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First time home buyer - help please!!

 
amywood71605

User ID: 20330432
United States
09/23/2012 06:57 PM

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First time home buyer - help please!!
Any and all advice is appreciated:

Right now my husband and I rent, 725 a month for a trailer that our family is outgrowing. We have 3 boys, ages 8, 5 and 20 months. There is a place for sale in town - owner owns it completely. It's technically a trailer but it has 2 additions on it. With those additions it's stationary. It is 4 bedrooms, 3 full baths, fire place, pool, shed outside, fenced yard, an acre. The owner is asking $62,000 for it but seems pretty motivated to sell it so I'm thinking he'd take a lower offer.

We've never owned a home before, have never even tried/applied for a home loan. Where do I start? What can I expect?

And yes, I know I'll need money to put down. We've been saving for awhile anyway. We don't want to rent forever.

Just really unsure of what to expect. The owner said he's had only a couple calls on it, but we're the only ones that have looked at it and shown real interest.

Thanks in advance!

Last Edited by *<3sugar&spice<3* on 09/24/2012 08:21 AM
"Live each day like it's your last, love like you've never been hurt, and dance like no one is watching."
Anonymous Coward
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09/23/2012 07:01 PM
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Re: First time home buyer - help please!!
[link to michaelbluejay.com]

[link to money.cnn.com]

[link to www.wikihow.com]
amywood71605 (OP)

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09/23/2012 07:03 PM

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Re: First time home buyer - help please!!
 Quoting: Anonymous Coward 23832881


Thanks =)
"Live each day like it's your last, love like you've never been hurt, and dance like no one is watching."
amywood71605 (OP)

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09/23/2012 07:06 PM

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Re: First time home buyer - help please!!
BUMP
"Live each day like it's your last, love like you've never been hurt, and dance like no one is watching."
Anonymous Coward
User ID: 24301155
United States
09/23/2012 07:07 PM
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Re: First time home buyer - help please!!
You would probably have a hard time getting a loan for this type of structure. You better get prequalified for this particular property before you even know if it is feasible.
SallieSunshine

User ID: 11447731
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09/23/2012 07:07 PM
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Re: First time home buyer - help please!!
Do you have a library in your town? If so, there should be a section with books about buying your first home.
amywood71605 (OP)

User ID: 20330432
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09/23/2012 07:08 PM

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Re: First time home buyer - help please!!
You would probably have a hard time getting a loan for this type of structure. You better get prequalified for this particular property before you even know if it is feasible.
 Quoting: Anonymous Coward 24301155


Right, that's what I am worried about. It IS technically a trailer, but Im' hoping those additions will help - they're on concrete slabs.
"Live each day like it's your last, love like you've never been hurt, and dance like no one is watching."
Herman The Kid

User ID: 16577681
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09/23/2012 07:09 PM

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Re: First time home buyer - help please!!
NEVER offer anything less than asking price - 10% (I would offer $45K and expect to get him at no higher than $50K).

Get pre-approved for a loan so you can say, "I'll give you $X.XX dollars-I've got the cashier's check waiting on your signature.

Always be willing to walk away from the deal.

Point is, cash is king-especially in these days and there are not many people knocking down the doors for what you are seeking.

A standard loan will require 20% down unless you qualify for FHA loans and the home passes an FHA inspection (stricter than commercial/standard loan inspection).

Make sure to ask EVERY question you can think of regarding termites, water leaks, rot, interior/exterior insect infestation/problems, central unit, utility bills average per month, etc.

Good luck!
You m-m-m-muh-make me HAAA-PEEE.

Psalm 34:14 - Depart from evil, and do good; seek peace, and pursue it.

