Buying a house

diehardbiker said:
Do us a big favor and actually yourself a favor.... NEVER NEVER NEVER take out ARM mortgage, or other so-called balloon mortgage. GO for FIXED interest rate. You never know what lies ahead! Alot people who took ARM and now stuck and risk being foreclosure. What I hate about ARM is that in the first few years, it might look very attractive, say 4-5% interest rate, but what they dont realize that when they arrive time where the interest rate shot up, meaning fatter mortgage payments. For example, now, monthly can be 750 dollars a month, 3 years later it can go up as much as 1,750 a month, would you want that risk?

Second advise... once you close your house and own it, you will get bunch of e mail offering you home equity loans, please please please stay away from them. Reason: if you borrow too much money on equity loan, you may not able to sell your house if you need to sell, NO bank will be willing to lend more than 95% of house value when selling to future homeowner! That part, already happened to one of my friend, she regretted BIG time and stuck!
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The bank tried to offer us a balloon loan and immediately, we said no..we want the fixed mortgage period. Smile

Oh about the emails offering equity..thanks for the FYI. I didnt know about that. Wow..so much to think about.


Anyone know of any good websites to search crime stats for the neighborhood?I did search but it seems like have to pay for it.
 
Best is fixed rate interest. Also you can choose escrow payment for tax property and insurance. It is better escrow than you have pay every six month for tax property and insurance. There other things like pruplecatty mention about check area that ground is high or low level, <-----if no thread flood then good news cheaper for insurance. Same thing for purplecatty explain---> Any electric sockets in Bathroom, Kitchen, Garage, and Outdoor protected by GFCI (ground fault circuit interrupter) which are the MUST have for safety. Sometime GFCI socket interconnects with regular sockets. If you see regular sockets in Bathroom, Kitchen and Outdoor. Ask seller if it's Interconnected by it and where it's GFCI located in case if it tripped. Are the house up to electricial code?....... will give a good deal reduce insurance cost monthly payment. I don't remember how much percent reduce for premium insurance. Better ask them more questions.
 
TFWFalcon said:
Best is fixed rate interest. Also you can choose escrow payment for tax property and insurance. It is better escrow than you have pay every six month for tax property and insurance. There other things like pruplecatty mention about check area that ground is high or low level, <-----if no thread flood then good news cheaper for insurance. Same thing for purplecatty explain---> Any electric sockets in Bathroom, Kitchen, Garage, and Outdoor protected by GFCI (ground fault circuit interrupter) which are the MUST have for safety. Sometime GFCI socket interconnects with regular sockets. If you see regular sockets in Bathroom, Kitchen and Outdoor. Ask seller if it's Interconnected by it and where it's GFCI located in case if it tripped. Are the house up to electricial code?....... will give a good deal reduce insurance cost monthly payment. I don't remember how much percent reduce for premium insurance. Better ask them more questions.
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ok will ask the seller when we make our offer..I will get the teacher's insurance which is very low. :)
 
shel90 said:
The house we decided on has no HOA fees. My husband wont buy a house with HOA.

Yea, about taxes..our bank will include them in the mortgage...we got pre approved for a mortgage plus loan that we pay no fees except for reordination, title, and stamping taxes. What are those?
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Reordination, Title and stamping taxes.. I know is a title, Just like title for car. Proof of ownership... But Reordination and Stamping taxes? (didn't recall if I have seen it in the process. except title) Ask Relator about this. She will be more than happy to explain it to you..

Catty
 
shel90 said:
The bank tried to offer us a balloon loan and immediately, we said no..we want the fixed mortgage period. Smile

Oh about the emails offering equity..thanks for the FYI. I didnt know about that. Wow..so much to think about.


Anyone know of any good websites to search crime stats for the neighborhood?I did search but it seems like have to pay for it.
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Fixed mortage Wise choice!!:thumb: :rockon: :applause:

Crime Stats. You can ask at local police station it's free (go to police station where you're searching for house nearby). And also ask friends who live where you are searching for house. They may point out which area are high crime. Some area you might have know very well to avoid it LOL.

Also there is website for Child Molester search and it's free (google it). You would want to know if there are any living next door to house you're looking for and avoid it.

Catty
 
Oh about the emails offering equity..thanks for the FYI. I didnt know about that. Wow..so much to think about.

that one you ask about equity loan?. If so then it is good for improvement home, renovation landscaping and addition shed or shop garage. Not good for spend other stupid stuffs like buy new bike like that. pfffttt.....use wise that buy worth to use with large accounts or broke plumbing water system or whatever. I think have to wait take one years or two later will approve loan equity house. Maybe I am wrong. I have one but i never use them.
 
