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REPORT ABUSIVE REPLY
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Message Subject
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First time home buyer - help please!!
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Poster Handle
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amywood71605 |
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Post Content
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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 =) 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. 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... 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. =)
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