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Any advice on buying a house that realtors or banks don't tell you?

We are looking to buy a house. Our first one.. and to be honest I know nothing about this.

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KKline

Asked by KKline at 4:18 PM on Oct. 17, 2010 in Home & Garden

Level 13 (1,291 Credits)
Answers (9)
  • My best advice is to make sure you're working with a TRUSTED agent (some are much better than others!!!!) and to take it slowly. When my husband and I bought our first house, we were so excited and anxious that we put an offer on a house that we saw the very first day we went out looking. In retrospect, I wish we'd spent more time, looked at more houses, and thought it through more before putting an offer out there. We were very young and I do feel like because the price of the house was fairly inexpensive (read:small commission for agent), we were sort of rushed into it by our agent. It all turned out okay--we lived there almost 10 years and just sold the house this past April. But definitely take your time, and look around, make sure you get what you need and want from your first home.
    Good luck!
    vicesix

    Answer by vicesix at 4:22 PM on Oct. 17, 2010

  • Thank you! That sounds like very sound advice. I am a little concerned that I fell in love with the one I did so soon. The realtor took me to 12 so far. The second one I saw is the one I fell in love with. It has everything we want, the only thing that I don't like is that you can see the prison in Elmira Heights from the backyard... any thoughts on that? (My mother said that living close to a prison is safe because if people escape they will run as far away as they can)
    KKline

    Comment by KKline (original poster) at 4:26 PM on Oct. 17, 2010

  • Also stay away from the adjusting ARM loans they are bad news sometimes they adjust people right out of their house.
    pinkdragon36

    Answer by pinkdragon36 at 4:43 PM on Oct. 17, 2010

  • Agree with other posters especially about the adjustable loans. Make sure you have a home inspection and interview a few inspectors to pick one. You want to be careful about going with an inspector recommended by the realtor. You can search for one while you are looking at homes. Also, if there are problems with the house, and they will be repaired AFTER closing, make sure you hold money out for that. Don't let them say they will do it on faith. Property Virgins on HGTV is a great show and it has lots of tips. Best wishes! It is an exciting time for you!
    elizabr

    Answer by elizabr at 5:09 PM on Oct. 17, 2010

  • KKline, I personally wouldn't want to live in close proximity to a prison, but that's just my feeling. You have to decide what you're comfortable with and whether the neighborhood and rest of the area is nice and safe.
    That's good stuff about the type of loan you take out and the inspection too! Do NOT SKIP THE INSPECTION!!! :)
    vicesix

    Answer by vicesix at 9:28 PM on Oct. 17, 2010

  • Make sure you know what you can afford and don't let them persuade you into getting something beyond your means (even if you qualify).
    Anonymous

    Answer by Anonymous at 7:23 AM on Oct. 18, 2010

  • If you dont plan on staying in it for more than 5 years then really look into what your going to get as far as resale value. When your ready to move you need to think about what your going to get back out of it (which sucks when your looking to buy you dont want to think about selling, but you have to)....Fixed rates are the ONLY way to go.....and know what you will and wont settle for, dont feel pushed...and you ALWAYS have the option to change realtors when buying you are not obligated or locked into one rep...if you feel they are not doing their duty for you GET A NEW REALTOR!!!!!
    sweetstkissez22

    Answer by sweetstkissez22 at 1:55 PM on Oct. 18, 2010

  • thank you so much everyone i will take ALL of this into consideration i really appreciate your advice and good wishes :)
    KKline

    Comment by KKline (original poster) at 2:37 PM on Oct. 18, 2010

  • Visit http://www.bidselect.com/ and see if there are foreclosure homes in your area.  You can save a lot of money that way.

    scout_mom

    Answer by scout_mom at 2:56 PM on Oct. 23, 2010

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