One thing, don't forget check how years old heating system. It is important. If over 15 years old then have to inspect anally. That one you talk about equity loan home use it for replace brand new. I suggest best is heating/AC system. You don't have worry being separate heating and AC system. <----sort of waste money. Best both together for once.
 
Once you buy a house make sure you get the furance person come to your house for furance cleaning once a year to keep in a good shape. One house i saw and it almost got caught on fire cuz there was no annual cleaning. Duh owner.
 
Check the founder of the home too its very very important check to make sure its straight and no terminate.
:):):)

Good luck

PS FYI... Some doesn't and some couple usually begin argument about house or about budging for a year then after always better. ;)
 
TFWFalcon said:
Oh about the emails offering equity..thanks for the FYI. I didnt know about that. Wow..so much to think about.

that one you ask about equity loan?. If so then it is good for improvement home, renovation landscaping and addition shed or shop garage. Not good for spend other stupid stuffs like buy new bike like that. pfffttt.....use wise that buy worth to use with large accounts or broke plumbing water system or whatever. I think have to wait take one years or two later will approve loan equity house. Maybe I am wrong. I have one but i never use them.
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We plan on waiting like 5 years before taking out a loan on the equity for whatever house we buy for rennovations. This house we want to bid on has been completely rennovated..just want to check out the structure, plumbing, electric system, and other hidden stuff to make sure there are no major damage.
 
purplecatty said:
I have suggestions for ya. I'm a owner of 2nd house. My experience that It's best to find house that are "green". First thing of all. Check the furnace if they're up to date. Be sure it's a high efficiency unit (one look like 5 jet nozzles), Not the old rack burner. Is it insulated? Front and Back doors sealed properly?

Ask agent to be sure it's not sitting on Flood plain area. You don't want your house get flooded in future. Any house sit on hill are great BUT be sure to check around LANDSCAPING!! cuz of rain runoff sometime ended up on basment wall outside of the house.

Are the house in good condition internally and externally? Is basment in good shape (Expect few cracks on basment floor which are normal but should not be more than 3/4 inch width)? Are plumbings either Plex piped (flexible white plastic pipings) or copper (Both are excellent.) Water heater up to date?

Any electric sockets in Bathroom, Kitchen, Garage, and Outdoor protected by GFCI (ground fault circuit interrupter) which are the MUST have for safety. Sometime GFCI socket interconnects with regular sockets. If you see regular sockets in Bathroom, Kitchen and Outdoor. Ask seller if it's Interconnected by it and where it's GFCI located in case if it tripped. Are the house up to electricial code?

Is garage roomy, room enuf for you and ur hubby to get out of car in garage (IF you planned to buy house w/ garage, if not the disregard it). Height of garage door should be 7ft 5 or taller to fit in SUV if you have it. (Don't try parking H1 Hummer LOL). Is it enuf room to put bike, kid's riding toys, workshop in there?

Bathroom in good shape? Toliets flushes good? (If you have 'elephant poop' and see if it flush down with it :rofl: ) Are all doors in the house easily open and close and latched properly to it's strikeplate?

YOu can even ask seller what is the average electric bills. Does electric company in seller's area allow Even Payment Plan? Ask seller if you see anything "hidden" or odd around the house. DON'T be afraid.. It's ok to be picky. Don't expect Seller to fix something for you if you plan to buy the house. There are time you'll have to fix it urself if you don't like the design or appearance of the house. Don't worry about ugly or Loud colored house (seen deep purple, cobalt blue, orange, bright yellow, piiinnk houses). YOu can always paint it to nicer softer color to appeal your neighbor LOL.

LAST THING of All.. HOME ASSOCIATION FEES!! and How strict is Home Association!! YOu may find nice home that you can buy it and move in. What make you not happy sometime is HOA!! Some HOA have strict policy and neighbor snooping on your property. Some HOA are pretty flexible and friendly.

My HOA is nice and friendly. The only strict rule is the external color of the house simple!!. All I can pick the color from paint shop and make proposal to be sure it's harmony w/ neighbor's. My former HOA from my old subdivsion are really strict, No Shed, NO parking car on street more than 24hrs, Lawn must be neat!, blah blah. My neighbor called police and HOA on me just becasue my old 67 chevy (nice classic truck) parked on my driveway for more than 3 month unmoved. Police sent me ticket and it was flat tire (there's never was any flat tires!!). I got sooo :pissed: :pissed: over it. I called HOA and told them that I still use truck at NIGHT and park same spot on DAYS! and my wife is preggie and cannot park my truck in garage due to carburator produces gasoline fumes and I smell fuel in my bedroom (situated above the garage). HOA said OK OK Sorry and I'll tell neighbor shut up. Aww sheesh. That's why I moved out to newer subdivision and I'm very happy with new HOA..

