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MrsPornStar
Partners in crime
Member since 10/05 14656 total posts
Name:
Mama
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Officially starting our house hunt!
DH and I are officially looking for a house. We're going to a few open houses that are listed on MLSLI. This whole process overwhelms me. I don't overwhelm that easily and somehow I feel lost with house hunting.
I have a bunch of questions that I am sure have been asked but I would appreciate if someone could answer them for me.
-Should I get a realtor?
-If I get a realtor, do I have to pay a fee?
-How did everyone obtain their mortgage?
-How much $$ did people generally put down? I know it varies but is $30,000-$45,000 sufficient?
Thanks in advance everyone. This is one of the scariest things I've ever done.
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Posted 3/29/07 2:55 PM  |
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chikita315
Love
Member since 8/06 7945 total posts
Name:
M-lo
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Re: Officially starting our house hunt!
1st - CONGRATS and WELCOME to the world of finding home!!!
2 - Getting a realtor - if I was you I would go to as many open houses and really get an idea of neighborhood/what type of home you want first. You don't need a realtor for any of that. You actaully don't need a realtor at all - it's personal preference.
We decided to go with one because we felt they had more access to private listings and could really help us with the negotiation process. But I would definitely do research on neighborhoods, etc first. That's what we did.
You don't pay a fee. The seller pays all commission.
3 - We went through a mortgage broker for a pre-approval. I wnated to go through a broker as opposed to the bank directly, because DH had some credit issues. There are other options like LIHP. A few other ladies here are using them (Lorich & Greeny)
4. In regards to a down payment, you really need to think in terms on % of house price. 40K may make sense on a 400K house, but not $650K - you know?
The bank, broker or LIHP can help you and guide you there.
Good luck sweets!!!!!
Message edited 3/29/2007 3:12:43 PM.
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| Posted 3/29/07 3:12 PM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: Officially starting our house hunt!
 Congrats and let the fun begin!
We actually had a very PAINLESS house hunting experience.
We only really started the week of Christmas and found our home the end of Jan.
We worked with SEVERAL agents, but never signed a contract with any of them.
I'm the queen of starting the LIHP/BOA fun on here. All it took was a simple call for an appt - not only did they educate me on the entire process, but they put both of us at ease. It's overwhelming and there is so much to know - if you don't people will easily take advantage of you. If you fit the criteria for the LIHP/BOA loan - GO FOR IT! It'll save you thousands of dollars.
We put down approx $12k and paid all our closing costs with amounted to another $15k.
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| Posted 3/29/07 3:13 PM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: Officially starting our house hunt!
Posted by hmpena
-Should I get a realtor?
-If I get a realtor, do I have to pay a fee?
-How did everyone obtain their mortgage?
-How much $$ did people generally put down? I know it varies but is $30,000-$45,000 sufficient?
Thanks in advance everyone. This is one of the scariest things I've ever done.
first of all... congratulations.
yes, this is very scary. my co-worker/friend keeps telling me, "millions of americans have done it and they are ok" it doesn't help, but i thought i'd pass it on 
i think you SHOULD get a realtor. they have access to info you can't get online
their fee will be their commission on the sale price
mortgages can be obtain from your bank, credit union, or other lender. start with the bank you already do your banking with
down-payments... "ideally" you should put down 20% of thhe purchase price... in reality, $30k to $45k is very good.
hth
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| Posted 3/29/07 3:13 PM |
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MrsPornStar
Partners in crime
Member since 10/05 14656 total posts
Name:
Mama
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Re: Officially starting our house hunt!
Thanks ladies! I feel so stupid about all this stuff.
So let me get this straight- if I walk into a realtor's office and ask them to show me some houses, I don't pay anything? Someone told me I have to pay if they find me listings.
DH and I were preapproved last year by Bank of America. So I need to look through that paperwork.
I am clueless about good Nassau County school districts/areas. Can anyone suggest where I should look? We know Bellmore is good.
