First time home buyer tips to not get raped...

Well looks like I might actually be able move out sooner rather than later.

I don't make a whole lot but I'm not looking for a huge house either. I'm looking at staying under $60,000 even though I am pre approved for $75K
There are quite a few homes around in descent areas for that price or under currently in this market.

Working with a realtor now, he is sending me listings that are in the county I want to live in at my price. Havn't gone to look at any yet, just got pre approval today.

So. I know the haggle price won't be huge at these prices. Was also told to to ask for around 3% concession at closing from seller to cover appraisal, closing costs, insurance, etc...

What else should I know before going too deep into this. This is all brand new to me.

Get a good inspector.

My parents have a great one. He's very reasonable and doesn't miss anything. He's who I will be using when I find something serious.

Find a legit home inspector, not a patsy for your Realtor.

Kharn

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First post and all.

My wife and I just bought a house in April. Whatever you do, DO NOT be afraid to walk. If they don't like the offer and want more than you're willing to give, or they will not make all the repairs you find necessary, fuck them, you'll just live somewhere else. That's verbatim what our realtor said. On the house we bought once the inspector went through it, got a 60+ page report. He had little stuff in there like the doorbell wasn't functioning correctly and tons of little stuff. We counter offered that it all had to be fixed and they obliged. He found stuff I would never think of. He is known to be an asshole when it comes to inspections and it worked perfect.

EZ

I think you're already doing well by buying what YOU feel you can afford rather than buying something at the amount for which you're pre-approved. Shop around rates and fees. If you have any questions, IM me and I can be sure you're getting a good loan.

Sounds like you have the inspection covered.

Don't fall in love with a house if it is not right for you. There are always others out there.

Regarding the 3%, you can always get that, even if the seller is unwilling to provide it. Say you agree to a sale price of $55,000, just make it $56,650. Obviously try to get it written into the contract price to which the seller agrees, but if they're not willing, youcan always go this route. Or, you could just pay it out of pocket.

I was in the mortgage business for years and coached many a first-time buyer, so if you have any questions, I am happy to help.

ETA - consider a home warranty. They're usually $400 for the first year and cover all the major systems. You can usually re-up at the end of the year and get another year of coverage.

Yeah, I'm going to have to be careful because of the price point that I am looking at. The house has to be "move in ready" but that doesn't mean it doesn't have a ton wrong with it that will nickel and dime me to death.

Thanks. I'll keep you in mind when I start seriously looking. Right now I am saving as much cash as possible for the closing, moving, appliances, etc... all I have is a dryer

Talk to everyone who will consider financing you, don't get screwed on mortgage broker/origination/etc fees.

I am buying a home now and using USAA for financing. No hidden fees or negotiable fees. Everything is straightforward and set the same for everyone.

Start at 10% under asking. You can always offer more, but you can't ever offer less.

+1 for an inspector that's not affiliated or recommended by either realtor but that comes highly recommended. The extra $100 or so will be worth it.

Lol I hear ya. I used to do tree work with my dad and while it sucks I can do my own tree trimming or removing including stumps. If there is one thing my dad taught me, it was how to run a chainsaw.

As long as it isn't a weeping willow near the house I'm fine with them. Those damn willows will find every water pipe, septic line, etc in your yard and smother them.

Drive the area on Monday morning rush hour and late Friday night to see how the traffic and neighbors roll.

Check some crime statistics and tax values too.

I have bought a few houses and I will say your realtor doesn't work for you, they work for the commission.
Be educated in the whole home buying process, but realize everyone you meet is out to make money from you.
Also, take extra cash at closing because the lender is going to bring up some "fee" they forgot. And they don't take personal checks.
The housing market is what got the US into trouble and realtors were the flag bearers.
.

Not a bad idea. Some areas are very decieving.

A couple pet peeves of mine are distance between houses and parking. Parking drives me crazy which is why I could never live in an apartment. No one respects other people's space and if it's a free for all, I'm fucked.
I won't buy a house with only street parking, has to have a drive way. Going by on the weekends is a great idea especially now that it's warm out, see where the neighborhood crazies are, every neighborhood has them....

Look at my thread from earlier

It's a big fucking waiting game,always waiting on an answer on something. Get a good inspector,and don't settle. I put in a repair amendment earlier for bad wiring. If they don't replace il tell everyone involved to eat shit. Im so ready for this shit to be over with.

For your pricerange dont be surprised if you are looking at a lot of houses. You will find out most people didnt take care of anything and could leave you fixing a lot.

How much money do you have on hand? When my wife and i moved to our house you will find out you need about everything and that nickel and dimes you.

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