Oh. Cool! I built a baseball bat and ball holder in woodshop in 8th grade.stosh said:
Anybody been keeping up with the real estate market?
- Thread starter stosh
- Start date
I Are Baboon said:Still, a "used" house that is comparable in size and features would most likely cost a lot less that if you built it new. At least, that's what I've gathered from my admittedly limited knowledge of real estate. Eh, what the hell do I know?
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That can be true.... sure...
Depends though. older homes don't have all the nifty goodies that a new house has... plus with a new house you don't have to do much maintenance on it for the first 5 years.... all the applicances are new and work...
However, you will have to do all the landscaping etc...
stosh said:
I'm not saying that you do the work silly.... just be the general contractor....
stosh said:
You'd better have a lot of time... remember that it takes 4-5 months to build a sub-2000 heated house... and that is a slab on grade.
Most construction loans are only good for 6 months max... remember time is money in this game... the $'s you save by doing it yourself might be more than spent in interest and in screw-ups...
In this area the government(s) sponsors several free first-time-home-buyer classes. There are a bunch of different government loan programs that are only available to folks who take these classes. You may not even find out about these things unless you take the Classes. There are city, county, neighborhood, federal, etc. programs. I actually took two different classes run by two different groups and learned about different things in each class. I found them by Googling "first time home buyer seattle". These classes were absolutely time very well spent.
Go to at least a few different finance places; banks, credit unions, mortgage brokers, see what programs they know about and can offer. There are a lot of different types of mortgages, which one is best depends on your situation. Which one your broker wants to sell you depends on his cut.
I bought a place in December that I didn't think I could get into by getting a smart mortgage broker (and walking away from 5 or 6 other loan offers) and a similarly bright agent. Even though I currently earn (well ok, earn is rather a subjective term) too much to qualify for the loan I got, the broker knew to do a three year income average and that got the number down to where I qualified.
If you make too much as a couple, one of you may need to apply by youself to get the best rate or program. Which one of you has the best credit score? Just because you are married doesn't mean you have to both be on the mortgage papers, you can always quick-add the other person to the papers after the fact.
I ended up getting into a 185k place with $1500 out of pocket on a 30yr fixed @ 5%.
Just like when you're talking to car dealers, if the sales person is talking in circles, can't answer your questions, or you just don't like them, there is always at least 100 or more people out there waiting for a chance to make money off of your deal.
Do your homework, lots of homework. If I can buy real estate, just about anyone can.
Go to at least a few different finance places; banks, credit unions, mortgage brokers, see what programs they know about and can offer. There are a lot of different types of mortgages, which one is best depends on your situation. Which one your broker wants to sell you depends on his cut.
I bought a place in December that I didn't think I could get into by getting a smart mortgage broker (and walking away from 5 or 6 other loan offers) and a similarly bright agent. Even though I currently earn (well ok, earn is rather a subjective term) too much to qualify for the loan I got, the broker knew to do a three year income average and that got the number down to where I qualified.
If you make too much as a couple, one of you may need to apply by youself to get the best rate or program. Which one of you has the best credit score? Just because you are married doesn't mean you have to both be on the mortgage papers, you can always quick-add the other person to the papers after the fact.
I ended up getting into a 185k place with $1500 out of pocket on a 30yr fixed @ 5%.
Just like when you're talking to car dealers, if the sales person is talking in circles, can't answer your questions, or you just don't like them, there is always at least 100 or more people out there waiting for a chance to make money off of your deal.
Do your homework, lots of homework. If I can buy real estate, just about anyone can.
The first thing to do is find one of those free first time buyer classes. Before you even start talking to loan people, learn the language.
The best way to find mortgage brokers and real estate agents, in my opinion, is through referals. Ask family and friends who they deal with and about their experiences with them. The worst thing you can do is not talk to at least a few of each, loan people and agents, before going with one.
Have you checked your credit reports/scores yet?
The best way to find mortgage brokers and real estate agents, in my opinion, is through referals. Ask family and friends who they deal with and about their experiences with them. The worst thing you can do is not talk to at least a few of each, loan people and agents, before going with one.
Have you checked your credit reports/scores yet?
Freecreditreport.comstosh said:
you are allowed by law, one free credit report a year from each of the three institutions. If you haven't done it yet, do it now.
East Coasters ain't included yet....... I think.PsychO!1 said:
-S.S.-
Ahhhh, forgot about that. Still, there pretty cheap to get aren't they??SkaredShtles said:
We're still looking, now our puchase limit is going up too
Don't buy a house right now, unless you're planning on staying long term. The gap between house prices and rents just keeps on getting bigger...
Yeah - I think 10 bones gets you one. I'm pretty sure that one of the big-3 is giving away a 60-day free view of your report. Experian, maybe?PsychO!1 said:
-S.S.-
The free credit reports aren't available everywhere yet, you'll have to check what's available for your state. Where they are available thay can be a hassle to get and can take several days to get in your hands.
Both of the free classes I took offered a free credit report from all three bureaus with scores for taking the class. One of the things they teach in the class is how to interpret the report and some tips to fixing problems on them.
Also, the report, if available free, may not have the credit score, which is important to know where you stand and to get pre-qualified (not pre-approved) for loans, programs, etc.. You need to get all three credit bureaus; TransUnion, Experian, and I forget the third at the moment, and you need all three credit scores also.
