Easy Question, Complex answer(buying a house)

[drewRoberts]

Alright guys and gals, heres the question.

I'm seriously looking into buying a house, what kind of fees and overall headaches can I expect???



just to fill in some sub questions:

1. I'm getting married in 25 days, hopefully this will not cause the paperword to double (Actualy we're going on a Disney Cruise and gettin hitched on Disney's private island :-laf )



2. the both of us have excelent credit, both well above 700.



3. One thing that I can see that may throw a wrench in the deal is that the sellers are being transferred to Va. and have already set the selling price $4k lower than what the going rate should be, I'd like to ask about $8k below that amount since there is some work that needs to be done.



things are going through my head quicker than I can get questions but the main one is what all do I need to look for with the buying procedure

 

[loncray]

Fees - a lot. Headaches - too many to count. If it's me, I get a buyers agent - it's that person's job to make the buying process as hassle-free as possible. Then you can spend your time worrying about the move!



As to the offer price, it depends on the market whether a $12k below market offer would be seriously considered. In Northern VA your offer would probably be laughed at - a lot of folks here are asking very high prices and then buyers are getting into bidding wars above and beyond them!

 

[drewRoberts]

I do have an agent, a family friend



I'm still trying to figure out exactly what to bid though

 

[gitchesum]

I don't know if they would go 8K less than the offer, but they might go 4K.



Another thing you can do is offer the price they are asking, or just below, and have the buyers pay all closing costs. That's what we did.



Ours was the same situation. Owners were being trasferred. We offered 5K under asking price plus closing costs, which was 8K lower than appraised value. They countered 2. 5K under asking price with closing costs. We accepted, then after the inspection, we requested another 1K for repairs.



We would have been in the house 30 days after the offer was made, but the mortgage company dropped the ball and set it back a couple of weeks.





All in all, it was a pretty easy process. Just be prepared to fax your entire life history.

 

[GIT-R-DONE]

Before you make any offers, get the place appraised. If you dont, maybe you would be spending TOO much for a place that isnt worth it.

 

[BigEasy]

don't worry about the appraisal until after you make the offer... just make sure you have the proper contingencies written in the offer...

 

[drewRoberts]

well, just to fill in, my agent faxed my offer to the owners and within 45 min I was told they accepted my offer.



I went in for asking price (since it was appraised at 6K over asking price) and had them pay half of closeing plus one year warranty incase something happens.



now I just need to find a mortage company. I'm thinking about going with who I have everything else with and thats USAA. just got off the phone with them and I need to act on this quick since intrest rates for a fixed rate are going up quick.



guess I'm gunna have to learn to love ramen noodles



edit: before I forget and someone flames me as to why I didnt go lower here's the deal.

the house was already priced to sell, over the past two weeks there has been ALOT of activity at the house. if I was to go lower and someone else came in with the asking price I would be pushed out of the way for the higher amount. so I played the safe ground and went with the initial offer.

 

[BigEasy]

be careful in your mortgage search... don't use internet sites such as Lending Tree! They'll put 20-25 inquiries on your record in 10 minutes, dropping your score 100+ points...



Start at your bank or credit union first!

 

[JApol]

Since you were/are with the military since you asked USAA, give the VA a try, or talk to Navy Federal Credit Union, They like giving money out and the interest rates aren't bad either

 

[Alan Reagan]

We have used a local S&L here for all of our loans over the past 20 years. They are very competitive on rates and we have always been able to close within three weeks (two residences and a lake home).

 

[drewRoberts]

Ive been calling around and everywhere I call has about the same rate with USAA nudging out by a very small margin.



my personal bank is working on it right now to see what I can get, I guess when one has a credit rateing above 700 things get complicated again



I cant wait to close and move into this place!!! gunna have to bring the neighborhood up to speed on the sound of a finely tuned diesel engine fireing up in the morning :-laf