I want to buy a townhouse....

[Homerboy]

Originally posted by: Triforceofcourage
What was I thinking. Typical idiotic responses are par for the course here on ATOT......

Funny I was thinking "Typical idiotic OP on par for the course here on ATOT"

 

[mugs]

Originally posted by: sjwaste

Originally posted by: Triforceofcourage
I saved up enough money for a nice down payment. I picked out a neighborhood that I like that is having good deals on a lot of vacant town homes. The only problem is I don't know where to start. I don't want to get ripped off with a lot of random BS fees by banks.

I was hoping some of my fellow ATOTers could provide me with some tips or at least point me in the right direction to do some research.

Any good places to look for getting a mortgage. I have a really good fico score too. Upper 700s.

Thanks!

A lot of vacant places in one area means you're not buying in a desirable place to live. Use that and keep looking.

If it's desirable to him that doesn't really matter.

 

[HardcoreRobot]

id get a buyers agent. some of them will give u a cut of their commission, no reason not to find one that does. get on the internet, start looking for listings. some agencys will have a portal to MLS listings. just get on there, find ones you like and have the agent take you to sniff around. imo dont rely on the agent to find the place, be proactive. as far as getting a loan goes, as around for recommendations. fill out the paperwork and they will let you know waht you are approved for, though YOU should already have your budget decided. call a bunch of people, shop around to see who will get you the best rate. one thing that was not intuitive to me though... people dont usually finalize their financing until after the purchase contract is accepted, but the rate of your loans will change daily. any good real estate agent and broker should be able to explain the rest of the process and documentation easily.

 

[Aharami]

start by looking at realtor.com for listings. contact some realtors - ask around friends and family for recommendations for a realtor

 

[BlahBlahYouToo]

how old are you?
and if you are in fear of your job, i'd say wait for that situation to stabilize before doing anything.

 

[Mr Pickles]

Originally posted by: BlahBlahYouToo
how old are you?
and if you are in fear of your job, i'd say wait for that situation to stabilize before doing anything.

No. If this is your first time home purchase and you can find something you can definitely afford, you need to stab at this. In 15 years you'll be living large.

 

[tk149]

Originally posted by: BoberFett

Originally posted by: Triforceofcourage
What was I thinking. Typical idiotic responses are par for the course here on ATOT......

For someone who's not an idiot, you sure are dumb. Your agent won't cost you anything. The seller's broker fee pays your agent. And if you think you can swing a better deal with a seller because you don't have an agent, think again.

Buyer's Agent's say that they don't cost the buyer anything, but that's incorrect. Only ONE person is paying any money in a traditional sales transaction, and that is the buyer. You're talking about hiring a Buyer's Agent. The Buyer's Agent fee is built into the home sale price, but you can negotiate with your agent to reduce his/her fee, thereby reducing the home price.
To the OP: I found the book "Home Buying for Dummies" a good start. It will at least get you familiar with a bunch of new terms. After that, check out a bunch of internet sites about home buying. Then talk to a Buyer's Agent after that.

Above all, stay away from variable rate loans unless you really know what you're doing.

 

[wwswimming]

Originally posted by: mugs

Originally posted by: Triforceofcourage
What was I thinking. Typical idiotic responses are par for the course here on ATOT......

Boberfett's post was not idiotic. You SHOULD hire an agent.

Have you looked at any listings yet?

the trick is hiring a GOOD agent. there are loads of agents.

when i sold my condo in 2004, it had some mold damage, which meant a LOT
of work for the agent. i was working with the son of the agent who sold me
the condo.

i was very lucky. i had almost retained an agent i knew from the gym.
she was not a hard-working person, and she kept acting like my mom,
bugging me about misc. stuff.

if you need an agent in San Diego, i can definitely recommend one.

 

[BoberFett]

Originally posted by: tk149

Originally posted by: BoberFett

Originally posted by: Triforceofcourage
What was I thinking. Typical idiotic responses are par for the course here on ATOT......

For someone who's not an idiot, you sure are dumb. Your agent won't cost you anything. The seller's broker fee pays your agent. And if you think you can swing a better deal with a seller because you don't have an agent, think again.

Buyer's Agent's say that they don't cost the buyer anything, but that's incorrect. Only ONE person is paying any money in a traditional sales transaction, and that is the buyer. You're talking about hiring a Buyer's Agent. The Buyer's Agent fee is built into the home sale price, but you can negotiate with your agent to reduce his/her fee, thereby reducing the home price.
To the OP: I found the book "Home Buying for Dummies" a good start. It will at least get you familiar with a bunch of new terms. After that, check out a bunch of internet sites about home buying. Then talk to a Buyer's Agent after that.

Above all, stay away from variable rate loans unless you really know what you're doing.

Good luck with that. :roll:

If what you said was true then it should be simple to buy a house without an agent and pay 3% less. Until that seller's agent laughs in your face because he intends to keep the entire 6-7% if you come in without an agent.

Unless you're experienced and know how to setup a purchase agreement and all of the required addendums for your state and your particular deal, you'd better have an agent or you're going to get cleaned out by the seller's agent.

 

[geno]

Originally posted by: BoomerD
Find a good one, use them exclusively.

Do not jump around and start signing papers with the seller's agent!! Always go through your agent if you trust them and don't screw the process up by letting someone else horn in and take the deal.

 

[PingSpike]

Originally posted by: Slew Foot
Townhomes and condos, all the expense of owning a house with all the pain and fees of living in a rental.

stole my post!

 

[erub]

How about graduating from college first (not failing out of community college), you know, the normal progression of things?