when just starting to look for a house what do you need?? (We are 1st time buyers)

any info you have is helpful. We have good jobs with minimal debt.

Re: when just starting to look for a house what do you need?? (We are 1st time buyers)

definitely get pre approved for a mortgage so you know how much of a loan you can get. Also, find a realtor so that they can narrow down your likes and dislikes and you can really see whats out there. It might be best to find a realtor in the town you are actually looking in, this way they might know more about the neighborhood, and it might make your decision a little easier.
Where are you looking?

Good luck!

Re: when just starting to look for a house what do you need?? (We are 1st time buyers)

We are buying and selling a house right at this moment so I can give you insight from both ends.

Houses in good condition in desirable areas go very quickly. Often there is an offer made the first day a house holds an open house. This doesn't mean that the offer is going to happen. A lot of buyers out there are really stretching their finances too much. A friend of mine is selling a house in East Norwich and she has had several offers that have fallen though because of the buyers finances and their inability to get a mortgage for X amount.

As a seller right now (who has their second house) this is what we are looking for to make the deal as quick and painless as possible for everyone:
Upon the advice of several real estate agents who we are friendly with we are only considering bids that are accompanied by the following:

1. Pre-approval certificate from the lender with the amount of mortage the buyer is qualified for.
Go to your bank and they will ask you for you and DH's last two year's tax returns, last two paystubs, last two month's bank statements (especially if you have more than one bank), any statements from investment houses, stocks etc. Also make a list of your liabilities (what you owe) student loans, car payments, credit card debts. Of course these work against the amount of money you can borrow.

2. The amount of cash at closing the buyer can put down. The greater the amount of cash the greater the percentage is that the deal will go through. this is known as the downpayment. Of course, those with a house to sell will have a greater percentage.

3. Their lawyers name, address and phone number. As soon as the deal is made it is really handed over to the attorneys.

4. Bidding price.

Keep in mind sometimes sellers will go with a slighly lower bidding price if a buyer comes in with excellent terms meaning a huge downpayment. Another friend of mine beat out another bid not because of her bidding price (it was actually lower) but because her and her husband 1. have excellent credit, 2. have a house to sell so their downpayment will be more than 50% of the purchase price of the house. the seller of her house will be receiving a $300,000 check at closing!!!

Now, I know you are not in that position if you are a first time home buyer but something else you probably have going for you is that you can go to closing early. If you don't have a house to sell you can move out of your apt. at anytime (if you don't have a lease) and the deal is faster. In this market, seller's are no willing to sign contingency deals meaning the deal for the second house doesn't go through until the buyer sells their first house. It's still too much of a seller's market.

So you need to also REALLY know the market. Go out there and look and have realistic expectations about how much a certain house costs in neighborhood X versus neighborhood Y. Study the multiple listings site. "Excellent" means it's probably gross and needs tons of work, "Mint" means needs work but probably fairly clean and "Diamond" means pretty much turn-key condition. For example, the house I'm selling is very much competitively priced for what it is in my area, however, when I posted about it on this site a lot of the posters thought the price was high. Trust me,I looked at the list of houses sold in my town in the last 6 months and there was only one for under $400,000 and it was built in 1908 and had two bedrooms! In my neighborhood, there are two bedroom houses with old kitchens and baths going to $465K. We are in East Northport. Put the same house out in Ridge or down nearer the south shore and it would be cheaper. Keep in mind, real estate is all about location... you can change your house but you can't move it to another town.

Also get recommendations of real estate lawyers from family and freinds and have one lined up. If you find a house you love you have to be willing to move quickly and have all of your info together.

I hope all of this helps.

Where are you looking?

Good luck

Message edited 8/15/2005 8:28:07 AM.

Re: when just starting to look for a house what do you need?? (We are 1st time buyers)

WOW - Thank you tahweezah for all that info, I am sorry I havent been on in a while. Running back and forth with the baby and my 5 year old. We are thinking of Baldwin, West hempstead or Hempstead.

Re: when just starting to look for a house what do you need?? (We are 1st time buyers)

I would seriously caution you again Baldwin... school district way down hill. Two of my colleagues (teachers) left there due to the violence in the school and gangs in the junior high and high school. They were tenured and took substantial pay cuts to come to my district. They had to be escorted to their cars on more than one occassion by security.

West Hempstead schools vary in district. There are two or three districts so you have to know your boundaries.

Just get your paperwork in order and do your research. I know as a seller I want the transaction to be quick and painless. I am considering several factors for those who bid on my house:
1. How long have they been at their jobs?
2. How much cash are they putting down? (that's a good indicator of how certain the deal is)
3. They MUST be pre-qualified/approved for a specific amount... usuallly the bank will inflate these numbers so it must be above my asking price.
4. How quickly can they make this deal? I won't consider a deal that is contingent on the buyer selling their dwelling or breaking a lease. I want a renter or a cash deal, ideally.

Re: when just starting to look for a house what do you need?? (We are 1st time buyers)

Hi! Definetely get pre-approved first!

I would stay away from Baldwin and Hempstead!!
I grew up in West Hempstead, look for areas that's near Garden City (Cathedral Gardens) and that you are in the W. Hempstead school district, not Malvern.


Good luck! Everyone on this board is so helpful.