any tips for a first time home buyer?

speaking as someone that has been shopping a while... it SUCKS right now.
You are competing against every house flipper on the planet.
As they are usually bidding in OVER asking price by 10%... I've lost allot of houses this way.
trust me, I wouldn't believe it if I hadn't seen it several times.

example, House on Olive drive in Smyrna.
Asking was 125
At Prompt I offered 128
it went for 137

There is no stock on the market right now so its a sellers market.

Huds are a Mess. stay away.
BEST HOME INSPECTOR EVAR! iCatch Inspections.
chris at icatchllc.com
720.235.0188

tellem I sent ya
 
The word mortgage means "death pledge." You are signing the death pledge and will be responsible to pay it off. Make sure YOU can pay the payments without help from renter/roommates. Even though money is cheap to borrow, your monthly payments should be no more than 25% of your income for a house. Also, get an amortization schedule. It shows exactly how much interest and principle on each payment. If you follow the bank's schedule, you pay the interest off first and will pay way more than you actually borrow. Pay extra every month and apply it to principle. Here's the big surprise. When you enter a contract with anyone other than a bank the contract includes something called "consideration" on both parties to the contract. "Consideration" backs up your end of the deal with a tangible asset. The bank creates out of nothing (no consideration) the money it loans you and then you pay it back with your labor PLUS interest. What a deal, huh? The faster you pay it off the less interest you will pay and the more money will stay in your pocket in the long run. A house is NOT an investment unless you're real savvy about markets and know when to get in and out fast. Most housing bubbles burst without anyone knowing it was coming. I'm on my 3rd house. I made money on selling the first two (luck), put it all down on the 3rd. I bought it in 2000. My house is worth $50K less than what it appraised for in 2007, but I'm not upside down on my loan. I own more of my current house than the bank. The more equity you have in a house the better. It helps protect you against falling markets. Just my opinion. I know others think differently. The point is, try to look at it from different points of view. You're very wise to ask these questions before you buy. When I bought my first house, I just jumped in and did it. I should have sought council first.
 
+1 on lay of the land.
It should slope away from the foundation on all sides. Make sure their are no drainage, sewer or other easements recorded or "implied" (an area where water coming from a neighboring property runs across yours). Look carefully for cracks in the foundation and signs of moisture along the walls in a crawl space or basement. Find a house above the grade of the road. You do not want the finished floor elevation lower than the curb. (just ask anyone who has had a water main break in their front yard or a public sewer main back up into their home) Look for hardiplank "concrete siding" or brick. Or a combination of the two, Other materials just don't hold up nearly as well and require expensive maintenance. Check the schools in the area, this can make or break a homes value even if you don't have kids.(just ask a Clayton county resident).
Don't get more grass than you're willing to cut. If so landscape to minimize maintenance.
Just a couple of things off the top of my head.
Good luck
 
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Can you get the sellers to pony up a homeowner's warranty? It covers the major systems for a year.

Times three on all of the inspection advice. And maintaining a home ain't cheap. Think about all of the lawn mowers, trimmers, etc you will need to buy. Oh, and the time it takes to do all that stuff, too.

Talking to the neighbors beforehand is sage advice as well. Do the neighbors take care of their lawns?

What kind of school district are you in? This could be important for resale later.

Check out crime stats for the location you are seeking.

Good luck!
 
Try to buy the house without a Real estate "mediator". All they are gonna do is take a percentage...You, your bank & your lawyer can do the rest.. I recommend doing a professional house inspection for sure!! The market is kinda iffy, some places it's a buyers market and some it's a sellers so do your research and negotiate accordingly.

Try to be able to have 20% of the principle of the house worth so you don't have to pay an additional FEE called PMI= insurance for the mortgage holder in case you can't pay. AND, pay your own property tax.
 
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No LP siding or Polybutline pipe.
Buyers agent, Duffy realty.
Indendent inspector, Ga Assn. of Home Inspectors (GAHI).
20% down= no PMI.
Make sure you have the correct certified funds at closing.

Get the mineral rights and dig for gold, just kidding on that one.
Best of luck.
 
Spend the 10 k on hookers and blow ... That's much more fun .Every time I am sitting on my porch I think about hookers and blow not about owning a home .
 
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