Romans 5:8 - But God commendeth his love toward us, in that, while we were yet sinners, Christ died for us.
Anonymous Coward
User ID: 20104880
Canada
09/23/2012 07:10 PM
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Re: First time home buyer - help please!!
Hey, posting from Canada here, been throough the process twice myself. The big things that I would recommend is to be sure to be aware of the other fees involved... lawyer, realtor, inspection ect. Also here I know that the minimum we can put down on a house is 5%, and anything under 20% requires a government backed insurance. On the issue of low-balling him, I would say that it depends on the market. With myself I am in a booming economy with housing in high demand... On the last two houses we looked at we had to offer at or above asking price. Your realtor should be able to tell you if there is competing offers on the table and you can adjust accordingly. Other than that, try not to pull your hair out dealing with all the paperwork and stress of moving, in the end a place that you can call your own, and not submitting your money to a sideways slumlord (most landlord's here are among the lowest forms of life) is always a good thing. Good luck and have fun.
amywood71605 (OP)

User ID: 20330432
United States
09/23/2012 07:11 PM

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Re: First time home buyer - help please!!
NEVER offer anything less than asking price - 10% (I would offer $45K and expect to get him at no higher than $50K).

Get pre-approved for a loan so you can say, "I'll give you $X.XX dollars-I've got the cashier's check waiting on your signature.

Always be willing to walk away from the deal.

Point is, cash is king-especially in these days and there are not many people knocking down the doors for what you are seeking.

A standard loan will require 20% down unless you qualify for FHA loans and the home passes an FHA inspection (stricter than commercial/standard loan inspection).

Make sure to ask EVERY question you can think of regarding termites, water leaks, rot, interior/exterior insect infestation/problems, central unit, utility bills average per month, etc.

Good luck!
 Quoting: Herman The Kid


Thank you. We discussed the utilities a little bit today when we looked at it. I will be very careful, that's for sure! We were planning to start at about 45k, so I'm glad I was accurate with that =)
"Live each day like it's your last, love like you've never been hurt, and dance like no one is watching."
Anonymous Coward
User ID: 3272161
United States
09/23/2012 07:12 PM
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Re: First time home buyer - help please!!
Keep in mind that real estate is going to bottom out hard in about a year. You will be able to pick up that same property for about $5000 if you can hold out. The only thing more risky than stocks right now is Property. But then again when the dollar implodes that 50k loan will be equal to about $5000 dollars too. So go for it!
amywood71605 (OP)

User ID: 20330432
United States
09/23/2012 07:13 PM

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Re: First time home buyer - help please!!
Hey, posting from Canada here, been throough the process twice myself. The big things that I would recommend is to be sure to be aware of the other fees involved... lawyer, realtor, inspection ect. Also here I know that the minimum we can put down on a house is 5%, and anything under 20% requires a government backed insurance. On the issue of low-balling him, I would say that it depends on the market. With myself I am in a booming economy with housing in high demand... On the last two houses we looked at we had to offer at or above asking price. Your realtor should be able to tell you if there is competing offers on the table and you can adjust accordingly. Other than that, try not to pull your hair out dealing with all the paperwork and stress of moving, in the end a place that you can call your own, and not submitting your money to a sideways slumlord (most landlord's here are among the lowest forms of life) is always a good thing. Good luck and have fun.
 Quoting: Anonymous Coward 20104880


Thank you. In this town, because it's small and there's not much here, there are plenty of places for sale. I think he's pretty motivated to sell. He fixed this house up for his daughter to live in about a year ago (new cabinets, siding outside, etc) and then she moved out of state with her boyfriend one month after moving in. He's a little unhappy about that.

Thanks again!
"Live each day like it's your last, love like you've never been hurt, and dance like no one is watching."
Anonymous Coward
User ID: 20104880
Canada
09/23/2012 07:17 PM
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Re: First time home buyer - help please!!
And not to derail the thread, but just a question regarding what happens to a loan when the inflation balloons. I am in locked in mortgage..... Does the bank have any way of adjusting the interest rate on your locked in mortgage, or changing the loan amount to adjust for the loss they would have from inflation on their side. Again sorry about the question (although it may be usefull to you as well).
s. d. butler

User ID: 974819
United States
09/23/2012 07:19 PM
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Re: First time home buyer - help please!!
NEVER offer anything less than asking price - 10% (I would offer $45K and expect to get him at no higher than $50K).

Get pre-approved for a loan so you can say, "I'll give you $X.XX dollars-I've got the cashier's check waiting on your signature.

Always be willing to walk away from the deal.

Point is, cash is king-especially in these days and there are not many people knocking down the doors for what you are seeking.

A standard loan will require 20% down unless you qualify for FHA loans and the home passes an FHA inspection (stricter than commercial/standard loan inspection).

