Buying a House

Geekyfanboy · April 08, 2009, 10:54:14 AM

Hey Guys,

Last night Harry informed me that his family (mom and dad) informed him that they have gone ahead and given all three kids their inheritance, which is a fair amount. So Harry wants to take some of it and put a downpayment on a house since house prices and interest rates are lower. It's pretty amazing as I didn't think I would be a house owner. So I know many of you here own houses and I would love to get some advice and hear what kind of experience you guys had buying your home.... thanks

Geekyfanboy · April 08, 2009, 11:03:43 AM

First question.. is it worth getting a Realtor?

moyer777 · April 08, 2009, 11:11:44 AM

Our Realtor saved our bacon. I mean, she was amazing, she knew all the right things to ask and did a great job for us.. TWICE! We tried doing it oursleves and just had a lot of heart ache. So, for us, she was worth it!

CONGRATS! I am so happy for you!

Jen · April 08, 2009, 11:16:04 AM

Congrats again Kenny. I think it is WELL worth it to you to get a Realtor. They will help you find what is in your budget and fight for you behind the scenes. At least ours did. He acted as a "representative" in the negotiations. He knew when the seller was trying to mess us around and he straightened them out. The trick is to find a personable one who isn't a used car salesman (no offense to any who may be reading the forums). In case you don't know, you don't have to pay a realtor, they make a their money by selling the house for the seller.

Geekyfanboy · April 08, 2009, 11:17:41 AM

Yeah I wasn't sure about that.. I had heard that the sellers normally pay for the realtor.. but not always... but it sounds like it's a good idea to get one. thanks

Bryancd · April 08, 2009, 11:20:14 AM

Hey Kenny, any home buying/mortgage/financial planning advice you need, I am here for you! We do all that. :)

Geekyfanboy · April 08, 2009, 11:23:46 AM

Quote from: Bryancd on April 08, 2009, 11:20:14 AM
Hey Kenny, any home buying/mortgage/financial planning advice you need, I am here for you! We do all that. :)

Thanks Bryan.. I'll be bugging you. :)

Feathers · April 08, 2009, 11:30:47 AM

Well, that must have been a surprise! Congratulations!

I'll stay out of the advice chain. What little I know of the US housing market is that it works completely differently to ours.

Is it a good time to buy over there? Over here it looks like lots of people have given up waiting for things to 'get better' and the housing market is starting to pick up again.

billybob476 · April 08, 2009, 11:31:10 AM

Well, being that I just moved into my first home two days ago, let me say that our Realtor helped us out tons. They know what to look for, they likely know more about certain areas then you do, etc etc.

Ours was very methodical, we looked at about 30 houses before we saw the one. She never rushed us, never told us we were taking too long. Always told us to take our time and try as much as possible to leave emotion out of the equation.

So yes, I'd get one!

Plus you Americans can claim mortgage payments on your income taxes, we can't do that up here.

Feathers · April 08, 2009, 11:57:44 AM

Wow. Tax relief on mortgages? That disappeared over here about twelve years ago. Never thought I'd hear of that again!

billybob476 · April 08, 2009, 12:14:35 PM

As far as I know. It's the only reason my brother bought a house when he lived in Northern California. I assume with the economic times it's still in effect.

Bryancd · April 08, 2009, 12:35:29 PM

The interest portion of a mortgage payment is 100% tax deductible. It's one of the few great tax breaks we have left!

sheldor · April 08, 2009, 12:37:20 PM

Quote from: StarTrekFanatic5 on April 08, 2009, 10:54:14 AM
Hey Guys,

Last night Harry informed me that his family (mom and dad) informed him that they have gone ahead and given all three kids their inheritance, which is a fair amount. So Harry wants to take some of it and put a downpayment on a house since house prices and interest rates are lower. It's pretty amazing as I didn't think I would be a house owner. So I know many of you here own houses and I would love to get some advice and hear what kind of experience you guys had buying your home.... thanks

I was living in apartments since college and lived at home for a few months. I looked at over 20 houses with my realtor and very happy I had her along for the ride. She was great at pointing out things to watch, questions to ask and she was very familar with the geographic areas. I bought a fixer-upper for almost 40% off and that was over 10 years ago. Definitely give yourself time and have a list of non-negotiable features. That will help the realtor narrow down the list. Congratulations - this is a GREAT time to buy. Oh - try to see homes when the owners are not there. Some of the experiences I had with owners were a little awkward - kind of like a reality show **shiver**

billybob476 · April 08, 2009, 12:53:33 PM

Quote from: marcnrow on April 08, 2009, 12:37:20 PMSome of the experiences I had with owners were a little awkward - kind of like a reality show **shiver**

I HATED looking at houses with the owners home. I felt bad looking in the rooms, I felt like I was intruding in their space. When no one's there you can look around, voice your opinion, etc.

Feathers · April 08, 2009, 01:02:54 PM

Quote from: billybob476 on April 08, 2009, 12:53:33 PM
Quote from: marcnrow on April 08, 2009, 12:37:20 PMSome of the experiences I had with owners were a little awkward - kind of like a reality show **shiver**
I HATED looking at houses with the owners home. I felt bad looking in the rooms, I felt like I was intruding in their space. When no one's there you can look around, voice your opinion, etc.

I agree with that. We tried to move 2 years ago (but didn't) and I'd say that the same applies from the sellers viewpoint as well. It's simply much more comfortable all around if you can look round an empty house.