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#1 |
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My wife and I are going to begin house shopping when I return home on leave. The only thing is I don't know where to start. There is so much out there and I just want to make sure my family gets the best. I see houses being sold at $250k and people make offers of up to $310k on houses (or so the listing agent says). How can I make sure my offer(s) go through....put
$5k for earnest money? It's just so many questions and so much out there it's insane. At least we have made up our mind that we want to live in Temecula, CA out in Riverside County. Anyone know where I can start? I've already been on Realtor.com and Zillow and seen some houses and my wife has gone and seen the residences in person as well. Also does the VA loan mean anything nowadays? Hopefully it makes the banks pick the individual with it because it is guaranteed money from the gov't. Sorry to ramble on all over the place but I'm just real excited and at the same time lost and nervous. Any help would be appreciated. |
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#2 |
Rider on the storm.
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The VA loan is still a good thing. You do your paperwork with the VA, get the form back from them saying that your loan is guaranteed and pre-approved up to a set amount and you shouldn't have a problem with the mortgage company. At least that's how it was when I used it to start buying my house back in 1993.
I had my VA paperwork in hand before we started house hunting. That gave me a better idea of what we could afford to buy and helped me dodge what would have been a big mistake. One of the houses we really liked was in a waterfront community but it was more than what the VA would guarantee so we passed on it. It was destroyed in Hurricane Katrina. Sorry you have to buy in California though.
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WARNING: I am a Southern White Male. I have a brain and I know how to use it. |
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#3 |
God Like Status
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One note is to get a home inspection done and make any offers contingent on it. Don't accept a sellers home inspection - get your own done. Check the qualifications of the home inspector.
If you find a home that does need repairs either have the current owners repair it and provide documentation that a licensed company/individual did so. If money is to be held back for the repair - get estimates and don't accept and arbitrary amount. I'm in the structural repair business and see new home owners burned on this constantly. For example one customer I'm working with just bought a home - the seller told him it needed waterproofing and held back $8000. Problem is the home not only needs $7000 in waterproofing - it also needs another $16 grand in structural repairs. Don't skip the home inspection! Best of luck to you and your wife - Ron |
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#4 |
Just plain insane!
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![]() ![]() That is about the best advice you will get. I would also add... don't get your heart set on anything. It is only a house. Make the offer you want to make. If they don't take it don't hesitate to walk away. |
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#5 |
Fatter than you!
Join Date: Oct 2008
First Name: Larry
Location: A little place called home.
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Have a pre-approval ready to go. It gets your offers taken a lot more serious.
Always know what you can afford and don't get roped into anything other than a standard loan, never an ARM. Always have a home inspection and by the most respected inspector you can find. Should take them hours to do everything, not minutes. Look at as many properties as you have time for, don't keep yourself restricted and settle on the first house you see. Don't force it, if you can't find the perfect house, don't worry about it. Always bargain, especially in this market. There is no such thing as a low offer, offer $10-20K less than what they are asking. There are plenty of motivated sellers out there, negotiate everything. Ask for closing concessions, a home warranty, repairs, everything. The worst they can say is "no". Get a good realtor. You are the buyer so they get paid by the seller, don't go with any realtors that charge any kind of consulting fees or anything but their standard commision. Good luck with the purchase of a home ![]()
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If we weren't supposed to eat animals, then how come they're made of meat? You can never have too many cigars, they are like an investment in good times. ![]() |
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#6 |
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This is all great advice. But say for example my wife and I like a house, do we get the inspection before the offer or after?
Already working on an agent. California is FULL of them. I appreciate the advice. I'm all excited and everything and I know how I rush into things. But i just can't rush into this. Too expensive of a buy. Most expensive things I've ever bought were a box of God of Fire, wife's engagement rings and my Tahoe. Please keep the advice coming. Thanks |
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#7 | |
YNWA
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Be more concerned with your character than your reputation, because your character is what you really are, while your reputation is merely what others think you are. -John Wooden |
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#8 | |
Fatter than you!
Join Date: Oct 2008
First Name: Larry
Location: A little place called home.
Posts: 5,397
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The inspection is made after an accepted offer. There is a timeline for all of these things. I believe you have 30 days after an accepted offer to get an inspection and there are many results that can void a contract if there are any blaring problems that the seller will not fix. Inspections can also reveal problems that can be deducted from the price if the seller doesn't agree to fix them.
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I would still hestitate to say making any offer close to the asking price is a good move. There are always room for negotiations and if there are a number of offers that drive the price over what he is willing to pay, it would be easy to walk away. ![]()
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If we weren't supposed to eat animals, then how come they're made of meat? You can never have too many cigars, they are like an investment in good times. ![]() |
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#9 | ||||
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I wish you the best of luck. This is a very exciting time in your life, for sure, so just keep a level head and heed a lof of this good advice.
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We have used the same realtor for the past ten years and owe our getting into our first home to her. She is amazing and an incredibly hard worker. Seriously, we wouldn't have been able to get our first house if it wasn't for her. That won us over from the start and she's never faltered. She doesn't take a commission if you're a buyer unlike some others I've heard about. If you want her number, PM me. She works all over Southern CA. Quote:
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But don't let that discourage you. You have the power and the choice whether or not to enter into the bidding war. We did on our first house in 2001 and won out because we didn't make demands like the other couple (they wanted the washer/dryer, fridge, etc.). Try not to make too many demands like that. Let your bid do the talking. Be aware that Zillow gives you a rough idea but is not always accurate. Again, if you'd like our realtor's number, just PM me. Lots of our friends have used her and have been extremely happy. Best of luck to 'ya! |
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#10 | |
YNWA
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Be more concerned with your character than your reputation, because your character is what you really are, while your reputation is merely what others think you are. -John Wooden |
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#11 | |
Fatter than you!
