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I want to buy a townhouse....

T

Triforceofcourage

Platinum Member
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!
 
Do you have enough for 20% down? This will greatly help if so.
Keep in mind you will need to pay for a full year of insurance if you are not rolling the insurance and taxes into the loan. Personally I prefer keeping them out of the loan.
 
Originally posted by: Triforceofcourage
What was I thinking. Typical idiotic responses are par for the course here on ATOT......
Click to expand...

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

Have you looked at any listings yet?
 
Originally posted by: Triforceofcourage
What was I thinking. Typical idiotic responses are par for the course here on ATOT......
Click to expand...

Well, you are an idiot for asking here, so you get what you deserve.
 
Originally posted by: RichardE
Originally posted by: Triforceofcourage
What was I thinking. Typical idiotic responses are par for the course here on ATOT......
Click to expand...

Well, you are an idiot for asking here, so you get what you deserve.
Click to expand...

All we know here is about fapping and radiator sized objects.
 
Originally posted by: Newbian
Originally posted by: RichardE
Originally posted by: Triforceofcourage
What was I thinking. Typical idiotic responses are par for the course here on ATOT......
Click to expand...

Well, you are an idiot for asking here, so you get what you deserve.
Click to expand...

All we know here is about fapping and alternator sized objects.
Click to expand...
 
Originally posted by: Triforceofcourage
What was I thinking. Typical idiotic responses are par for the course here on ATOT......
Click to expand...

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

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.
Click to expand...

You can, however, swing a deal with your agent to get them kick back some of their fee to you after the deal. In this slow market, I would imagine most agents would be hungry enough to agree to something like that to keep you from going to another agent. I'm not in the market yet, myself, though, so I can't speak first hand.
 
what ever you end up with make shure you can afford the property tax and the likely increases in property taxes over the years.
 
townhomes pretty much suck and are a pain to resell. Have fun not being able to blast your stereo or listening to your neighbors pets/music/domestic assault
 
Look at the homeowners dues to make sure you can afford them on top of your mortgage.

Also look into how the HOA manages dues they receive. If anything major goes wrong and the HOA doesn't have enough money to cover it, you'll get a bill for your share. I've heard plenty of horror stories of people who had bills for tens of thousands of dollars arrive at their doorstep with no advance notice.
 
Originally posted by: thomsbrain
Originally posted by: BoberFett
Originally posted by: Triforceofcourage
What was I thinking. Typical idiotic responses are par for the course here on ATOT......
Click to expand...

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.
Click to expand...

You can, however, swing a deal with your agent to get them kick back some of their fee to you after the deal. In this slow market, I would imagine most agents would be hungry enough to agree to something like that to keep you from going to another agent. I'm not in the market yet, myself, though, so I can't speak first hand.
Click to expand...

Depends on the broker. If you work with a small private broker you might be able to swing that. Lots of agents work for large brokers and so they're already splitting their commission with a huge company who won't easily make those kind of deals.
 
Realtor.

Find a good one, use them exclusively.

(get recommendations from other people who have bought/sold homes recently)
 
Lots of good sites to educate yourself on the process. Also, sites like zillow.com and ziprealty.com can provide you with what's for sale in your targeted areas with a wealth of info, pics, locations, etc...
 
One thing to double check about townhouses is the home owner association.

They'll provide you with regular fee schedule. You should ask for a few years history about special assessments.

$10 a month is not a good deal when every other January you have to shell out $10,000. That was an exaggeration, but please understand the point that there are extra fees.

Before closing they have to provide you the covenant documents, you would want to see them BEFORE you even make an offer.
 
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!
Click to expand...

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