Wish you luck for house hunting!
Catty
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You ran out of my mouth (not all of them). Smile.

What is HOA? Is this for condo? I think shel90 is interested in buying a house.

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I recommend you to check a house town property tax to see whether you could afford it.

Look up some information on a property line and size of the acre. It is important to me.

Child Molester is impossible because it is almost everywhere even it is not on the list. There are two peepers in my town, and one of them is pretty close to my house that got me pissed off. But, so far nothing happens for three years. Knock the wood.

Check the copper pipes in the basement to see if they are in a good condition. Like some green on the surface is rust. I also would check a fuse box if it has glass tubes - it's out of date. If that happens, you can request the seller to replace it with his/her own money or subtract the cost of the house sale.

Check the furnace to see if it is very old. This is very common, and some people are willing to buy a house with old furnace. Sometimes, it is still good, but not effective heat in a way.

Check the chimney for any crack - if not, then a bank house inspector will check that out for you.

Mold is a big problem - it is hard to see in the basement. There are many different types of molds. Some are hidden. If you really love the house, you can buy an air pure filter with UV light machine in the basement, and it will help to eliminate the molds. Radon is another issue if there are some major cracks in basement floor. You can look it up on Google.

I love a 7 feet tall in the basement - I rather like unfinished basement where I put my junk things there. That's what I like. :giggle:

A bank mortgage hires an inspector to check the house before the buyers get their approval. It is not many people who can afford to pay in full. Yes, I guess that you are right that it is not necessary to have the inspector if the buyer wants to pay off at once. It's his/her decision. As long as there are no major defectives in the house otherwise, they can sue the seller - it depends on the state policy... (I'm not expert this one, but I know a little.)

Most states are required all house owners to install an oil tank in the basement before they sell their house. They are also required to install a town water pipe instead of septic tanks (for toilets). (I personally disagree this one. That's unfortunately. I never have this problem for years. I pay someone to vacuum out of the septic every three or five years. No problem.)

You might check out the neighbors to see if they seem friendly. I know it is not that simple.

I wouldn't want to use the escrow payment. It is a scam. I learned that from Oprah show last year or two years ago.

It is probably nice to have an A/C system. I have this problem with my allergy at my sister's house. I would prefer to use an air conditioner system, and use oil tank for heat.

Good Luck!
 
Oh, I missed that one on a slide show. The house looks pretty nice with a 2nd full room. I noticed that there is a rug in the kitchen. What is going on? Was there a water leak in the past?

Does this house have a basement? (I hope so in case of a tornado.)

Where is the driveway?

How small is in the backyard? Do you like to work on the garden? Do you need a privacy in the backyard? That's something that you might want to consider it.

Small note: Many old people are looking for a ranch house because they cannot walk upstairs.
 
webexplorer said:
You ran out of my mouth (not all of them). Smile.

What is HOA? Is this for condo? I think shel90 is interested in buying a house.

-------

I recommend you to check a house town property tax to see whether you could afford it.

Look up some information on a property line and size of the acre. It is important to me.

Child Molester is impossible because it is almost everywhere even it is not on the list. There are two peepers in my town, and one of them is pretty close to my house that got me pissed off. But, so far nothing happens for three years. Knock the wood.

Check the copper pipes in the basement to see if they are in a good condition. Like some green on the surface is rust. I also would check a fuse box if it has glass tubes - it's out of date. If that happens, you can request the seller to replace it with his/her own money or subtract the cost of the house sale.

Check the furnace to see if it is very old. This is very common, and some people are willing to buy a house with old furnace. Sometimes, it is still good, but not effective heat in a way.

Check the chimney for any crack - if not, then a bank house inspector will check that out for you.

Mold is a big problem - it is hard to see in the basement. There are many different types of molds. Some are hidden. If you really love the house, you can buy an air pure filter with UV light machine in the basement, and it will help to eliminate the molds. Radon is another issue if there are some major cracks in basement floor. You can look it up on Google.

I love a 7 feet tall in the basement - I rather like unfinished basement where I put my junk things there. That's what I like. :giggle:

A bank mortgage hires an inspector to check the house before the buyers get their approval. It is not many people who can afford to pay in full. Yes, I guess that you are right that it is not necessary to have the inspector if the buyer wants to pay off at once. It's his/her decision. As long as there are no major defectives in the house otherwise, they can sue the seller - it depends on the state policy... (I'm not expert this one, but I know a little.)

