I want to buy my house
- Thread starter Pam111
- Start date
That's a cute house. I hope you can get it as long as everything checks out. If you get a mortgage, the bank or mortgage co. will require an inspection and appraisal. If you don't go through a bank...if the owner will carry the contract, that might be a great way to go. But you should still get either an appraisal or a market analysis from a few realtors. (the seller can ask a few realtors for that for free) Or do your own research and see what similar properties have sold for recently in your area. Although it seems really cheap, maybe other properties have sold for cheap too. And you don't want to pay more than the market value or you can get into trouble later. I'd definitely get to know the market first and get it inspected. If the roof needs to be replaced or anything, negotiate that with the seller. Try not to have to pay for more than you have to. Good luck. I hope you get it. That would be so cool. Isn't it amazing how paying rent is often more than payments on a house? It is a super cute house. Hope it all workds out for you.
I have worked with realtors and was one at one time. They're not all bad. LOL. I was certainly very honest and my goal was always to bring the seller and buyer to a place where both were happy. They have a code of ethics and can't do certain naughty things legally or ethically or they'll be tossed out of the association of realtors, lose their license or get thrown in jail, in which case, they are pretty well screwed. There are real estate agents and there are realtors. Make sure they have a big "R" for Realtor. I've bought and sold houses several times, for my own place to live and as investments. Realtors usually do a better job imo than appraisers as far as arriving at a market price because they are very familiar with that particular area and deal with it all the time. So, if the seller asks for a few market analysis's, for you and him that you can see the comparables they'll print out for you, that will give you an idea if he's asking a fair market price. It would be a really bad investment if you pay more, so it's really important to have a good feeling for that.
I'd sit down with a mortgage representative and see if you qualify, what you'd have to do to prepare for a loan, if you're going that route. You might be able to do some things to improve your credit rating and income to expense ratio. They're very good at helping you prepare since they know what they'd require or a bank etc. You need to be able to satisry whoever is giving you a loan. Mortgage co. usually offer better deals than banks when it comes to real estate loans.
Don't be afraid to use these professionals. Go through a reputable company and trust your instincts when you meet them. You should also use a real estate attorney or realtor as a buyer's agent to make sure your contract is protecting you. Just recently, I've dealt with a few realtors and one who was the final one I used in my purchase. She was a lovely person...someone I'd want to know socially. She knew her stuff, was helpful and very honest.
I'd sit down with a mortgage representative and see if you qualify, what you'd have to do to prepare for a loan, if you're going that route. You might be able to do some things to improve your credit rating and income to expense ratio. They're very good at helping you prepare since they know what they'd require or a bank etc. You need to be able to satisry whoever is giving you a loan. Mortgage co. usually offer better deals than banks when it comes to real estate loans.
Don't be afraid to use these professionals. Go through a reputable company and trust your instincts when you meet them. You should also use a real estate attorney or realtor as a buyer's agent to make sure your contract is protecting you. Just recently, I've dealt with a few realtors and one who was the final one I used in my purchase. She was a lovely person...someone I'd want to know socially. She knew her stuff, was helpful and very honest.
The ethical ones are leaving as fast as they can, Dober. The real estate business has gotten so bad, and the realtor boards are pushing such dubious practices now that it's become a cesspool
The bright spot is that there are some flat rate realty companies beginning to emerge and that cuts out some of the propensity for abuse.
On the practical side, as soon as you bring a realtor into the equation, money is going to come out of your pocket to pay the commissions. It's not to the realtor's advantage to sell at the lower price, ever. The higher the price, the greater the commission, unless it's a flat rate.
The best answer is to hire a facilitator, which can be a realtor who agrees to act in that capacity, or a real estate attorney to handle the closing.
The bright spot is that there are some flat rate realty companies beginning to emerge and that cuts out some of the propensity for abuse.
On the practical side, as soon as you bring a realtor into the equation, money is going to come out of your pocket to pay the commissions. It's not to the realtor's advantage to sell at the lower price, ever. The higher the price, the greater the commission, unless it's a flat rate.
The best answer is to hire a facilitator, which can be a realtor who agrees to act in that capacity, or a real estate attorney to handle the closing.
If you decide to owner finance thru your landlord, get a title search done first and foremost. It isn't worth spending money on an inspection and appraisal if you can't get a clear title. 
I was a branch manager for one of the evil mortgage brokers for several year, even before all of the idiots and crooks ruined the mortgage industry for everyone. I am not going to give you loan advice as guidelines have all changed.
