Buying a house ... advice?

[Cheesefood]

It depends on how you look at it. The guy selling the house is going to have a number in his head where he's willing to sell. Involving a realtor raises that amount considerably. Why involve them?

Because it's damn hard to sell a house without one.

Again: MLS. You can't get on Realtor.com without a realtor.

 

[Soulive]

When you check out a neighborhood, look at the cars and backyards. If you see a two bedroom house with 10 bikes in the backyard, you can be pretty damn sure it's got 15 kids inside

Also look at the restaurants in the neighborhood.

Finally, MAKE SURE of this:


Get a place close to a LHBS.

Yeah, I'm not too close to any HBS's. At least we've got nice restaurants...

 

[rdwj]

I think my main problem is I know NOBODY in the area. So I figure a realtor, although I would love to avoid one, would be better than me guessing what areas are nice. Then again, how do I know how to find a good realtor with NO hookups. God, I'm scared.

look up crime stats and school districts. The ones with low crime and good schools are good areas. Then look at the lay of the land. The ones that are higher are better. I'm not sure if flooding is an issue in Texas, but it is here.

Drive around the areas and make sure lawns are mowed and there are no ****ty cars in the driveways.

Boom - you've just done more than a realtor is going to do for you.

 

[Kulprit]

I think my main problem is I know NOBODY in the area. So I figure a realtor, although I would love to avoid one, would be better than me guessing what areas are nice. Then again, how do I know how to find a good realtor with NO hookups. God, I'm scared.

About a year ago me and the wife were looking to relocte to Raleigh, NC. We knew nobody.

What I did was shopped around. I contacted a lot of realtors via email prior to my trips down and told them straight up my situation and that I would not be signing any contracts with anyone at this time. Then we spent one day in specific areas with each realtor. So I would see like 4 per trip. Eventually we found one we liked and then covered the entire greater area.

I was doing research on the market as well as the realtor.

It was their off season at the time so they were hungry. Had I tried this in their hot time I probably woulda gotten few replies. Considering how the market is right now you should have the same advantage. Just tell them you can't commit to anything at this time. It still all comes down to them showing you "the house" and they get paid.

I also did a TON of research on the areas and schools etc online. As did my wife - she was on MLS searchs like it was her job and I hit forums and message boards hard (these are great for inside info as most of the info is raw and from residents - not salesmen). I often would let the realtor sell me on an area and if it did not flow with my research I knew they were not for me and were just trying to make a sale. When I found one that told me flat out that they didn't think this neighborhood was for a young couple of our style for whatever reason, something I had already learned, I worked with them.

This is why it's a long process.

 

[Beerrific]

It depends on how you look at it. The guy selling the house is going to have a number in his head where he's willing to sell. Involving a realtor raises that amount considerably. Why involve them?

If they sign with a realtor when they list the house then they have to pay the commission. Period. If they raise the amount they are asking to cover that then...well...there is nothing you can do except try to work them down which a realtor can help you do. If you don't want to involve a relator then you are pretty much stuck looking at the FSBOs.

 

[rdwj]

Because it's damn hard to sell a house without one.

Again: MLS. You can't get on Realtor.com without a realtor.

But he's not SELLING

 

[Kulprit]

Maybe I was just being a snob - or it was just because I was a first timer but....


I felt that anyone going the FSBO route had something to hide. Sure as an investment I might look into FSBO in hopes of finding someone about to default or something - but not on my first where I plan to start a family.

but that's just me

 

[c.n.budz]

Be careful if the realtor is representing you and the seller. At that point it's tough to say whose best interest the realtor has in mind...

And, I know a few people mentioned a good real estate attorney. They are worth their weight in gold, and don't use the family attorney that does general practice, get a real estate specialist.

 

[Kulprit]

But he's not SELLING

Might be different depending on what state your in but for me it didn't matter.

Once the seller had signed a contract with a realtor - even if I stumbled across his house on my own without a realtor and he invited me in and we negotiated over a few homebrews and left with a deal - he STILL had to pay his realtor.

And I found that once people signed with a realtor - they wanted nothing to do with the logistics of selling a home. We attempted to contact a few sellers directly and they ALL referred us to their agents (why not - they already decided to pay the agent so make them work).