Most states are required all house owners to install an oil tank in the basement before they sell their house. They are also required to install a town water pipe instead of septic tanks (for toilets). (I personally disagree this one. That's unfortunately. I never have this problem for years. I pay someone to vacuum out of the septic every three or five years. No problem.)

You might check out the neighbors to see if they seem friendly. I know it is not that simple.

I wouldn't want to use the escrow payment. It is a scam. I learned that from Oprah show last year or two years ago.

It is probably nice to have an A/C system. I have this problem with my allergy at my sister's house. I would prefer to use an air conditioner system, and use oil tank for heat.

Good Luck!
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HOA mean Home Owner Association. Sometime they are good, some are really sux!! I happen to have both LOL. I love that X-File show that Mulder and Scully acted like they are new homeowner. They moved in subdivision and Home Owner Association warned them not to go out at night or put lawn decor in front ect. They both did it anyway and monster attacked them. That reminded me like my former HOA LOL. I regretted that I didn't make copy of it. I wuld have mailed it to lousy HOA and make example out of them. :rofl:

For moldy basment, Another way, You can use spray w/ bleach and face mask, glove, and sponge to kill mildew. AFter that, use DeHumidfier to keep basment dry. Make sure that old homes should have sump pump installed to pump water out during rainy season. Sometime people go on expensive way to hire basment repair technician to repair it. Some install new brace to keep basment wall buckling. Some spray sealant that seals up entire basment and keep it waterproof and dry.

Oil Tank?? whut is that for?? Can you care enuf to explain? My state doesn't require them.

For furnace. Sometime new owner save up money and ripped out old furnace and installed new one. So they won't have any headache to light the pilot light every fall and turn off gas in spring. MY sister live in 80 years old home and she too replaced furnace to energy efficient one.

Fuse box w/ glass fuse. My parent have one at their 45 years old home. I remmy I put penny in fuse socket and screw blown fuse in. Very dangerous. I ended up having defective battery charger exploded like a firecracker oops. Then went back in basment and shut off main power and pry penny off the fuse socket the put new fuse in LOL. Right now they just replaced with up to date fusebox and some new wirings.

Child molester. Yup there are some unregistered. So far nothing happend. We had one near our subdivision but we're not worried cuz hundreds of wary parents are watching out. We had 16 years old boy walked out buck naked and play with group of 6 and 7 years old kids. Kids freaked out and ran to parent and parent called cop. One of mother screamed at naked guy to get out of area. Cop came and caught the guy naked at front door. Cop said on newspaper that he was high on drug or alcohol. Happen month ago just about few blocks from where I live Yike!!

Old home do have charms. Some are very unique. Some home built with stones. Some have unusual design (long flat slanted gravel roof w/ glass all around built in 1960's). We do have lot of Cape Cod homes in Prarie Village, KS.. I saw Stone Castle home in downtown and it is over 100 years old. They renovate it to become a fancy restaurant and Bed and Breakfast.


Catty
 
I got 2 words. Foundation and insulation. Any cracks in foundation or support beams=bad bad bad. Even worse if theres water. Water damage HORRIBLE! You'd best invest in an expert someone qualified to check it out if ya can spare the money.... its easy to get ripped becareful.
 
Shel,

I hope you will get that house. It looks like a nice house and hopefully it is in a good neighborhood. Let us know if you got it or not :D
 
We put a bid on the house last night...We looked at it again. I looked at the exposed ceiling in the unfinished basement...checked out the piping, electricity and plumbing...plumbing and electricity looks updated..the pipes are copper.

Also, the wood beams looked new too.

No water damage in the kitchen..people still live there so there are rugs and furniture.

Will find out today if the seller accepts our offer. We are the only ones who put an offer on it since it went on the market last summer. Will see. If they dont accept our offer, we will put house hunting on hold until next year cuz I learned a lot and so many taxes involved. Would rather save more money but if we get this house, then we will work our asses off to pay all those taxes. LOL!
 
Speaking of molding. Not only in the basement but it can be anywhere in the house. Last nite I watched Holmes on Homes and the owner brought a house and there was molding upstairs and th entire fmily got sick from it. They had to hire molding inspection and found where the molding coming from.

So you might want to hire mold inspection for the sake of your family.

Also pest, I would suggest to get it inspection to protect you if there is problem with the wood.
 
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