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First time buying a home.. advice, tips, etc.?

 
Anonymous Coward
User ID: 14914603
United States
08/11/2012 01:46 PM
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Re: First time buying a home.. advice, tips, etc.?
Have an attorney at closing. Read the small print. You can sign yourself away for selling your loan right out from under you.
Anonymous Coward
User ID: 14103869
Canada
08/11/2012 01:46 PM
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Re: First time buying a home.. advice, tips, etc.?
Don't by your dream home for your first house build up to it buy a fixeruper with no structural or water damage and not in a rundown neighborhood sell it then use the money you made for a down payment on a bigger nicer house if its still not totally what your looking for again reno the house and resell it. If you cant even hook up a dvd player dont bother trying any of this you will spend way more then you would make.


Just don't buy your dream home for your first place unless you like owing the bank for the rest of your life and struggling to pay the massive mortgage payment every month.

you need a house not a show room for the rich and greedy.
Anonymous Coward (OP)
User ID: 11672186
United States
08/11/2012 01:57 PM
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Re: First time buying a home.. advice, tips, etc.?
THANK YOU for all the replies! I'm 34 and have always lived in apartments. I'm sick and tired of annoying, loud neighbors.
But primarily, at every lease renewal, they raise the rates by at least $150. I'm paying $1250 for a two-bedroom right now. There is a MAJOR economic and job boom where I live because of the oil field and all the apartments in the city have waiting lists up to a year, so everyone is pretty much trapped into paying into inflated and extorted rental rates. You can't even find a vacant hotel within 100 square miles.

Plus, when shit hits the fan and the dollar = a package of Sweet 'N Low, the banks can't foreclose on all of us at once. I'd at least have a relatively secure home base with a water well, not to mention a garden and bunker *ahem*.. um, I mean storage shed.
Anonymous Coward
User ID: 1477165
United States
08/11/2012 01:57 PM
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Re: First time buying a home.. advice, tips, etc.?
Dont do it.

Best advice I can give. Unless you can pay for the house outright.
 Quoting: Revguard


Just curious why? If you have to pay rent you might as well own and actually get something back out of it as opposed to pissing away money paying rent.
 Quoting: Anonymous Coward 21727983



If the house actually appreciates.... but I have serious doubts about where our economy is going. We work/live in a fiat system. Eventually the cards will crash down.

Summary: I doubt you will gain money on this. And most likely end up paying in the end.
 Quoting: Revguard


As opposed to renting ...where you will DEFFINATELY pay in the end. Not to mention when you rent you are at the whims of your landlord.

Like having a nosey bugger comming in your house to 'spray for bugs' once a month? Like living on top of others? Like being told what you can and cant do in your yard?

To me even if you 'loose' on the house you still gained in all the time you lived there being in peace.

As far as advice ..Go and meet your potential neighbors BEFOR you buy. If you dont like them or they are assholes ..you can weight the decision better. Not to mention they might tell you some good gossip about the folks you are buying from.
Pay it forward
User ID: 21246624
United States
08/11/2012 02:27 PM
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Re: First time buying a home.. advice, tips, etc.?
Make sure the property is not a foreclosure or on the MERS list. Do a forensic audit on the title before you buy. Many people are buying homes only to find out they don't really own them. Investors own them thanks to bank's mortgage-backed securities fraud. Others paid off their homes years ago but are receiving foreclosure notices resulting in lots of attorney fees to clear their title. Real estate agents and title companies know little or nothing about the MERS mess that is affecting millions of properties.

Get the book Clouded Titles and listen to some interviews by Dave Krieger

[link to www.cloudedtitles.com]

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