And 95% of all inventory is agent represented so....

 

[rdwj]

Maybe I was just being a snob - or it was just because I was a first timer but....


I felt that anyone going the FSBO route had something to hide. Sure as an investment I might look into FSBO in hopes of finding someone about to default or something - but not on my first where I plan to start a family.

but that's just me

They're not allowed to hide anything. There are strict disclosure laws that protect the buyer and your lawyer will take care of that paperwork. The guy selling FSBO is trying to save a few bucks - so am I buying FSBO.

 

[Kulprit]

They're not allowed to hide anything. There are strict disclosure laws that protect the buyer and your lawyer will take care of that paperwork. The guy selling FSBO is trying to save a few bucks - so am I buying FSBO.

They don't have to disclose that the neighbors house has had 25 different tenants over the last 2 years.

but you make a good point about the house - now that I look back at the process - the inspection and the lawyer should find anything defective with the home itself.

 

[srm775]

We are talking about buyin ga duplex, since this will be short term, and renting out the other half. Any reason this is a bad idea? Duplexes harder to sell?

Definitely check out the tax implications for this. The rent you collect for the other duplex is income and you'll be responsible for paying the income tax on it. Also, remember you'll be a landlord and subject to all rules and regulations that govern landlords. Also, don't do this if the income from the other unit is a necessity for paying the mortgage.

 

[srm775]

They're not allowed to hide anything. There are strict disclosure laws that protect the buyer and your lawyer will take care of that paperwork. The guy selling FSBO is trying to save a few bucks - so am I buying FSBO.

Trying to prove that someone knew something about the house is next to impossible. I could say I don't have any knowledge of lead paint in my house, but that doesn't mean that the previous owners didn't paint the house with melted down shotgun lead.

 

[c.n.budz]

They don't have to disclose that the neighbors house has had 25 different tenants over the last 2 years.

but you make a good point about the house - now that I look back at the process - the inspection and the lawyer should find anything defective with the home itself.

The realtor, owner, and attorney don't have to disclose that but typically the appraiser will make a note of it on the appraisal

 

[Kulprit]

The realtor, owner, and attorney don't have to disclose that but typically the appraiser will make a note of it on the appraisal

Shoulda been more specific - I meant rental tenants and there would be no way anyone would know.

Sales of the house sure that would have some documentation.

But you get my point.

 

[Ó Flannagáin]

Be careful if the realtor is representing you and the seller. At that point it's tough to say whose best interest the realtor has in mind...

And, I know a few people mentioned a good real estate attorney. They are worth their weight in gold, and don't use the family attorney that does general practice, get a real estate specialist.

My wife's step-dad is a big real estate attorney in Maryland. Not sure if he's giong to help us out much or not though.

 

[Ó Flannagáin]

Definitely check out the tax implications for this. The rent you collect for the other duplex is income and you'll be responsible for paying the income tax on it. Also, remember you'll be a landlord and subject to all rules and regulations that govern landlords. Also, don't do this if the income from the other unit is a necessity for paying the mortgage.

Not a necessity, but figured it would be nice. Again, we are moving to GEORGIA and only for 2 years while my wife finishes her army career, then however long it takes to find a job elsewhere and sell the place... hopefully no more than 3 years total. I hate Georgia/Alabma/Florida/SC ... NC is as south as I want to live.

 

[c.n.budz]

My wife's step-dad is a big real estate attorney in Maryland. Not sure if he's giong to help us out much or not though.

Real estate laws vary from state to state. The big laws are pretty universal, but every state has some weird little law or regulation that's a bit different

 

[Beerrific]

They have some weird foreclosure laws in Georgia. Don't take that the wrong way...

 

[adx]

This is awesome. Me and SWMBO are going to start looking here soon for a house. Haven't even started and it's stressful.

Ó Flannagáin hook me up with your step dad. I'll be looking in Maryland.

 

[Ó Flannagáin]

This is awesome. Me and SWMBO are going to start looking here soon for a house. Haven't even started and it's stressful.

Ó Flannagáin hook me up with your step dad. I'll be looking in Maryland.

My step-dad in-law lol, I'll see what I can do, shoot me a PM when you start. He's in the Frederick, New Market area.