Buying a house
- Thread starter mx#28
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In the process of buying my second one right now. Have one house, buying another one and am going to rent out our first one.
GET AN INSPECTION! It may not be required in your state, but you absolutely should spend the money to have either a licensed home inspector, architect or engineer to look over the property.
GET AN INSPECTION! It may not be required in your state, but you absolutely should spend the money to have either a licensed home inspector, architect or engineer to look over the property.
snakeblitz33
Well-Known Member
It's getting that point in my life where I am about to undergo this process as well. My wife and I are buying land in the country to build a house. I'm going through and trying to find good land parcels for good prices. It's a royal pain... but I know that it will all be worth it in the end.
Getting the inspection of the house you want to buy is #1. No.2 is getting a good realtor that will work for you. You should interview at least a couple of realtors after doing some internet research on them. Its a buyer's market so it a good time. A good thing to do is get pre-approved for loan. This will guide you up front on how much you can afford and will also be a selling point that works for you if you get into a multiple bid situation. The top internet sites such as Zillow is a good place to do some research.
Quote:
Originally Posted by Beth http:///t/395360/buying-a-house#post_3519697
Getting the inspection of the house you want to buy is #1. No.2 is getting a good realtor that will work for you. You should interview at least a couple of realtors after doing some internet research on them. Its a buyer's market so it a good time. A good thing to do is get pre-approved for loan. This will guide you up front on how much you can afford and will also be a selling point that works for you if you get into a multiple bid situation. The top internet sites such as Zillow is a good place to do some research.
Absolutely! Get preapproved before you even start looking or no one will take you seriously. A buyers agent is also a good idea. You dont pay them anything. They make their money by splitting the comission with the selling agent. We've been using one and she works her butt off for us.
Originally Posted by Beth http:///t/395360/buying-a-house#post_3519697
Getting the inspection of the house you want to buy is #1. No.2 is getting a good realtor that will work for you. You should interview at least a couple of realtors after doing some internet research on them. Its a buyer's market so it a good time. A good thing to do is get pre-approved for loan. This will guide you up front on how much you can afford and will also be a selling point that works for you if you get into a multiple bid situation. The top internet sites such as Zillow is a good place to do some research.
Absolutely! Get preapproved before you even start looking or no one will take you seriously. A buyers agent is also a good idea. You dont pay them anything. They make their money by splitting the comission with the selling agent. We've been using one and she works her butt off for us.
2quills
Well-Known Member
Even though our girls verbally suggest to our buyers that they get a home inspection done and the fact that it's listed 15 times in our paperwork that we recommend buyers get a home inspection done before they purchase, you'd be surprised how many fore go the inspection.
Most first time buyers that I see are concerned first and foremost with space and the layout of a home and location. They typically completely ignore the important stuff like the condition of the structure, foundation, roof, plumbing, electrical and hvac.
An inspection is your insurance policy against ending up in a money pit while you watch all your hopes and dreams go down the drain.
Find out what insurance claims have been made on the house in the past and figure out if the work was ever done. Find out what needs to be done to the home in order to get insurance in the first place.
Does Colorado have wind, storm insurance? If so find out if the house it up to code for it or else you won't be able to get it. Some lenders will require to you carry it.
Most first time buyers that I see are concerned first and foremost with space and the layout of a home and location. They typically completely ignore the important stuff like the condition of the structure, foundation, roof, plumbing, electrical and hvac.
An inspection is your insurance policy against ending up in a money pit while you watch all your hopes and dreams go down the drain.
Find out what insurance claims have been made on the house in the past and figure out if the work was ever done. Find out what needs to be done to the home in order to get insurance in the first place.
Does Colorado have wind, storm insurance? If so find out if the house it up to code for it or else you won't be able to get it. Some lenders will require to you carry it.
Find out what insurance claims have been made on the house in the past and figure out if the work was ever done. Find out what needs to be done to the home in order to get insurance in the first place.