Join Date: Oct 2008
First Name: Larry
Location: A little place called home.
Posts: 5,397
Trading: (44)
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__________________
If we weren't supposed to eat animals, then how come they're made of meat? You can never have too many cigars, they are like an investment in good times. ![]() |
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#12 |
Rider on the storm.
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One thing I haven't seen mentioned and I apologize in advance to anyone who may be offended.
When you find a real estate agent tell them to look a homes under bank foreclosure. I not sure if it's the same in California as it is here, but the agent I had suggested looking at homes that mortgage companies had foreclosed on because they could only sell them for what was owed on the mortgage. By doing that it put us in a nice 4 bedroom/2 car garage on the biggest lot in the subdivision for almost half of what comparable homes were selling for. Just a thought.
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WARNING: I am a Southern White Male. I have a brain and I know how to use it. |
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#13 | |
God Like Status
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Sorry to hear that happened to you. Just reinforces my point on how important it is. In the case I referenced above - guy was trying to move in before Christmas - first child is due anytime now - and when I got there the gas company was there fixing various gas leaks - a waterproofing company had started and stopped work on a sump pump system (which he didn't need) and the guy was just plain upset as one would expect. He didn't have a clue he should have had a home inspection. Worst one few years ago - and now this couple both have Phd's so you think they would of had a clue at least - anyway, the Realtor tells them it's not bad and will only run them about $2 grand to fix. $126 thousand later after replacing three basement walls . . . . I have a ton of stories - none of them pretty . . . Always get a home inspection - Ron |
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#14 |
Las Vegas Herf Crew
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We just purchased about 6 mo. ago our first. We are in Vegas which has a very different market. We looked at over 100 homes across the valley and every one was a foreclosure. There were a few for sale either by owner or short sale. Short sales can be a pain in the arse (too many middlemen), better to go straight for a foreclosure. I would also only go for a foreclosure if they are abundant in the area, otherwise compitition will drive up the price. Great advice on not getting hopes up high, we were a day away from signing our closing papers and the deal fell through. In our market we made multi-offers and had multi- acceptances. The house we actually got was under contract which fell through and we were getting ready to go under contract on another house. We hesitated on our contract to see if others accepted and we got a house we wanted more and only paying $10,000 more for one that suited our needs bucause their deal fell through. We got at $5000 below asking price because we also had to include down payment assistance in the overall loan. Pre-approval letter is a must! I knew what we wanted in a house, I went through 2 realtors, the first being a friend (word of wisdom, dont do business with a friend) We are still friends but we lost the first house due to his screw up, we made amends. I did most of the searching on realtor.com and a local search where I could add my specific criteria, I then gave the list to the realtor who researched them with her special realtor only info. and she gave me the low down and we chose which to see from there. Aslo do not let your realtor know you are in love with a house, many will push you into making an offer with out looking at others (again depends on how aggressive your market is) A good realtor will show you many, if you have one doubt about a house they will move on and not push you into a house. If you have a doubt about one put it at the back of the stack and keep looking. If you do not get the house you want there is a reason, the right one will come along even with much discouragement. Hope this helps, it is some of what we went through in our market.
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#15 | |
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Could the house collapse after inspection and the day you move in? Sure, but those inspectors (the good ones) do a good job at detecting the issues. It was our choice to stick with the house we wanted and accept the $1,500 drop in price to 'take care of the leak'. To do over again, I would have demanded that they continue fixing the leak instead of telling us that they've tried & okay, we'll take off $1,500 for you to do the rest. We bought in a seller's market, though, had lost the first house because of a terrible realtor we used before finding the good one and did have another couple bidding with us. It was either them or us on this one too and we chose to bite the bullet and take on the problem. You make the choices as they're presented to you. If there are too many issues that you'd rather not address, you're in the right place because there are plenty of other homes out there. |
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#16 | |
member of the CA MINYAN
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Also, as a realtor, I never advise my clients to allow the homeowner to fix any issues from the inspection unless it's something as simple as a squeaky door. Call in a contractor during the inspection period, get an accurate estimate of how much it will be to fix, and negotiate a credit for closing costs equal to the repair cost. Mainly I tell people this because the homeowner will have the problem fixed in the absolute cheapest, shoddy manner possible. So, it's better to get the money and fix it yourself after.
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I think Pandora's box was actually a humidor! |
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#17 | |
member of the CA MINYAN
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I think Pandora's box was actually a humidor! |
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#18 |
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WOW!!!!! Lots of info to tackle but definitely good info.
I really appreciate the time everyone has taken to give me some input on this. I know myself and don't want to get carried away. Keep them coming if you can. I'm literally taking notes on this. |
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#19 | |
Down the stretch
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Good luck in finding the home you want...there should be plenty from which to choose. |
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#20 | |
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So then a question I ask myself is why have they not closed on this deal yet? Are you trying to talk me out of making an offer or trying to get me to bid higher? I may have never bought a house before but I wasn't born yesterday either. My next question to everyone (especially the realtor BOTLs) will be military help with ta VA loan in today's economy? I'm not gettting laid off or will be losing my job until I retire (which is no time soon). Shouldn't the sellers and the banks see that as a solid individual? |
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