Make sure to ask EVERY question you can think of regarding termites, water leaks, rot, interior/exterior insect infestation/problems, central unit, utility bills average per month, etc.

Good luck!
 Quoting: Herman The Kid


Thank you. We discussed the utilities a little bit today when we looked at it. I will be very careful, that's for sure! We were planning to start at about 45k, so I'm glad I was accurate with that =)
 Quoting: amywood71605


Why do you even have to get a loan? The owner owns it out right, correct? See if he'll take five or ten percent down and give you a mortgage for whatever length of time is best for you on a monthly payment. 15 or 20 years.

He holds the deed. You make the payments until it's paid off. If you default he gets the place back.

I would just make sure the mortgage has no pre payment penalty. That way you can add a bit to the payment every month or even double up. You can pay off a house pretty quickly by doing that.

this is called owner financing. I've done it and it works just fine. The only other people besides you and the seller who need to get involved is a title company.

Last Edited by s. d. butler on 09/23/2012 07:21 PM
amywood71605 (OP)

User ID: 20330432
United States
09/23/2012 07:21 PM

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Re: First time home buyer - help please!!
Keep in mind that real estate is going to bottom out hard in about a year. You will be able to pick up that same property for about $5000 if you can hold out. The only thing more risky than stocks right now is Property. But then again when the dollar implodes that 50k loan will be equal to about $5000 dollars too. So go for it!
 Quoting: Anonymous Coward 3272161


Thank you. I'm not sure if we could hold out another whole year. We're seriously outgrowing where we live, to the point that I can't stand the lack of space, haha. And, our landlord does not keep up with this place. There's so much stuff that needs to be fixed, but its little stuff, so he can get away with not doing it. It's an older trailer, and, well, to be honest. I want something nicer and something that's been taken care of. When we moved in here about 2 1/2 years ago it was ok - we made less, and it's what we could afford. But, now that i'm done school, and we both have better jobs, our credit is better, etc., I think it's time to move on. =)
"Live each day like it's your last, love like you've never been hurt, and dance like no one is watching."
amywood71605 (OP)

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09/23/2012 07:22 PM

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Re: First time home buyer - help please!!
Oh - the pool it has on the property? Will that affect the price of taxes for it?

Last Edited by *<3sugar&spice<3* on 09/23/2012 07:26 PM
"Live each day like it's your last, love like you've never been hurt, and dance like no one is watching."
amywood71605 (OP)

User ID: 20330432
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09/23/2012 07:22 PM

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Re: First time home buyer - help please!!
And not to derail the thread, but just a question regarding what happens to a loan when the inflation balloons. I am in locked in mortgage..... Does the bank have any way of adjusting the interest rate on your locked in mortgage, or changing the loan amount to adjust for the loss they would have from inflation on their side. Again sorry about the question (although it may be usefull to you as well).
 Quoting: Anonymous Coward 20104880


Dont apologize..that will be helpful! ;)
"Live each day like it's your last, love like you've never been hurt, and dance like no one is watching."
amywood71605 (OP)

User ID: 20330432
United States
09/23/2012 07:23 PM

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Re: First time home buyer - help please!!
NEVER offer anything less than asking price - 10% (I would offer $45K and expect to get him at no higher than $50K).

Get pre-approved for a loan so you can say, "I'll give you $X.XX dollars-I've got the cashier's check waiting on your signature.

Always be willing to walk away from the deal.

Point is, cash is king-especially in these days and there are not many people knocking down the doors for what you are seeking.

A standard loan will require 20% down unless you qualify for FHA loans and the home passes an FHA inspection (stricter than commercial/standard loan inspection).

Make sure to ask EVERY question you can think of regarding termites, water leaks, rot, interior/exterior insect infestation/problems, central unit, utility bills average per month, etc.

Good luck!
 Quoting: Herman The Kid


Thank you. We discussed the utilities a little bit today when we looked at it. I will be very careful, that's for sure! We were planning to start at about 45k, so I'm glad I was accurate with that =)
 Quoting: amywood71605


Why do you even have to get a loan? The owner owns it out right, correct? See if he'll take five or ten percent down and give you a mortgage for whatever length of time is best for you on a monthly payment. 15 or 20 years.

