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jmf423
:)
Member since 5/05 6372 total posts
Name:
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First Time homebuyer ?
OK...so I am totally clueless!!
We just are getting our feet wet with house hunting by looking at open houses. We sort of fell into a situation. My aunts friend is selling her house with no real estate agent. We looked at it and LOOOOVE it. But we are unprepared/educated on what to do now!
What should our 1st steps be? TIA!!!
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Posted 8/4/08 11:15 AM  |
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Long Island Weddings
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annaconti
LIF Infant
Member since 1/08 56 total posts
Name:
Anna
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Re: First Time homebuyer ?
I'm kind of in the same boat! Ive been told to have a real estate attorney draw up the paperwork for the sale since no agent is involved. Good luck!!
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| Posted 8/4/08 1:11 PM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: First Time homebuyer ?
Did you get a pre-approval for a Mrtg yet? I would start calling banks or a broker and start getting rates and let them tell you what kind of Mrtg you are approved for.
Is this the house you want or are you planning on still looking? This will determine your next step.
Message edited 8/4/2008 1:56:12 PM.
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| Posted 8/4/08 1:54 PM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: First Time homebuyer ?
The preapproval is the first step like pp said.
We bought our house for sale by owner (FSBO) and it can get confusing! Luckily, we had a family friend who was a realtor and was able to help us.
We were prequalified so we then:
1) Made an offer
2) Got it rejected
3) Made a counteroffer and had it accepted. We based our offer on comps in the area (you can find this info now on MLSLI). Our first offer was a bit of a lowball offer and we needed to come up $10k for our offer to be accepted.
4) Scheduled an inspection (there are a lot of people here who can recommend an inspector)
5) Found a real estate attorney
6) Signed the contract (this takes a little longer with a FSBO because a realtor isn't pushing the process along) The seller's attorney drew up the contract.
7) Got the mortgage commitment
8) Got homeowners insurance
9) The lawyer handled arranging the title search, title insurance, survey
10) Closed
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| Posted 8/4/08 2:22 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: First Time homebuyer ?
Posted by ali120206
The preapproval is the first step like pp said.
We bought our house for sale by owner (FSBO) and it can get confusing! Luckily, we had a family friend who was a realtor and was able to help us.
We were prequalified so we then:
1) Made an offer
2) Got it rejected
3) Made a counteroffer and had it accepted. We based our offer on comps in the area (you can find this info now on MLSLI). Our first offer was a bit of a lowball offer and we needed to come up $10k for our offer to be accepted.
4) Scheduled an inspection (there are a lot of people here who can recommend an inspector)
5) Found a real estate attorney
6) Signed the contract (this takes a little longer with a FSBO because a realtor isn't pushing the process along) The seller's attorney drew up the contract.
7) Got the mortgage commitment
8) Got homeowners insurance
9) The lawyer handled arranging the title search, title insurance, survey
10) Closed
thanks for posting this! i asked on a speerate thread about what the steps are!!
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| Posted 8/4/08 2:24 PM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: First Time homebuyer ?
Posted by HeatherRose
Posted by ali120206
The preapproval is the first step like pp said.
We bought our house for sale by owner (FSBO) and it can get confusing! Luckily, we had a family friend who was a realtor and was able to help us.
We were prequalified so we then:
1) Made an offer
2) Got it rejected
3) Made a counteroffer and had it accepted. We based our offer on comps in the area (you can find this info now on MLSLI). Our first offer was a bit of a lowball offer and we needed to come up $10k for our offer to be accepted.
4) Scheduled an inspection (there are a lot of people here who can recommend an inspector)
5) Found a real estate attorney
6) Signed the contract (this takes a little longer with a FSBO because a realtor isn't pushing the process along) The seller's attorney drew up the contract.
7) Got the mortgage commitment
8) Got homeowners insurance
9) The lawyer handled arranging the title search, title insurance, survey
10) Closed
thanks for posting this! i asked on a speerate thread about what the steps are!!
I should just clarify that those are the basic steps - for some reason writing that out seems like it was a lot less stressful than it really was.
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| Posted 8/4/08 2:26 PM |
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jmf423
:)
Member since 5/05 6372 total posts
Name:
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Re: First Time homebuyer ?
Posted by ali120206
The preapproval is the first step like pp said.
We bought our house for sale by owner (FSBO) and it can get confusing! Luckily, we had a family friend who was a realtor and was able to help us.
We were prequalified so we then:
1) Made an offer
2) Got it rejected
3) Made a counteroffer and had it accepted. We based our offer on comps in the area (you can find this info now on MLSLI). Our first offer was a bit of a lowball offer and we needed to come up $10k for our offer to be accepted.
4) Scheduled an inspection (there are a lot of people here who can recommend an inspector)
5) Found a real estate attorney
6) Signed the contract (this takes a little longer with a FSBO because a realtor isn't pushing the process along) The seller's attorney drew up the contract.
7) Got the mortgage commitment
8) Got homeowners insurance
9) The lawyer handled arranging the title search, title insurance, survey
10) Closed
THANK YOU!!! This list is great just to give us an idea. My Mom used to sell real estate so she is helping us out but I hate to have to ask her every little question and she hasn't done it in awhile so her memory is a little rusty!
OK....so how do I go about getting prequalified? Should I go to a mortgage broker or just call some banks? Excuse my ignorance but I didn't expect this to happen so fast.
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| Posted 8/4/08 3:35 PM |
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jmf423
:)
Member since 5/05 6372 total posts
Name:
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Re: First Time homebuyer ?
Posted by Mrs-D-Girl
Is this the house you want or are you planning on still looking? This will determine your next step.
We are seriously considering making an offer. We loved the house, the neighborhood and my DS loved the house! He was running around like he owned it! And it is a great price for the area.
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| Posted 8/4/08 3:35 PM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: First Time homebuyer ?
Good luck! I remember when we got our offer accepted - we looked at each other and were like what happens now!
We had a couple of things with the inspection that we tried to negociate. That was difficult to do directly with the seller. They weren't willing to budge but, the house was a great price so we gave in (and when we had people look at the house after we closed, they weren't as big of an issue as the inspector had determined).
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| Posted 8/4/08 3:48 PM |
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