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closed on a condo today

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Realtors aren't all bad....just 99% of them. Seriously, finding a good realtor is KEY. If aren't completely pleased with the first one, then drop them and find another one. Never sign anything with a realtor. And it'll be easy to find the good ones. A realtor that will show you homes that aren't the realtor's own listings, who listens to what you say (ie, if you say you must have a two car garage, but the realtor shows you three houses with a one car garage, kick the loser to the curb), and more importantly, who point out negatives in prospective houses is a good realtor. My in-laws are looking for a house right now, and they are on their third realtor...and he's a good one. I was amazed the first time we went through a house and he was pointing out how the paint was F'd up, and other little flaws that you don't typically notice, at least not on the first showing.
 
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Due to the home inspection we found a couple of problems with our place. We asked the seller to fix the problems. He agreed (as it turned out some of the problems were bigger than originally thought), we got a new water heater, some new pipes, a new part to the ac, and some other small things...

I told our realator I wouldn't buy anything his firm represented... He wasn't happy about it, but I said I didn't want any conflict of intersts...
 
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He means that He's not going to use a Re-Max agent and then buy a Re-Max Property... thus putting his realtor in a position to act in the best interests of Re-MAx instead of the best interests of Gbear....

Anyway.. I didn't even have a freaking realtor....
 
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SIMV...I am a mortgage broker, and what everyone here has told you so far is right on! There are some good realtors, but not very many. They tell you what you want to hear about the property, and forget to tell the basement floods every time it sprinkles. They make 6% of the sales price for walking through a house....not too bad. The credit union is a safe bet for financing, they usually cant give a fixed rate.

If you have any questions, or need anything, I will help.
 
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iambrutus said:
Wadc, congrats on the condo, i'm sure you'll be happy "owning" is so much nicer than renting


for those of you that are looking to buy any house/condo that isn't new; spend the money on a home inspection. its worth it! when we bought our home, it was 32 years old, they were asking on the highside but i was still ready to go for it, but then i got the inspection and found out that i was going to sink 20k into it the first summer (bought the house during a winter). So i low balled my offer and told the people exactly what the inspector found, ended up getting the house 28K below the asking price!
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thanks buddy...to say I celebrated last night is an understatement. A couple of my players met me at Grandview Cafe and promptly dragged me downtown to check out the new place and sample the shit brew that the neighborhood bar (Brothers) was selling. right now, my eyes are so puffy, my face looks like a baboon's ass...

I am lucky/unlucky in that I am surrounded my mortgage brokers...one of the other guys I coach with at OSU is a broker and a buddy of mine from high school is also a broker. so getting the financing was actually pretty easy, despite the fact I crushed my credit score while living in NYC. I ended up going through my buddy from high school who was actually able to do it a little bit cheaper because he is on salary rather than on commission.

I have to meet with the "design team" in about three weeks to go over what options/upgrades I want. I told my sister she has no choice...she is coming to that meeting to help me...
 
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thanks buddy...to say I celebrated last night is an understatement. A couple of my players met me at Grandview Cafe and promptly dragged me downtown to check out the new place and sample the shit brew that the neighborhood bar (Brothers) was selling. right now, my eyes are so puffy, my face looks like a baboon's ass...
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Huh? I was there (Brothers)... Had about 10 Stella's... I think I need that chair fart catcher mat thingamajig right about now though.
 
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ScarletInMyVeins said:
Well the ammount that I was approved for was (I believe) for a 30 year fixed. Guys... I'm 23 and know nothing about any of this stuff, how sad is that? :lol:

edit: This is from my credit union - Loan types
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If it is a 30 yr fixed, you should be fine. The closing cost are going to be low, so you did good. Just make sure it is a fixed. Most credit unions will treat you right. Brokers can always get you a lower rate, but you will have a little more in closing costs due to the fact that there is a 3rd party involved.
 
