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Old 07-06-2007, 12:35 AM   #1
Azylum
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first time home buyer

me and the misses found a house we really, REALLY like in friendswood. any advice? we're about to get a home inspector to go over it with a fine tooth comb, asked about school district and flood zone. anything else?
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Old 07-06-2007, 12:40 AM   #2
mekrew
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check out your taxes

if your good at saving pay taxes in jan instead of rolling into mortgage payment

maybe make sure you have decent neighbors / area

might as well get flood and windstorm coverage

enjoy being a new home owner its fun minus the yardwork part i hate that even though i dont do it
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Old 07-06-2007, 12:41 AM   #3
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go to a real estate company i believe they did all of that 4 my sister when she got hers
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Old 07-06-2007, 12:45 AM   #4
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im already with REMAX. the realtor is a friend of my wife's family, so we're getting a really good deal, plus a low interest percentage. as far as taxes and insurance, im gonna put them in escrow because of my occupation (no taxes are taken out since im classified as a business owner) so i would not only have to save up for the taxes on my income, i would have save for the taxes/insurance on the house. i'd rather pay it out and give me some breathing room at the end of the year. and the yard work doesnt bother me. i love that stuff. already checked the area, scoped the neighbors (look respectable to me).
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Old 07-06-2007, 12:46 AM   #5
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sounds like you have it covered , just hope the inspection goes well for ya
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Old 07-06-2007, 12:47 AM   #6
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thanks mang. just wanted to see if there were anything someone with experience could leave me to look for that i otherwise wouldnt have.
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Old 07-06-2007, 12:50 AM   #7
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Now head out there on the bike, pull in the prospective driveway, rev it up just a bit--nothing too excessive-- and see if any hausfraus come out waving brooms and screaming hooligan at you. Better yet, HPD can come out and do the "phifty test" for ya. :laughing6

Seriously though, that's cool that you guys found a place you love. I didn't elect to escrow and got into a wee bit of trouble at first, but I've since adjusted.
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Old 07-06-2007, 12:52 AM   #8
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lol. my bike is loud enough. should be a good enough test.:laughing6 :laughing6
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Old 07-06-2007, 01:29 AM   #9
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First time home buyer... some tips...
1. check out the neighborhood at odd hours of the day. Make sure to roll by during the morning, after work, and also if you can, during the wee hours... this will assure you that no suspicious behavior is taking place. Also, if you see kids playing outside, that is a good thing.
2. Find out about the dues of the Home owners's association. Some areas are real cheap to live, but they association dues are outrageous, remember these dues are not tax deductible, so make sure you can afford it...
3. Taxes, if you are good about saving and not spending, then do escrow yourself, if not then put the escrow with the mortgage. Make sure your on the mortgage company's to pay the escrow on time. Not a good feeling when you get a property tax bill from the county only because the mortgage company paid late. Also, the taxes being paid late will penalize you not the mortgage company.
4. Make sure you get a fixed interest rate and for more than 5 year.... do NOT get a interest only or adjustable, if this is all you can get, then that means you really can't afford the home, be smart, do the homework...
5. Talk to your Realtor and get them to go down on their commission. With the market where it is now, they are looking to sell, you have the advantage. I bought my home paying the buying Realtor a 1% commission. The Seller Realtor will make the 3% but that can be reduced if you pressure the seller into negotiating this.
6. Make sure you always have at least $1000 to $2000 in the bank free for home maintenances costs..
7. typically it costs about 10% of the homes value to furnish it. Shop cheap.
8. Insurance rates can be reduced drastically if you combine multiple car with the home insurance.
9. Get a good lawn mower and tools and maintain the home...

Aside from that, home ownership is cool and a lot of work, but a real good investment. Good luck and enjoy.
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Old 07-06-2007, 01:33 AM   #10
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What subdivision is it?
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Old 07-06-2007, 01:46 AM   #11
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make sure it wasnt a meth lab
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Old 07-06-2007, 01:53 AM   #12
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Might want to run the address through the public offender list to see how many are around your house.
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Old 07-06-2007, 01:59 AM   #13
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Old 07-06-2007, 02:38 AM   #14
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whos the family friend at remax?
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Old 07-06-2007, 07:00 AM   #15
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+1 on checking your homeowner association fees.