Is that info public record where you are? I know of no way to get that information in ny.
2quills
Well-Known Member
Quote:
Originally Posted by DragonZim http:///t/395360/buying-a-house#post_3519718
Is that info public record where you are? I know of no way to get that information in ny.
As far as I know most of that info is not public. However, a licensed realtor is required by law to disclose any potential problems that they know of with the house if they're asked. Or at least down here they are. That's probably your best source of info initially. A lot of areas in Texas, and particularly along the coast require a separate policy by the state for storm damage. You can search the states website to see if a home's roof has it's WPI8 certification and eligible for wind,storm insurance
You can go to the city website and see if there are any current code violations. We use this fairly often to get a heads up because we work with primarily distressed homes/foreclosures. We just had the city inspector out at 2 of the homes that we're working on now. Whenever the power to a property has been off for 6+ months the city requires an inspection. So we now have a few things in both homes to bring up to code. Minor punch list stuff. Not to bad after having to piece one of the homes back together that had been raped by copper thieves.
Purchasing a home can be a huge risk, period. A good home inspector can be an invaluable resource in helping you to determine if the home is worth while as an investment or not. Don't be afraid to get second opinions, I've had the fortunate or unfortunate chance at meeting some of the good, bad and ugly in the business. It's definitely buyer beware out there.
Originally Posted by DragonZim http:///t/395360/buying-a-house#post_3519718
Is that info public record where you are? I know of no way to get that information in ny.
As far as I know most of that info is not public. However, a licensed realtor is required by law to disclose any potential problems that they know of with the house if they're asked. Or at least down here they are. That's probably your best source of info initially. A lot of areas in Texas, and particularly along the coast require a separate policy by the state for storm damage. You can search the states website to see if a home's roof has it's WPI8 certification and eligible for wind,storm insurance
You can go to the city website and see if there are any current code violations. We use this fairly often to get a heads up because we work with primarily distressed homes/foreclosures. We just had the city inspector out at 2 of the homes that we're working on now. Whenever the power to a property has been off for 6+ months the city requires an inspection. So we now have a few things in both homes to bring up to code. Minor punch list stuff. Not to bad after having to piece one of the homes back together that had been raped by copper thieves.
Purchasing a home can be a huge risk, period. A good home inspector can be an invaluable resource in helping you to determine if the home is worth while as an investment or not. Don't be afraid to get second opinions, I've had the fortunate or unfortunate chance at meeting some of the good, bad and ugly in the business. It's definitely buyer beware out there.
2quills
Well-Known Member
Quote:
Originally Posted by reefraff http:///t/395360/buying-a-house#post_3519725
A realtor has to disclose, asked or not. At least it's been that way in the states I've lived in. But an inspection is worth it's weight in gold.
Aye...they are down here as well, asked or not. And in a perfect world, nothing ever gets overlooked.
Not everyone uses a realtor to buy though. Or gets a good loan for that matter. If one can make a purchase out-right then one clearly have the tools to bargain with.
Originally Posted by reefraff http:///t/395360/buying-a-house#post_3519725
A realtor has to disclose, asked or not. At least it's been that way in the states I've lived in. But an inspection is worth it's weight in gold.
Aye...they are down here as well, asked or not. And in a perfect world, nothing ever gets overlooked.
Not everyone uses a realtor to buy though. Or gets a good loan for that matter. If one can make a purchase out-right then one clearly have the tools to bargain with.
I was a licensed home inspector here in NY for a while. I let my license lapse since I wasnt getting much business and it was costing me more to maintain the license each year than I was making. Luckily, my oldest friend is an Architect, so for the house that I am purchasing now, he and I went over it with a fine tooth comb the other day. He knows more about structure and engineering that I ever will, but I knew all the little nit-picky things to look for like water pressure, making sure the water heaters operate at the correct temp, checking GFCIs to make sure they work, etc...