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| Posted 3/29/07 3:15 PM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Re: Officially starting our house hunt!
Congrats and good luck with your search!
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| Posted 3/29/07 3:17 PM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: Officially starting our house hunt!
Posted by hmpena
Thanks ladies! I feel so stupid about all this stuff.
So let me get this straight- if I walk into a realtor's office and ask them to show me some houses, I don't pay anything? Someone told me I have to pay if they find me listings.
DH and I were preapproved last year by Bank of America. So I need to look through that paperwork.
I am clueless about good Nassau County school districts/areas. Can anyone suggest where I should look? We know Bellmore is good.
NO!!! do not give anyone money!!!!!
their "payment" comes from the comission of the sale.
you might have to be re-pre-approved, since it was a while ago.
i can't help you about the areas... i live in nj
luck
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| Posted 3/29/07 3:18 PM |
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chikita315
Love
Member since 8/06 7945 total posts
Name:
M-lo
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Re: Officially starting our house hunt!
Posted by hmpena
I am clueless about good Nassau County school districts/areas. Can anyone suggest where I should look? We know Bellmore is good.
Use this website:
Long Island Schools
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| Posted 3/29/07 3:18 PM |
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chikita315
Love
Member since 8/06 7945 total posts
Name:
M-lo
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Re: Officially starting our house hunt!
Also, the pre-approval from last year will need to be renewed. Typically they are only good for 60-90 days.
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| Posted 3/29/07 3:22 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Officially starting our house hunt!
Posted by hmpena
Thanks ladies! I feel so stupid about all this stuff.
So let me get this straight- if I walk into a realtor's office and ask them to show me some houses, I don't pay anything? Someone told me I have to pay if they find me listings.
DH and I were preapproved last year by Bank of America. So I need to look through that paperwork.
I am clueless about good Nassau County school districts/areas. Can anyone suggest where I should look? We know Bellmore is good.
Hollie,
No you do not have to pay a realtor. If anyone asks you for money, run away!
If you were preapproved last year, you need to get another one, the one from last year is no longer acceptable.
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| Posted 3/29/07 3:36 PM |
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Diana1215
Living on a prayer!!!
Member since 10/05 29450 total posts
Name:
Diana
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Re: Officially starting our house hunt!
I would suggest going to a bunch of open houses that way you will see the different styles out there and get a feel for what you like. You will also meet with different agents - some you will run away from as fast as you can - and some you may click with. That's how I've gotten a few of my buyers - I just clicked with them at open houses.
You should also get your preapproval renewed. You can either get it from a bank or a mortgage broker.
The money you have is def. a good amount!
Try to have fun with it!!! 
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| Posted 3/29/07 3:37 PM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Officially starting our house hunt!
Posted by hmpena
Thanks ladies! I feel so stupid about all this stuff.
So let me get this straight- if I walk into a realtor's office and ask them to show me some houses, I don't pay anything? Someone told me I have to pay if they find me listings.
DH and I were preapproved last year by Bank of America. So I need to look through that paperwork.
I am clueless about good Nassau County school districts/areas. Can anyone suggest where I should look? We know Bellmore is good.
Hey Hollie! Congrats on the house searching process! I'll send you an FM!
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| Posted 3/29/07 3:38 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Officially starting our house hunt!
Posted by hmpena
DH and I are officially looking for a house. We're going to a few open houses that are listed on MLSLI. This whole process overwhelms me. I don't overwhelm that easily and somehow I feel lost with house hunting.
I have a bunch of questions that I am sure have been asked but I would appreciate if someone could answer them for me.
-Should I get a realtor?
-If I get a realtor, do I have to pay a fee?
-How did everyone obtain their mortgage?
-How much $$ did people generally put down? I know it varies but is $30,000-$45,000 sufficient?
Thanks in advance everyone. This is one of the scariest things I've ever done.