Go talk to a loan officer at your bank or cu. It should be free to get-pre-approved. He may charge you for a tri merge credit report. If you get a mortgage thru one of these they will do all the necessary work on the loan, you just need to give them money, time and everything they ask for. They will order appraisal, and should give you inspection info.
Good luck, looks like a great house for the price.
I was a branch manager for one of the evil mortgage brokers for several year, even before all of the idiots and crooks ruined the mortgage industry for everyone. I am not going to give you loan advice as guidelines have all changed.
Go talk to a loan officer at your bank or cu. It should be free to get-pre-approved. He may charge you for a tri merge credit report. If you get a mortgage thru one of these they will do all the necessary work on the loan, you just need to give them money, time and everything they ask for. They will order appraisal, and should give you inspection info.
Good luck, looks like a great house for the price.
You got out just in time, Linda . . . some of the stuff that's being pushed now is just . . . ugh. I don't think you have it in you to deal with it.
Mark is taking his broker training right now -- let's just say he has plans for his own operation that are going to have every realtor in the vicinity gunning for him, lol -- and he says he feels like he needs to go straight home and take a long bath to get the slime off. Before he retired his affiliate license he had a longer list of realtors and mortgage companies he would NOT work with than the ones he would, lol. It's a difficult business to be in now if you have any sense of ethics whatsoever.
Mark is taking his broker training right now -- let's just say he has plans for his own operation that are going to have every realtor in the vicinity gunning for him, lol -- and he says he feels like he needs to go straight home and take a long bath to get the slime off. Before he retired his affiliate license he had a longer list of realtors and mortgage companies he would NOT work with than the ones he would, lol. It's a difficult business to be in now if you have any sense of ethics whatsoever.
No not all realtors are bad and the good ones aren't all running away. our realtor was WONDERFUL and we still keep in touch with her and will use her again in the future. Everyone has bad experiences with someone in every field but don't be afraid to talk to different realtors and get a feel for them. We talked to a few different ones before we found the one we used and now we will use her from now on if we can.
This sounds like a GREAT opportunity for you guys I hope you can work it out
This sounds like a GREAT opportunity for you guys
I hope you can work it out Not are realtors are bad, some of my best friends are realtors. However, there is no need for one is situation. Why pay out an additonal 6% money for someone you don't need.
Renee, there have been times I have thought about going back into mortgages, or getting my real estate license, (which I may do one day, real estate is sort of fun) but right now I'm still not ready for it. I have thought about going to work for a bank as an L.O. If things ever get stable again I probably will do one of them. The last loan I did was the end of 2006. It was getting very hard. You would have your loan ready to close and the mortgage company would go under the next day, it just wasn't worth it anymore.
Renee, there have been times I have thought about going back into mortgages, or getting my real estate license, (which I may do one day, real estate is sort of fun) but right now I'm still not ready for it. I have thought about going to work for a bank as an L.O. If things ever get stable again I probably will do one of them. The last loan I did was the end of 2006. It was getting very hard. You would have your loan ready to close and the mortgage company would go under the next day, it just wasn't worth it anymore.
I can imagine, Linda.
Mark was going back through his records and checking foreclosures and was pretty proud of the fact that none of his people are in foreclosure. Of course, he didn't make the kind of money the other realtors made on the front end because there were people who were looking to buy houses they couldn't afford that he talked down, even though the lenders were okaying them for loans that they couldn't possibly handle.
No, not ALL realtors are rotten, it's just gotten harder and harder to find the ones that aren't.
Mark was going back through his records and checking foreclosures and was pretty proud of the fact that none of his people are in foreclosure. Of course, he didn't make the kind of money the other realtors made on the front end because there were people who were looking to buy houses they couldn't afford that he talked down, even though the lenders were okaying them for loans that they couldn't possibly handle.
No, not ALL realtors are rotten, it's just gotten harder and harder to find the ones that aren't.
Fila....the buyer doesn't pay the commission. The seller does IF he lists his house. In this case there wouldn't be any 6%. The seller can still ask a realtor to pull some comparables off the computer. They don't charge for this if they think there's a possibility of future listings. It's almost always a free service. They sometimes too, will help with paperwork as a buyer's agent for a smaller fee which can be negotiated and inserted into the purchase and sale agreement. Or a real estate attorney can be used to review all the contracts etc and hook you up with the escrow and title company for the part they will play. If you're not experienced with buying and selling, I highly recommend you have a real estate lawyer or real estate agent make sure your contract is good and protects you and that the process with all the other entities involved goes smoothly.