2quills
Well-Known Member
I was a licensed home inspector here in NY for a while. I let my license lapse since I wasnt getting much business and it was costing me more to maintain the license each year than I was making. Luckily, my oldest friend is an Architect, so for the house that I am purchasing now, he and I went over it with a fine tooth comb the other day. He knows more about structure and engineering that I ever will, but I knew all the little nit-picky things to look for like water pressure, making sure the water heaters operate at the correct temp, checking GFCIs to make sure they work, etc...
How much do they wack ya annually up there? I've been considering getting mine down here but im not terribly confident that it's worth it since the majority of buyers dont use the service. We are pretty tight with a couple realtors that we use exclusively and im fairly sure they'd be happy to recommend me. But there's never any guarantees.
Only runs me $40 annually to maintain my hvac liscense and it's well worth it down here.
How much do they wack ya annually up there? I've been considering getting mine down here but im not terribly confident that it's worth it since the majority of buyers dont use the service. We are pretty tight with a couple realtors that we use exclusively and im fairly sure they'd be happy to recommend me. But there's never any guarantees.
Only runs me $40 annually to maintain my hvac liscense and it's well worth it down here.
Quote:
Originally Posted by 2Quills http:///t/395360/buying-a-house#post_3519781
How much do they wack ya annually up there? I've been considering getting mine down here but im not terribly confident that it's worth it since the majority of buyers dont use the service. We are pretty tight with a couple realtors that we use exclusively and im fairly sure they'd be happy to recommend me. But there's never any guarantees.
Only runs me $40 annually to maintain my hvac liscense and it's well worth it down here.
The license itself is the cheap part. Its $100 every 2 years to renew, but you also have to carry insurance at a few hundred bucks a year as well as complete 24 hours of continuing education a year. That is the expensive part. For the one time that i did the renewal I did three 8 hour courses that ran me about $600 each. So, it was costing me about $2500 a year to maintain my license for what I was hoping would start out as a nice part time business then hopefully turn full time. Problem is that I already have a full time job and a family and I didnt really have the spare time to devote to marketing myself. That combined with a major slump in the market where I am meant I just wasnt making enough to warrant it. There is some pretty fierce competition among inspectors around here and since I didnt have an in already with a real estate attorney (which is where around 75% of referrals come from), it was fighting an uphill battle. I made just enough over the 3 years that I was licensed to cover my expenses, so I feel that I got off OK on the whole thing. I look it at as a side benefit that I now know exactly what to look for for my own needs and can help friends and family out who are looking for a house. The only thing I can't do now is give someone an official inspection report.
Originally Posted by 2Quills http:///t/395360/buying-a-house#post_3519781
How much do they wack ya annually up there? I've been considering getting mine down here but im not terribly confident that it's worth it since the majority of buyers dont use the service. We are pretty tight with a couple realtors that we use exclusively and im fairly sure they'd be happy to recommend me. But there's never any guarantees.
Only runs me $40 annually to maintain my hvac liscense and it's well worth it down here.
The license itself is the cheap part. Its $100 every 2 years to renew, but you also have to carry insurance at a few hundred bucks a year as well as complete 24 hours of continuing education a year. That is the expensive part. For the one time that i did the renewal I did three 8 hour courses that ran me about $600 each. So, it was costing me about $2500 a year to maintain my license for what I was hoping would start out as a nice part time business then hopefully turn full time. Problem is that I already have a full time job and a family and I didnt really have the spare time to devote to marketing myself. That combined with a major slump in the market where I am meant I just wasnt making enough to warrant it. There is some pretty fierce competition among inspectors around here and since I didnt have an in already with a real estate attorney (which is where around 75% of referrals come from), it was fighting an uphill battle. I made just enough over the 3 years that I was licensed to cover my expenses, so I feel that I got off OK on the whole thing. I look it at as a side benefit that I now know exactly what to look for for my own needs and can help friends and family out who are looking for a house. The only thing I can't do now is give someone an official inspection report.