He holds the deed. You make the payments until it's paid off. If you default he gets the place back.

I would just make sure the mortgage has no pre payment penalty. That way you can add a bit to the payment every month or even double up. You can pay off a house pretty quickly by doing that.

this is called owner financing. I've done it and it works just fine. The only other people besides you and the seller who need to get involved is a title company.
 Quoting: s. d. butler


We could ask I guess, but I'm not sure he'd want to do that. I think he just wants to be rid of it, and wants the money. He's retired. But, it's worth a try. =)
"Live each day like it's your last, love like you've never been hurt, and dance like no one is watching."
ceawaves

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09/23/2012 07:25 PM

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Re: First time home buyer - help please!!
Any and all advice is appreciated:

Right now my husband and I rent, 725 a month for a trailer that our family is outgrowing. We have 3 boys, ages 8, 5 and 20 months. There is a place for sale in town - owner owns it completely. It's technically a trailer but it has 2 additions on it. With those additions it's stationary. It is 4 bedrooms, 3 full baths, fire place, pool, shed outside, fenced yard, 1/2 an acre. The owner is asking $62,000 for it but seems pretty motivated to sell it so I'm thinking he'd take a lower offer.

We've never owned a home before, have never even tried/applied for a home loan. Where do I start? What can I expect?

And yes, I know I'll need money to put down. We've been saving for awhile anyway. We don't want to rent forever.

Just really unsure of what to expect. The owner said he's had only a couple calls on it, but we're the only ones that have looked at it and shown real interest.

Thanks in advance!
 Quoting: amywood71605


They do claim it's harder to get loans on trailers, Not sure that is really true, you should get pre-approved for a certain amount of money first though. Shouldn't take long. 725 for a rented trailer seems to be a high price, in my part of the woods anyhow. offer him 52.. with no real estate agent involved that's about right price anyhow. who knows he may take it. Good luck~

Last Edited by ceawaves on 09/23/2012 07:25 PM
Justalittlebad

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09/23/2012 07:25 PM
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Re: First time home buyer - help please!!
From a former Realtor. It may be a property that will be a problem w/ conventional financing.....good for you if so. Check it out, and good luck OP.hf
Justalittlebad/more or less
Anonymous Coward
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09/23/2012 07:27 PM
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Re: First time home buyer - help please!!
You can get approved for a FHA loan if your credit is good enough and then the manufactured home passes inspection. The foundation is also important. It needs to be on a permanent foundation. They usually finance them for fewer years than a regular house. We bought a nice manufactured foreclosure at about 5.5% interest rate. We had excellent credit. You don't get as good as interest rate on manufactured homes. We are very happy with our purchase so far. We got our nice three bedroom with an acre and half with great view for 49,000. We have had to replace the ac. We also totally remolded the inside. We painted throughout and put in new laminated flooring. It looks really good with some hard work and few thousand dollars. We had to put in storage shed and fenced our back yard.

I would go for it if it's good shape and in a good area. Also, check out the reviews for the brand of manufactured home. Some are made a lot better than others. I personally would also not buy one unless it had a place for gardening and had its own well. There are many out there so take your time. It took us almost a year of looking before we decided on the one we got.
Anonymous Coward
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09/23/2012 07:28 PM
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Re: First time home buyer - help please!!
Keep in mind that real estate is going to bottom out hard in about a year. You will be able to pick up that same property for about $5000 if you can hold out. The only thing more risky than stocks right now is Property. But then again when the dollar implodes that 50k loan will be equal to about $5000 dollars too. So go for it!
 Quoting: Anonymous Coward 3272161


I think you are spot on about housing.
AlcoholicRunner
I abduct humans and drink at the same time.

User ID: 23182389
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09/23/2012 07:32 PM

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Re: First time home buyer - help please!!
NEVER offer anything less than asking price - 10% (I would offer $45K and expect to get him at no higher than $50K).

Get pre-approved for a loan so you can say, "I'll give you $X.XX dollars-I've got the cashier's check waiting on your signature.

Always be willing to walk away from the deal.

Point is, cash is king-especially in these days and there are not many people knocking down the doors for what you are seeking.

