lease. OP it's a process. At this point, keep in mind the inspection period (10 days?). Decide on home, wdo, and septic if applicable. It will be a bargaining chip depending on results. The point of an inspection is to find major issues ($1,000+) and how many and what kind. |
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Posted: 5/23/2016 11:16:59 PM EDT
[#16]
They accepted the offer :) should be a lot more "wtf am I doing" moments in the future.
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Posted: 5/23/2016 11:25:16 PM EDT
[#17]
Congrats and have fun! Learn to do everything or make enough to pay someone else to do it.
 I got the keys and moved into this place on the day before Thanksgiving 1993. My first and last real estate unless something drastic happens in one direction or the other from here on out.
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Posted: 5/23/2016 11:26:52 PM EDT
[#18]
Quote HistoryQuoted:
If that offer hasn't been accepted by now the house is likely sold already. Around here anything under $200K is selling in hours over asking price with several offers. Same around here , all selling for full list usually or a few thousand over list |
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Posted: 5/23/2016 11:31:26 PM EDT
[#19]
Quote HistoryQuoted:
Same around here , all selling for full list usually or a few thousand over list Quote HistoryQuoted:
Quoted:
If that offer hasn't been accepted by now the house is likely sold already. Around here anything under $200K is selling in hours over asking price with several offers. Same around here , all selling for full list usually or a few thousand over list Same here. |
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Posted: 5/23/2016 11:32:10 PM EDT
[#20]
FPNI
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Posted: 5/25/2016 8:38:54 AM EDT
[#21]
Quote HistoryQuoted:
They accepted the offer :) should be a lot more "wtf am I doing" moments in the future. I'm sure you know this, but the inspection period starts from the time they accept the offer. Depending on the age, a 4-pooint inspection may be necessary and is not always included in the home inspection automatically. All inspections needs to be completed and written up for you to understand any major issues. Once you have an idea of the issues, there are a few options. Move forward without any changes, get out of the deal completely (this option implicitly ends on the last day of the inspection period), or figure out who is going to fix the issues and/or change the price of the purchase to offset needed repairs. Some repairs need to happen before closing in order for the financing to come through. Banks don't want a bad asset. As of today, all inspections should already be scheduled to be completed, typed out, and given to you no later than two days before the inspection period ends. |
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Posted: 5/25/2016 11:26:56 AM EDT
[#22]
Good luck OP!
We are closing on our first house on June 9th. |
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Posted: 5/25/2016 11:37:47 AM EDT
[#23]
If you get paid bi-weekly, set up your payments so you're paying 50% of a monthly payment every 2 weeks. That'll end up being a full extra payment every year. Throw in a little extra if you can, too.
On a 30 year note, the bi-weekly 1/2 payment method is supposed to knock up to 7 years off of the loan payoff time. I get paid every 2 weeks, so I switched to doing that, plus a little extra which will add up to about another full payment worth going toward the principle amount. |
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Posted: 6/1/2016 6:28:45 AM EDT
[#24]
It's quiet in here. Too quiet
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Posted: 6/1/2016 6:31:56 AM EDT
[#25]
1) It'll cost more than you expect when you factor in the closing costs. 2) You'll have to buy more stuff that you never thought about needing before once you move in. 3) You'll find all sorts of "how did I miss that?" problems. It'll be fun as long as you prepare yourself mentally. |
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Posted: 6/1/2016 6:37:59 AM EDT
[#26]
Quoted:
first home purchase. put in an offer on my first house. VA loan. anything i should keep in my mind. while going thru this process? show around for loans. Even VA loans. I got a 3.25 30 year VA loan with 10% down last month. USAA was at 3.75. Be prepared to spend extra up front for extra inspections. If you have a 10% disability or more they will waive the VA fee. VA is a lot better for loans now than it was in 2001. |
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Posted: 6/1/2016 6:39:33 AM EDT
[#27]
Quote HistoryQuoted:
Oh please. Renting has property taxes, too. Built into the price of the lease. OP it's a process. At this point, keep in mind the inspection period (10 days?). Decide on home, wdo, and septic if applicable. It will be a bargaining chip depending on results. The point of an inspection is to find major issues ($1,000+) and how many and what kind. Quote HistoryQuoted:
Quoted:
Quoted:
. I close on Friday... just two more days and I'll be king of my domain. until the first prop tax bill shows up peasent Oh please. Renting has property taxes, too. Built into the price of the lease. OP it's a process. At this point, keep in mind the inspection period (10 days?). Decide on home, wdo, and septic if applicable. It will be a bargaining chip depending on results. The point of an inspection is to find major issues ($1,000+) and how many and what kind. I don't pay the rent, I get evicted and get a new rental. I don't pay property taxes, I lose my house and all equity. Yuge difference. |
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Posted: 6/1/2016 6:49:13 AM EDT
[#28]
Quote HistoryQuoted:
I don't pay the rent, I get evicted and get a new rental. I don't pay property taxes, I lose my house and all equity. Yuge difference. Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
. I close on Friday... just two more days and I'll be king of my domain. until the first prop tax bill shows up peasent Oh please. Renting has property taxes, too. Built into the price of the lease. OP it's a process. At this point, keep in mind the inspection period (10 days?). Decide on home, wdo, and septic if applicable. It will be a bargaining chip depending on results. The point of an inspection is to find major issues ($1,000+) and how many and what kind. I don't pay the rent, I get evicted and get a new rental. I don't pay property taxes, I lose my house and all equity. Yuge difference. 