1. If you're totally overwhelmed, definitely get a buyer's agent. Are you in Nassau or Suffolk? I know GREAT, trustworthy realtors in both places.
2. You do not pay any fee to a buyer's agent - they share the listing agent's commission
3. We got our mortgage through MortgageIT. They gave us the best price. I'm happy to give you our guy's information if you'd like it. He's awesome.
4. We are only putting down about 10%. An FHA loan winds up being more expensive for us, so we are doing an 80/10 loan (80% regular mortgage, then financing the addition 10% as a second mortgage to avoid paying PMI). Remember, though, your closing costs will be between $10,000 and $15,000. So, you need your downpayment AND your closing costs saved before you can purchase. You can get an FHA loan and put down as little as 3% without having to pay PMI. However, FHA loans can be a pain in the butt. You can't buy a "fixer-upper" with an FHA loan and the appraisal process is pretty intense. Also, there is a cap on the amount of the mortgage (though I believe in NY that cap is a little over $360,000).
GOOD LUCK!
Enjoy the open houses! I find them so much fun! (and it's often - uh - interesting to see how others live!)
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| Posted 3/29/07 3:41 PM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: Officially starting our house hunt!
Congrats Hollie! 
Most of your questions have been answered already but I wanted to tell you that we're only probably putting about 25k down on a 400k-430k house.
When considering what you can put down, you have to remember to figure in closing costs (15-20k) and also plan to leave yourself a good amount in savings! We're leaving at least 10k in the bank, because we're afraid of what might happen afterwards.
My sister opted to put down as much as possible on her house, which lowered her monthly payments, but she only had 3k left in the bank!  That's not much for the "what ifs" that come up, paint, new fixtures and things you might want to do to the new house.
So anyway, that's why we're waiting another six months. To build up our savings so we don't wind up with nothing once we close. We don't want to end up one of those stories in an article on foreclosures!
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| Posted 3/29/07 3:41 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: Officially starting our house hunt!
Posted by hmpena
DH and I are officially looking for a house. We're going to a few open houses that are listed on MLSLI. This whole process overwhelms me. I don't overwhelm that easily and somehow I feel lost with house hunting.
I have a bunch of questions that I am sure have been asked but I would appreciate if someone could answer them for me.
-Should I get a realtor?
-If I get a realtor, do I have to pay a fee?
-How did everyone obtain their mortgage?
-How much $$ did people generally put down? I know it varies but is $30,000-$45,000 sufficient?
Thanks in advance everyone. This is one of the scariest things I've ever done.
Congrats on the start of your search! To answer your questions:
1. Yes, get a realtor. You may want to consider working with several if you are looking in a few different towns.
2. There is only a fee if you get a buyer's agent. If you work with a seller's agent, the seller pays the fee (I worked with a seller's agent and it was fine.)
3. I went to a mortgage broker. I wouldn't use the guy I used again though.
4. There's no set amount of down payment now. You can do 100% financing, 97% financing, etc. Don't forget to factor in your closing costs.
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| Posted 3/29/07 3:46 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Officially starting our house hunt!
Posted by Kara
3. We got our mortgage through MortgageIT. They gave us the best price. I'm happy to give you our guy's information if you'd like it. He's awesome.
We also are using Mortgage IT - our broker is a friend of DH - I can give you a name as well
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| Posted 3/29/07 3:49 PM |
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KvsGrl
Round 2!!
Member since 1/07 1202 total posts
Name:
Samantha
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Re: Officially starting our house hunt!
Looks like most of your questions have been answered, so I just want to say Good Luck! It is overwhelming, but worth all of the fuss when you find the perfect  !
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| Posted 3/29/07 3:56 PM |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: Officially starting our house hunt!
you dont need me to answer any more questions, everyone did a great job!
So welcome Hollie and happy househunting!
Bellmore is a nice area by the way!
good luck!
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| Posted 3/29/07 4:05 PM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: Officially starting our house hunt!