A standard loan will require 20% down unless you qualify for FHA loans and the home passes an FHA inspection (stricter than commercial/standard loan inspection).

Make sure to ask EVERY question you can think of regarding termites, water leaks, rot, interior/exterior insect infestation/problems, central unit, utility bills average per month, etc.

Good luck!
 Quoting: Herman The Kid


Thank you. We discussed the utilities a little bit today when we looked at it. I will be very careful, that's for sure! We were planning to start at about 45k, so I'm glad I was accurate with that =)
 Quoting: amywood71605


Why do you even have to get a loan? The owner owns it out right, correct? See if he'll take five or ten percent down and give you a mortgage for whatever length of time is best for you on a monthly payment. 15 or 20 years.

He holds the deed. You make the payments until it's paid off. If you default he gets the place back.

I would just make sure the mortgage has no pre payment penalty. That way you can add a bit to the payment every month or even double up. You can pay off a house pretty quickly by doing that.

this is called owner financing. I've done it and it works just fine. The only other people besides you and the seller who need to get involved is a title company.
 Quoting: s. d. butler


Just have to get proper paperworks done. My sister's husband's dad got ripped off big time over "owner financing". He thought he was paying mortgage but he was really just paying rents. The owner just lied to him all these years...
amywood71605 (OP)

User ID: 20330432
United States
09/23/2012 07:32 PM

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Re: First time home buyer - help please!!
You can get approved for a FHA loan if your credit is good enough and then the manufactured home passes inspection. The foundation is also important. It needs to be on a permanent foundation. They usually finance them for fewer years than a regular house. We bought a nice manufactured foreclosure at about 5.5% interest rate. We had excellent credit. You don't get as good as interest rate on manufactured homes. We are very happy with our purchase so far. We got our nice three bedroom with an acre and half with great view for 49,000. We have had to replace the ac. We also totally remolded the inside. We painted throughout and put in new laminated flooring. It looks really good with some hard work and few thousand dollars. We had to put in storage shed and fenced our back yard.

I would go for it if it's good shape and in a good area. Also, check out the reviews for the brand of manufactured home. Some are made a lot better than others. I personally would also not buy one unless it had a place for gardening and had its own well. There are many out there so take your time. It took us almost a year of looking before we decided on the one we got.
 Quoting: Anonymous Coward 24168452


The area is good, well I think so anyone. Some don't like it here because it is a small town and you have to travel at least 15-20 minutes to get to a bigger grocery store, 30 minutes for clothes, movies, etc. But, its quiet here too. =) I could put a garden in. There's enough room for that.
"Live each day like it's your last, love like you've never been hurt, and dance like no one is watching."
Anonymous Coward
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09/23/2012 07:32 PM
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Re: First time home buyer - help please!!
And not to derail the thread, but just a question regarding what happens to a loan when the inflation balloons. I am in locked in mortgage..... Does the bank have any way of adjusting the interest rate on your locked in mortgage, or changing the loan amount to adjust for the loss they would have from inflation on their side. Again sorry about the question (although it may be usefull to you as well).
 Quoting: Anonymous Coward 20104880


Dont apologize..that will be helpful! ;)
 Quoting: amywood71605


No. If you have a fixed rate mortgage payment then it will not change regardless of inflation....
amywood71605 (OP)

User ID: 20330432
United States
09/23/2012 07:34 PM

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Re: First time home buyer - help please!!
NEVER offer anything less than asking price - 10% (I would offer $45K and expect to get him at no higher than $50K).

Get pre-approved for a loan so you can say, "I'll give you $X.XX dollars-I've got the cashier's check waiting on your signature.

Always be willing to walk away from the deal.

Point is, cash is king-especially in these days and there are not many people knocking down the doors for what you are seeking.

A standard loan will require 20% down unless you qualify for FHA loans and the home passes an FHA inspection (stricter than commercial/standard loan inspection).

Make sure to ask EVERY question you can think of regarding termites, water leaks, rot, interior/exterior insect infestation/problems, central unit, utility bills average per month, etc.

