I'm about to make an offer on my first home, and very scared!

[ScAndal]

Boy they are right when they say this is an emotional purchase. I'm stessin like crazy.

Anybody have any advice?

ScAndal

 

[FelixDeCat]

Relax. You can always sell later. I hope you got a good home inspection before you make an offer.

 

[ScAndal]

Yes! The offer is contigient (sp?) on inspection. Thanks Felix!

ScAndal

 

[mastertech01]

Its definitely a decision you dont want to make on emotion or alone. Research all the variables, like location to schools, business, property value trends at that location, location to highways, to work, crime rate in that area, etc. Have the realtor show you how much comparable homes in that area sold for.. they have records of all the sold prices of the neighboring homes.

 

[montanafan]

Have you checked out your potential neighbors? Depending on how close they'll be, it can make a huge difference.

 

[Scuttle]

Whatever the outcome of the purchase, i wish you much luck in getting a great house. But do put research into those points made above, you'll thank yourself for it if it turns out not to be the great place it seems at first.

 

[ScAndal]

Thanks guys. I have done a lot of research on this home. The area is great! I have not yet met the neighbors which is a good Idea. I will do that today. Thanks for all the support, it really does help.

ScAndal

 

[Dark4ng3l]

Dont buy a house, just buy an extremely expensive car.

 

[mastertech01]

Other considerations, cost of insurance, property taxes, homes association dues, and if there are insurability problems like is it on a flood plane, age of home, its roof condition, updated electrial wiring. There are a lot of things people dont think about that can cost them a lot of cash within a few years use.

 

[ScAndal]

Can you guys give me an estimate on homeowners insurance? The home is around 190k, what do you think the avg. monthly payment will be.

Dark, I just got my Audi A6

ScAndal

 

[mastertech01]

Ask the realtor, dont let them BS you, they know everything you need to know. They work for the seller so they will try not to reveal anything they arent asked.

 

[Pikachu]

Man, I thoroughly enjoyed shopping and purchasing our home. We called the shots and didn't have a real estate agent tagging along. The only thing I worried about was not being able to get financing or having the house of our choice bought out from under us. Believe it or not, two deals did fall through because somebody offered more than we did at the last minute. These houses had been on the market for months because mortgage rates were at 15%.

I wouldn't be too worried. The bank isn't going to give you a loan for more than you can afford. And as Dark4ng3l alluded to, it's better to be strapped to a house payment than a damn car payment or two.

 

[RossMAN]

ScAndal - Here's a great thread about financing your home, very informative.

 

[fastz28]

Did you get a buyer's agent? They work for you but gets a cut of seller's fee - no cost to you but obligated to service you and not the seller.

The monthly payment is *usually* very close to 1% of the sales price.

 

[Tates]

ScAndal,

If you haven't already, I would recommend getting pre-qualified for a loan. You'll get a Good Faith Estimate (GFE) from the mortgage lender that should give you a pretty good idea of how much house you can afford and what your monthly payment will be. You can ask for a commitment letter that shows you are prequalified for a loan. It puts you in a stronger position when negotiating a deal. Make sure you get GFE's from several different lenders, so you can compare. The pre-qual process is free. Good Luck