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Scarlet,

Realestate agents are usually paid 3% on each side of the deal (if they represent the buyer they get 3%, if they represent the seller they get 3%). Many agents try to match the two so they get 6% (if they represent both the buyer and seller... some will knock the commision down to 5%).

If an agent represents both sides how can they represent the seller and buyers best interest? They will try to sell the property for as high as possible (thus the commision is higher)... they might push a property they represent even if it isn't really what you want.

That is why I told him we wouldn't under any circumstance purchase a property he (or the company he worked for) represented.

Also, have your mortgage banker/broker run a 20 year and a 25 year... the interest savings are huge (your payment will go up a bit, however the savings on interest over the life of the loan are huge... ask to see the numbers)... also, if you can squeeze into a 15 year fixed mortgage you will save even more (the 15 year is lower stated interst charge, plus the reduced amount of time for the intest to compound... nice double wammie, if you can afford it)...
 
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Gbear is right about the 15 year. If you are getting pre-approved and know what you can spend. I would possibly spend a little less in order to make a 15 year work for you. As young as you are, chances are whatever you buy you will only stay in for a relatively short time (0-10) years. With a 15 or a 20 year you will develop equity at a much faster rate than you would with a 30 year. If you were to do a 30 year and only stay for 5 years. The only equity you will have is appreciation for the most part. I guess what I am saying is, chances are this is going to be a starter home for you. Keep one eye on the next one down the road, and how to be in the best position for that one.
 
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Buck Nasty said:
Gbear is right about the 15 year. If you are getting pre-approved and know what you can spend. I would possibly spend a little less in order to make a 15 year work for you. As young as you are, chances are whatever you buy you will only stay in for a relatively short time (0-10) years. With a 15 or a 20 year you will develop equity at a much faster rate than you would with a 30 year. If you were to do a 30 year and only stay for 5 years. The only equity you will have is appreciation for the most part. I guess what I am saying is, chances are this is going to be a starter home for you. Keep one eye on the next one down the road, and how to be in the best position for that one.
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Instead of getting a 15 year, why not get a 30 and just make double payments that way you don't tie yourself into high payments if something like a loss of income from death of a spouse or loss of job would put you in danger of making that increased payment?

It leaves you some "wiggle" room.

I'm guessing you answer will be b/c once you have that lower payment you would always find reasons to not make a double payment.
 
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Thump said:
Instead of getting a 15 year, why not get a 30 and just make double payments that way you don't tie yourself into high payments if something like a loss of income from death of a spouse or loss of job would put you in danger of making that increased payment?

It leaves you some "wiggle" room.

I'm guessing you answer will be b/c once you have that lower payment you would always find reasons to not make a double payment.
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You could do that, but you are right about the discipline. The thing about a 15 year is that with the reduction in interest your payment does not go up that much. I refied from a 30 to a 15 a couple years ago and my payment only went up $275. I can still pay extra if I want, but if I don't I am still out from under it in 15 years max. If you read everything I posted I said at the beginning to buy a little less house so that you could afford the 15 year. Basically figure out what you can afford per month, and then factor that into a 15,20,30 year and see what you can get.
 
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Actually, you dont need to make double payments. Just pay half the payment every 2 weeks. This will give you an extra payment a year and will cut a 30 year amoritization to a 23-24 year. With this being your 1st house, just make sure you are comfortable with the payment. With the way the market is, you will make $ when you decide to sell and move up to a bigger house.
 
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tyrus3 said:
Actually, you dont need to make double payments. Just pay half the payment every 2 weeks. This will give you an extra payment a year and will cut a 30 year amoritization to a 23-24 year. With this being your 1st house, just make sure you are comfortable with the payment. With the way the market is, you will make $ when you decide to sell and move up to a bigger house.
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Instead of making a payment every 2 weeks, I just make one extra payment at the end of the year and it does the same thing. I don't want the hassle of having to pay every 2 weeks.
 
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