Ok well im not buying a home literally, but im looking for one, for my wife and i, right now its impossible for us to buy a home, because i dont work, although our credit is good, close to excellent actually, i just want to know with too much jargon, what is actually involved in buying a house, i understand about bank mortgages and good rates, approval, pre approval etc. But, what should i look for in buying a home, in terms of foreclosed homes, auctions etc, im looking for a home where it doesnt have to be in perfect condition, but i dont want it to fall down in 10 years time,where should i be looking for that? also as far as realtors, inspectors, surveyors go, what is there job?, are they nessesary when buying a home? Im a first time home buyer,(well will be) so any other info i can be given that i haven mentions im probably not aware about so i be grateful for all your advise and experiences, Thankyou!
Buying a home?student finance
Forclosures, %26quot;Short Sales%26quot;, Auctions etc usually have an
%26quot;as/is%26quot; stipulation - which can get tricky in some situations. If you don%26#039;t want to hire a realtor there is plenty you can do on your own. You can always go to the county assesors office for a NOD list - that is notice of default list - it%26#039;s public information and available to you.
You also have the ability to search for homes in your area by price range - on fsbo.com, zillow.com, realtor.com whatever engine you choose to use - There is always a deal to be had.
You can find a cheap home in a nicer area - you just have to look! Thats where a realtor would come in - they have a bit more details on a property - for example they can search the multiple listing service and type in paramaters to better suit your specifc needs.
Inspectors are neccesary! They can help you determine if a home as a cracked slab, a possible termite infestion, structural damages, (notice if a pool is sinking - that recently happened!)etc - they can make or break a deal for you.
Consider yourself as a coach of a basketball team - You want the best players involved - a good realtor who is a straight shooter, a good home inspector, a reliable and dependable appraiser.
This is one of the BIGGEST financial transactions of your life - never be afraid to ask questions - hell it%26#039;s your realtors job (when you hire one) to listen to you and help guide you through this process. There is a lot to learn but it shouldn%26#039;t burden you. Most realtors have a home buying guide for first time buyers - I know I always give my clients one at the begininning of any transaction. If you need one let me know!
Good luck and happy hunting!
And as for the man who rudely corrected your grammar - who made him the grammar guru of the day?
T %26amp;Maresa
Buying a home?
loan
When looking at foreclosed homes ,
Factor in an additional 50% for basic repairs ,
As many of them are trashed %26amp; not habitable .
Realtors list properties and put them on the MLS .
Inspectors are the ones that find all the code violations that could kill you because most homeowners are idiots when it comes to maintenance and repairs ( like putting oversized breakers on elec wires that are too small) .
This guy is totally necessary unless you are a qualifed general contractor ( from your question , I%26#039;m guessing Not ) .
Surveyors are the guys that line out the property and other chores when you contract to have a home built .
%26gt;|||If you have no job, you have to have a job first and keep there for at least two years. Then you can consider to buy a house.
Buying a house, depending on how much is your annual salary. Also, you have to save at least 10% downpayment and at least 2 or 3% of the house amount for daily living. That is, you have to save 12-13% money in order to buy a house. There is no big difference from foreclosed home or auctions or a house on market because if one of the kinds is cheaper than the others, people will go for it. I hope I do not make you depressed. I am planning to buy a home too. I have the similar situations to yours.|||check out http://insider-reports.com it has lots of useful home buying information FOR FREE!|||JD
I assume your wife is working or you wouldn%26#039;t have credit at all much less excellent credit. It sounds like you are just looking for a good deal on a home. You can use all the resources you have talked about here or you can do it the easy way and obtain a Realtor to help you. Realtors work on a commission basis and do not get paid until escrow closes. You won%26#039;t (as the buyer) be out of pocket as usually the Realtor fees are built into the sales price on the house and goes on the sellers side of the settlement statement. A realtor can explain the process and help you through it. A good one will stick with you until you are ready to buy. There are some Realtors that will actually take you through a mock transaction. Call! It doesn%26#039;t cost anything and you will learn more than you can ever imagine.|||There is no substitute for doing your own research. You have essentially answered your own question. Yes, to all of the above. Yes, you need inspections, certifications, all that... or you assume the risk for any defects. Some things, such as repairs to meet building codes, must be resolved before escrow can close. This kind of thing may be invisible, which is why you need the inspections and such. Buying a house is no different than buying anything else of high value (that you want to finance), but it is probably the most complicated business transaction you will ever make. It would help most if you were employed regarding financing. Time to visit your local public library and the research desk. Ask them this same question, about what research you should be doing, and they can guide you to reference materials specific to the task at hand which fits in with your level of education.
None of this is going to help you if you are having trouble with the language. If what you entered into the box for your question is typical for your language skill level, I can see you need to work on your spelling, punctuation and grammar. (Which is why you should consult the library, so you can actually speak with a person as maybe you are the kind who communicates better with the spoken word than in writing.)|||Imma mortgage broker if your score is over 725 you should qualify for a NINA (no income, no asset) loan, it has not debt ratio, but more and more banks are not accepting fourclosures unless you buy it from the bank that being fourclosed and in alot of cases you can not see the fourclosed home, I suggest you talk to a mortgage broker you trust and start home looking they usually will be on the look out from you for homes that meet your needs financial and in the type of house