2quills
Well-Known Member
The license itself is the cheap part. Its $100 every 2 years to renew, but you also have to carry insurance at a few hundred bucks a year as well as complete 24 hours of continuing education a year. That is the expensive part. For the one time that i did the renewal I did three 8 hour courses that ran me about $600 each. So, it was costing me about $2500 a year to maintain my license for what I was hoping would start out as a nice part time business then hopefully turn full time. Problem is that I already have a full time job and a family and I didnt really have the spare time to devote to marketing myself. That combined with a major slump in the market where I am meant I just wasnt making enough to warrant it. There is some pretty fierce competition among inspectors around here and since I didnt have an in already with a real estate attorney (which is where around 75% of referrals come from), it was fighting an uphill battle. I made just enough over the 3 years that I was licensed to cover my expenses, so I feel that I got off OK on the whole thing. I look it at as a side benefit that I now know exactly what to look for for my own needs and can help friends and family out who are looking for a house. The only thing I can't do now is give someone an official inspection report.
Yeah that sounds about right for down here as well. Competition is pretty fearce so it's helpful to know people in the business. As we are well aware now that all of the good houses and really sweet deals get offered up to industry insiders first. Everything that ends up on zillow, trullia or craigslist is just the overflow. You have to be on your game to spot a good deal. Many of these homes have already traded hands 3-4 times before they wind up in the possesion of someone who actually plans to live in them. All of the good profitability has been eaten up by other investors.
The wife wants to start classes for her realtors license this year. Reef, was wise for befriending one.
reefraff
Active Member
The realtor I know works as a team with his wife. He finds your house and she bakes you a loaf of pumpkin bread LOL! I've actually always found all the houses I've ever bought. This guy found us some great "lets put in a bid and see what happens deals" that didn't pan out but we were going for some crazy good deals with lots of bidders.
2quills
Well-Known Member
Quote:
Originally Posted by reefraff http:///t/395360/buying-a-house#post_3519817
The realtor I know works as a team with his wife. He finds your house and she bakes you a loaf of pumpkin bread LOL! I've actually always found all the houses I've ever bought. This guy found us some great "lets put in a bid and see what happens deals" that didn't pan out but we were going for some crazy good deals with lots of bidders.
If I were you I'd send them a smokey bacon bbq loaf and see what kind of houses they show you next.
Yeah it's funny, there seem to be a lot of husband and wife teams in real estate. Perhaps it's all that crazy competition out there. You really need a team mate or partner you can trust on your side.
Originally Posted by reefraff http:///t/395360/buying-a-house#post_3519817
The realtor I know works as a team with his wife. He finds your house and she bakes you a loaf of pumpkin bread LOL! I've actually always found all the houses I've ever bought. This guy found us some great "lets put in a bid and see what happens deals" that didn't pan out but we were going for some crazy good deals with lots of bidders.
If I were you I'd send them a smokey bacon bbq loaf and see what kind of houses they show you next.
Yeah it's funny, there seem to be a lot of husband and wife teams in real estate. Perhaps it's all that crazy competition out there. You really need a team mate or partner you can trust on your side.
reefraff
Active Member
Quote:
Originally Posted by 2Quills http:///t/395360/buying-a-house#post_3519828
If I were you I'd send them a smokey bacon bbq loaf and see what kind of houses they show you next.
Yeah it's funny, there seem to be a lot of husband and wife teams in real estate. Perhaps it's all that crazy competition out there. You really need a team mate or partner you can trust on your side.
Our next move is out of this state which appears to be a real possibility within the next several months, keeping our fingers crossed.
Originally Posted by 2Quills http:///t/395360/buying-a-house#post_3519828
If I were you I'd send them a smokey bacon bbq loaf and see what kind of houses they show you next.
Yeah it's funny, there seem to be a lot of husband and wife teams in real estate. Perhaps it's all that crazy competition out there. You really need a team mate or partner you can trust on your side.
Our next move is out of this state which appears to be a real possibility within the next several months, keeping our fingers crossed.