It is way too early for you to be doing your thing. |
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Posted: 6/1/2016 6:55:08 AM EDT
[#29]
Quote HistoryQuoted:
It is way too early for you to be doing your thing. Its never too early for the truth! I hate property taxes. diabolical. |
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Posted: 6/1/2016 9:07:15 AM EDT
[#30]
Quote HistoryQuoted:
I don't pay the rent, I get evicted and get a new rental. I don't pay property taxes, I lose my house and all equity. Yuge difference. Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
. I close on Friday... just two more days and I'll be king of my domain. until the first prop tax bill shows up peasent Oh please. Renting has property taxes, too. Built into the price of the lease. OP it's a process. At this point, keep in mind the inspection period (10 days?). Decide on home, wdo, and septic if applicable. It will be a bargaining chip depending on results. The point of an inspection is to find major issues ($1,000+) and how many and what kind. I don't pay the rent, I get evicted and get a new rental. I don't pay property taxes, I lose my house and all equity. Yuge difference. Or you could sell it before you lose it. 
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Posted: 6/1/2016 9:27:44 AM EDT
[#31]
Quote HistoryQuoted:
Or you could sell it before you lose it. Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
Quoted:
. I close on Friday... just two more days and I'll be king of my domain. until the first prop tax bill shows up peasent Oh please. Renting has property taxes, too. Built into the price of the lease. OP it's a process. At this point, keep in mind the inspection period (10 days?). Decide on home, wdo, and septic if applicable. It will be a bargaining chip depending on results. The point of an inspection is to find major issues ($1,000+) and how many and what kind. I don't pay the rent, I get evicted and get a new rental. I don't pay property taxes, I lose my house and all equity. Yuge difference. Or you could sell it before you lose it. Nothing like the government making me an offer i cant refuse Posted Via AR15.Com Mobile |
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Posted: 6/1/2016 11:09:13 AM EDT
[#32]
Quote HistoryQuoted:
If that offer hasn't been accepted by now the house is likely sold already. Around here anything under $200K is selling in hours over asking price with several offers. Where is here? I sold a House in KY last year took months and barley broke even. New house only 2 years old. |
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Posted: 6/1/2016 11:12:00 AM EDT
[#33]
Have patience it won't happen over night. You have to get your inspection done and then you have the appraisal. if it moves quick I would say 4 weeks but would plan on 5 to 6 weeks. That's all I got.
Congrats!! ETA: I fail.... I finally looked at the dates.. |
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Posted: 6/5/2016 8:50:07 PM EDT
[#34]
inspection was done. nothing big showed up. got my intent to proceed paperwork.
no idea when the appraisal will happen but thats up to the bank. im ready to go go go. but i know i need to just be patient because it all takes time. |
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Posted: 6/5/2016 8:59:31 PM EDT
[#35]
Yeah, don't get stressed out....I did for no reason, but that was a long time ago.
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Posted: 6/5/2016 9:01:31 PM EDT
[#36]
Quote HistoryQuoted:
Make sure your interest rates are fixed and can be lowered if the rates go down. Real Estate people, as nice as they are, are still making a buck on you. If they tell you someone else is bidding on it make them show you. It's your money. .??????.?.If they are fixed, how can they go down? |
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Posted: 6/5/2016 9:05:08 PM EDT
[#37]
Quoted:
first home purchase. put in an offer on my first house. VA loan. anything i should keep in my mind. while going thru this process? Hire the home inspector from hell and have then spend and entire day searching the house for issues. Don't blindly go with the one your realtor uses. Ask around, get references, and hire the pickiest bastard on Earth. I went with the one my realtors office used... I'm convinced he pencil whipped it...and I ended up buying an absolute shitshow of a house while I trusted his "inspection." This reminds me, it's time to scour the internet for places to give that company some more 1 star reviews. It's been a couple years. |
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Posted: 6/5/2016 10:03:30 PM EDT
[#38]
Quote HistoryQuoted:
Hire the home inspector from hell and have then spend and entire day searching the house for issues. Don't blindly go with the one your realtor uses. Ask around, get references, and hire the pickiest bastard on Earth. I went with the one my realtors office used... I'm convinced he pencil whipped it...and I ended up buying an absolute shitshow of a house while I trusted his "inspection." This reminds me, it's time to scour the internet for places to give that company some more 1 star reviews. It's been a couple years. Quote HistoryQuoted:
Quoted:
first home purchase. put in an offer on my first house. VA loan. anything i should keep in my mind. while going thru this process? Hire the home inspector from hell and have then spend and entire day searching the house for issues. Don't blindly go with the one your realtor uses. Ask around, get references, and hire the pickiest bastard on Earth. I went with the one my realtors office used... I'm convinced he pencil whipped it...and I ended up buying an absolute shitshow of a house while I trusted his "inspection." This reminds me, it's time to scour the internet for places to give that company some more 1 star reviews. It's been a couple years. i used my inspector. who is also the building and code inspector for 10 cities and 4 counties in the area... and i talk to him a couple times a week at work... if i was going to trust anyone it would be him.  he did find some stuff. but nothing out of the ordinary for a 100+yo house. couple cheap things but really nothing that needed attention asap or raised a red flag.
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