Just wanted to say good luck and have fun!! Don't be in a rush, get the right one for you!
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| Posted 3/29/07 4:06 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Officially starting our house hunt!
Posted by hmpena
DH and I are officially looking for a
-Should I get a realtor?
-If I get a realtor, do I have to pay a fee?
-How did everyone obtain their mortgage?
-How much $$ did people generally put down? I know it varies but is $30,000-$45,000 sufficient?
We used a friend of ours that was a realtor. He did a lot of the looking on line that I did not have time for. He eliminated a lot of stress for us.
We obtained our mortgage through a broker who is a friend. We got the same rates banks were charging and it was just easier for us.
The amount we put down would have changed given the price of the house. No matter what, we would have put 10% down given the cost of the house. We also paid closing out of pocket and homeowners insurance up front. Given that, we laid out almost $70,000 to purchase our home.
Also for schools, try greatschools.org! Good luck and happy house hunting!!!!!
Message edited 3/29/2007 4:44:04 PM.
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| Posted 3/29/07 4:42 PM |
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MrsPornStar
Partners in crime
Member since 10/05 14656 total posts
Name:
Mama
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Re: Officially starting our house hunt!
Thanks everyone! I appreciate all of the feedback and FMs. I am still confused but am starting to get it.
DH and I are hoping to stay in Queens in the town we live in. However, we're not opposed to living in Nassau County. DH works in Brooklyn, so we don't want to move too far out.
Thanks again, all!
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| Posted 3/29/07 8:47 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Officially starting our house hunt!
make an appointment at the LIHP (www.lihp.org) its free, and they will explain all about mortgages to you!
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| Posted 3/29/07 8:49 PM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: Officially starting our house hunt!
Posted by Kara
2. You do not pay any fee to a buyer's agent - they share the listing agent's commission
sorry to say it, but this is not right. a buyers broker DOES NOT share the listing agents commission. the way it works is that any offer you make on a house will have to reflect the buyer brokers fee. for example...you offer $400k and you're brokers fee is 2%, then your real offer is $392k. make sense?
here's a way to look at buyers brokers without getting scared of signing a contract. at the closing table, the sellers bring the keys and the buyers bring the checks. so inevitably you as a buyer are gonna end up paying the agents anyway, so you might as well pay one to work in your best interest. HOWEVER, just remember you can ONLY work with this realtor. you cant see houses with anyone else.
honestly, there used to only be sellers agents and buyers agents. but since 1/1/07 we also have brokers agents, where neither the seller nor the buyer are responsible for the agents actions. the agent that is working with you and acting as a brokers agent works directly for the agent that is listing that particular house.
mind boggling. i know. FM me anytime you have a question hollie!!!
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| Posted 3/29/07 9:07 PM |
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MrsPowers
So blessed!
Member since 11/06 10348 total posts
Name:
Ivelysse
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Re: Officially starting our house hunt!
Welcome and good luck!
As far as school districts, it depends on where you want to be. You might want to narrow that down a bit and then we can help with districts.
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| Posted 3/30/07 7:08 AM |
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Kissy331
My two miracles!
Member since 5/06 17826 total posts
Name:
Kristen
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Re: Officially starting our house hunt!
Good luck Hollie! Definately don't need a realtor. We didn't have one & we were able to find our house (after 1.5 years of looking). By going to open houses on your own, you can truly scope out areas & also get a feeling for the house you truly want.
If your husband commutes to Brooklyn, I would not go any further then Massapequa in Nassau County. My DH & I are in Wantagh & my DH commutes to NYC (by car) & it takes him about 45 minutes (more in traffic). So be prepared for that. Plus the taxes in Nassau County can be high, so plan accordingly.
The downpayment you have seems good enough but I agree with the other posters. Definately think about the $$ in terms of % on the total house price. That will give you a better idea!
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| Posted 3/30/07 7:22 AM |
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