Find out if you're in a MUD district and responsible for those taxes as well.

As far as putting your taxes and insurance into escrow, I'd recommend putting the money into short term cd's or money market funds, at least the money will be earning interest instead of just sitting in escrow.

Get multiple quotes on your homeowners insurance, remember that flood insurance is a separate policy, and most times is not eligible to be escrowed.

I'd recommend going with the highest deductible you can afford, it'll save a lot of money over time.

Get a firm quote of your closing costs.

Make sure to get a copy of your amortization table from your mortgage company, they should provide it at the closing.
If it's within your budget, pay ahead on the principle, it can really save you money in the long run.

Good luck.
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Old 07-06-2007, 08:09 AM   #16
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Quote:
Originally Posted by Azylum
me and the misses found a house we really, REALLY like in friendswood. any advice? we're about to get a home inspector to go over it with a fine tooth comb, asked about school district and flood zone. anything else?


Hey whats the rate there giving you because I may be able to bet it......
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Old 07-06-2007, 08:35 AM   #17
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Also if you are first time home buyers check find out what grants you can get. I know Fannie May has a first time buyer grant that gives you money towards your downpayment.
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Old 07-06-2007, 09:07 AM   #18
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Quote:
Originally Posted by Azylum
me and the misses found a house we really, REALLY like in friendswood. any advice? we're about to get a home inspector to go over it with a fine tooth comb, asked about school district and flood zone. anything else?

Find a realtor you get along with and find a good mortgage company. My wife is a realtor part time up here so that's not much help and I've got a great mortgage guy if you're interested, PM me and I'll give you his info.

Get a TREC home inspection done and ask for all the big stuff to be repaired if it's a resale home (someone else living there now) if its a new home ask for EVERYTHING to be repaired. If its a resale home be sure to get an a/c company to come out and do an inspection/cleaning the current homeowner should pay for that. A good realtor can help you with everything you should do whether it be a new home or resale. If you are a first time homebuyer which it sounds like you are, find a good realtor is step #1. Ask around and get referrals of who's good in the area. A realtor can really help to negotiate a good deal for you wheter the house is a resale or new home.
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Old 07-06-2007, 09:16 AM   #19
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Quote:
Originally Posted by indoMLA
5. Talk to your Realtor and get them to go down on their commission. With the market where it is now, they are looking to sell, you have the advantage. I bought my home paying the buying Realtor a 1% commission. The Seller Realtor will make the 3% but that can be reduced if you pressure the seller into negotiating this.

The buyer doesn't pay the commission the seller does. So you didn't pay anything in commissions when you 'bought' your house. :confused1

And talking a realtor down on their commission is BS, IMO. Especially if you're the buyer, the buyer doesn't pay anything in commissions. My wife is a realtor and agents who cut their commissions, SUCK. A buyers agent actually puts a lot of time into making the deal work and the listing agent has to pay to advertise the home etc. There is a lot of stuff that realtors do that people don't realize. Many agents can't cut their commissions because of the office they work out of. The office my wife works out of doesn't allow agents to cut commissions.

Are you going to tell a car salesman to take less of a commission when you buy a car? No, you're going to negotiate the price of the vehicle and he gets his commission regardless. Same should go for homes.......but real estate has become so cut throat because there are SOOOO MANY agents out there that don't know squat and they'll rebate their commission or cut they commission to try to get any deal they can......they end up paying income tax on the whole amount if they rebate money to you, not to mention it's illegal for them to promise to give you money after closing if you use them.


/rant
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Last edited by issanni; 07-06-2007 at 09:21 AM.
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Old 07-06-2007, 09:18 AM   #20
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sweeet info guys. i'll be buying my first home soon as well.

check HCAD.ORG and find out the history of taxes and appraised values. make sure the appraised value has been going up, and not going down.

also make sure if their taxes are up to date and paid. if they owe a lot on taxes....most likely they are desperate to sell, and gives you room for bargaining even more.

i also drive around the hood in the morning and afterwork. see what kind of neighbors you will have. drive around on a sunday as well, and see what everybody does. if you see everybody posted up in the front yard drinkin and non-stop parties......find a different home. having respectable neighbors should be a DECIDING factor on buying your home. they might not live with you, but they live AROUND you.
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