I found it was quicker and easier to just pay the $45 and get all three with scores online and printed out right now. Also, the format of the report you pay for and download online can be easier to read and interpret than the free version.
Be careful who's website you go to as you will have to enter your SS number online. I have heard that freecreditreport.com, and other free sites are very likely to sell your info and email address to spammers, nothing is completely free. I went to transunion.com to get my reports with scores and had no problems.
Both of the free classes I took offered a free credit report from all three bureaus with scores for taking the class. One of the things they teach in the class is how to interpret the report and some tips to fixing problems on them.
Also, the report, if available free, may not have the credit score, which is important to know where you stand and to get pre-qualified (not pre-approved) for loans, programs, etc.. You need to get all three credit bureaus; TransUnion, Experian, and I forget the third at the moment, and you need all three credit scores also.
I found it was quicker and easier to just pay the $45 and get all three with scores online and printed out right now. Also, the format of the report you pay for and download online can be easier to read and interpret than the free version.
Be careful who's website you go to as you will have to enter your SS number online. I have heard that freecreditreport.com, and other free sites are very likely to sell your info and email address to spammers, nothing is completely free. I went to transunion.com to get my reports with scores and had no problems.
stosh said:
Is that near Beaver Falls?
I was stationed in Adak with a d00d from there...
He's high on parmesan Goldfish crackers. I'm right there, too.stosh said:
One thing to note about credit reports is that they may contain different information. I started a job a few months ago and found that my Trans Union and Experion reports were different. Luckily the $ wasn't that much and I was able to get it taken care of.
Does he also walk around with a monkey humping his ear?stosh said:
Boston-Quincy, MA up 80.07% in the past 5 years.
i do often wonder how people in CA afford houses. a friend of mine moved to SF last year w/ his wife (she took a VP job @ yahoo). he's an engineer, and also landed a good job. they sold their house in mass, and have no kids, but were still put off by the housing costs. if *they* are balking at the prices how can joe six pack possibly survive out there?
i do often wonder how people in CA afford houses. a friend of mine moved to SF last year w/ his wife (she took a VP job @ yahoo). he's an engineer, and also landed a good job. they sold their house in mass, and have no kids, but were still put off by the housing costs. if *they* are balking at the prices how can joe six pack possibly survive out there?
You just gotta jump in now and do it. Prices in the Bay Area continue to climb, however its a good investment here as they are almost guaranteed to make a nice profit.narlus said:
they just aren't enamored about plonking down 2-3x the cash for a house 2-3x times smaller. plus, i think they are looking to make a hit if the stock price goes up, and then beat a retreat back to the east coast.
Even if you are guaranteed a profit there is still high risk. I have enough saved that if I lost my job I can easily pay my mortgage for 6 months. Things would be very different if my mortgage was 4X the size.Brian HCM#1 said:
They'll just have to get used to the idea...... or live in an apt, make a bunch of bank, then flee CA like all the others.narlus said:
-S.S.-
i think they are banking plenty of cabbage now...i think yahoo paid for their apt for 6 months or maybe even a year...goddamn DINKs.SkaredShtles said:They'll just have to get used to the idea...... or live in an apt, make a bunch of bank, then flee CA like all the others.
-S.S.-
Hahahhahaha - yeah. Sometimes I daydream about what it would be like if the wife still worked.........narlus said:i think they are banking plenty of cabbage now...i think yahoo paid for their apt for 6 months or maybe even a year...goddamn DINKs.
-S.S.-
well, i'm sure our kids will pick out a nice nursing home for us when it comes time.
The little fokkers better not. I'm gonna tell 'em how much we sacrificed so that Mum could stay home with 'em - and make it perfectly clear that we expect to live with one of 'em when we become old and infirm......narlus said:
-S.S.-
I found a pretty kick butt deal!!!
http://www.ulstersavings.com/FirstHomeClub.cfm
Check out the incentives.
http://www.ulstersavings.com/FirstHomeClub.cfm
Check out the incentives.
You don't get a lot for your money, believe me, we're looking at spending up to 1.1 for a house, probably have to do an interest only loan for the first 3-5 years. We should get a good tax break though. It's absolutely ludicrous, and the house I end up buying will most likely be a POS in need of a lot of updating. But it's were we want to live and will have to pay the price.narlus said:
These prices are gonna really suck when interest rates go back up to the 7-9% range....
Looks like we are going to back up to 6%+ by the end of the summer...
http://www.neatideas.com/fha.htm
http://cbs.marketwatch.com/news/archivedStory.asp?archive=true&dist=ArchiveSplash&siteid=google&guid={FF997ADF-A3D0-44EE-95C3-88BFCD672A1F}&returnURL=/news/story.asp?guid={FF997ADF-A3D0-44EE-95C3-88BFCD672A1F}&siteid=google&dist=google,+&archive=true¶m=archive&garden=&minisite=
Looks like we are going to back up to 6%+ by the end of the summer...
http://www.neatideas.com/fha.htm
http://cbs.marketwatch.com/news/archivedStory.asp?archive=true&dist=ArchiveSplash&siteid=google&guid={FF997ADF-A3D0-44EE-95C3-88BFCD672A1F}&returnURL=/news/story.asp?guid={FF997ADF-A3D0-44EE-95C3-88BFCD672A1F}&siteid=google&dist=google,+&archive=true¶m=archive&garden=&minisite=