Good luck!
 Quoting: Herman The Kid


Thank you. We discussed the utilities a little bit today when we looked at it. I will be very careful, that's for sure! We were planning to start at about 45k, so I'm glad I was accurate with that =)
 Quoting: amywood71605


Why do you even have to get a loan? The owner owns it out right, correct? See if he'll take five or ten percent down and give you a mortgage for whatever length of time is best for you on a monthly payment. 15 or 20 years.

He holds the deed. You make the payments until it's paid off. If you default he gets the place back.

I would just make sure the mortgage has no pre payment penalty. That way you can add a bit to the payment every month or even double up. You can pay off a house pretty quickly by doing that.

this is called owner financing. I've done it and it works just fine. The only other people besides you and the seller who need to get involved is a title company.
 Quoting: s. d. butler


Just have to get proper paperworks done. My sister's husband's dad got ripped off big time over "owner financing". He thought he was paying mortgage but he was really just paying rents. The owner just lied to him all these years...
 Quoting: AlcoholicRunner

Yeah, I've heard of shady stuff happening to others too. That's why I'd rather buy it with a loan. We'll see what happens I guess. I have to start somewhere. =)
"Live each day like it's your last, love like you've never been hurt, and dance like no one is watching."
AlcoholicRunner
I abduct humans and drink at the same time.

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09/23/2012 07:34 PM

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Re: First time home buyer - help please!!
Keep in mind that real estate is going to bottom out hard in about a year. You will be able to pick up that same property for about $5000 if you can hold out. The only thing more risky than stocks right now is Property. But then again when the dollar implodes that 50k loan will be equal to about $5000 dollars too. So go for it!
 Quoting: Anonymous Coward 3272161


I think you are spot on about housing.
 Quoting: Anonymous Coward 24292408


Depends on the mortgage rate. It's about as low as you can get right now. I'm fixing to get 3.5% mortgage rate soon. I thought 5.5% was awesome 7 years ago, lol.
s. d. butler

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09/23/2012 07:36 PM
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Re: First time home buyer - help please!!
Keep in mind that real estate is going to bottom out hard in about a year. You will be able to pick up that same property for about $5000 if you can hold out. The only thing more risky than stocks right now is Property. But then again when the dollar implodes that 50k loan will be equal to about $5000 dollars too. So go for it!
 Quoting: Anonymous Coward 3272161


I think you are spot on about housing.
 Quoting: Anonymous Coward 24292408


Both of you might well be right. I've heard people say these things for a long time. Those are the people who generally don't have anything because they believed in this way.


But I concede things look a lot worse now than anytime in the past twenty or thirty years or more.
amywood71605 (OP)

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09/23/2012 07:36 PM

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Re: First time home buyer - help please!!
Keep in mind that real estate is going to bottom out hard in about a year. You will be able to pick up that same property for about $5000 if you can hold out. The only thing more risky than stocks right now is Property. But then again when the dollar implodes that 50k loan will be equal to about $5000 dollars too. So go for it!
 Quoting: Anonymous Coward 3272161


I think you are spot on about housing.
 Quoting: Anonymous Coward 24292408


Depends on the mortgage rate. It's about as low as you can get right now. I'm fixing to get 3.5% mortgage rate soon. I thought 5.5% was awesome 7 years ago, lol.
 Quoting: AlcoholicRunner


Rates:

Is it better to go with a fixed rate or adjustable?

And yes, I've been looking at local banks websites, to get an idea of rates, and around 3.5% is what I've been seeing. =)
"Live each day like it's your last, love like you've never been hurt, and dance like no one is watching."
Anonymous Coward
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United States
09/23/2012 07:38 PM
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Re: First time home buyer - help please!!
best of luck i hope it works out for you op

my only advice is look more at the property value than the
house that may be hard being a woman with chilren and needing space but im sure you have heard this said before


LOCATION,LOCATION,LOCATION
PhennommennonnModerator
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09/23/2012 07:39 PM

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Re: First time home buyer - help please!!
op...it isnt a good time to buy.

wait this bullshit out.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The Queen Of Mean / VENOMmennonn

*Dont fuck with me; ill jump on my menstrual cycle & run your ass over ;)
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Every closed eye is not sleeping, and every open eye is not seeing
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The universe responds NOT to what you want.....it responds to what you are being.......are you being what you want?
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the karma cafe has no menus. you get served what you deserve
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