Does anyone have any home buying tips?

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MemberSince99
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Does anyone have any home buying tips?

Postby MemberSince99 » Sat Jan 11, 2014 12:42 pm

I'm looking to buy later this year. I live in the suburbs of Milwaukee (not sure that matters buying a home is buying a home right?) and would be a first time buyer. I've rented for years (yes I realize that is dumb hence I want to change). Income 77k and some change been in the IT field for many years income has been 70k range for a good 5 years now maybe longer. Latest TU FICO according to Barclays is 799 (as in signature), cards are in sig, only actual debt (0 revolving on all 3 bureaus) is about 6k in student loans and 28k on my car loan (I bought it September 2012) No baddies at all or lates everything is 100%, which you could probably assume by the score but I figured I'd best lay it out there. AAoA 5 years oldest 14 years.


I'm sure some of you have bought homes do you have any good things that I should go to be prepared? I'm new to it. I am going to ask my co-workers to recommend real estate agents to me. I've read that I might be able to get FHA which would allow you to put 3.5% down. But I want the best rate and feel I have the score to get it. (Not meaning to be at all arrogant just saying they set the rules and when I play well by them I want the benefits of that).


I would be most grateful for any helpful tips you guys might have for my situation. I am locked into this lease through 10/31 so I'm not looking to move immediately but I have to give 60 days notice and for sure will give that notice, so I'm looking to be in the home in October or November so anything I could do now that you would suggest is great.


Thanks for any help in advance.


cashback
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Postby cashback » Sat Jan 11, 2014 2:12 pm

You can change anything about a home, except location.
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MemberSince99
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Postby MemberSince99 » Sat Jan 11, 2014 3:41 pm

Generally true, though if you have a bad enough sinkhole or tornado, maybe not.

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djrez4
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Postby djrez4 » Sat Jan 11, 2014 4:51 pm

Your credit is good enough to get you the best rates available, but that doesn't mean that all loans are the same. Compare closing costs, application fees, etc., between multiple banks and multiple brokers before settling on a loan. By way of example, our closing costs varied by almost $10,000 between loan offers.

Get pre-approved before you go shopping. You can usually get a 60-90 day pre-approval before the bank has to pull credit again. If rates are looking good and you expect to buy within 30 days, lock your rate.

Look at a lot of houses and plan to make an offer within an hour of a viewing if you like the place. Between it being a seller's market and the fact that hedge funds are buying up thousands of houses, you have to be able to move fast if you want a specific home.

That's all I have right now.
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MemberSince99
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Postby MemberSince99 » Sat Jan 11, 2014 5:23 pm

Thank you that is great advice. Exactly what I was looking for. I will be buying, I know what I want, but I know I'll never find perfection too. So I will settle with a realistic range of things I want.


On the pre-approval do they do a hard pull or soft? It sounds like a hard pull.


Is it a seller's market? I've been hearing for years it's a buyers market at least around here. People here have been trying to sell homes and waiting months if not years if they don't want to take a bath and it seems every 5th home has a for sale sign. Maybe it's different here than in CO? Or maybe things have changed and I'm not aware. I thought it was a buyer's market locally. Well I'll have to research it more maybe I am mistaken.


If I find the right place, and all else is good, I won't hesitate I will buy. I know when you find what you want, you grab it, be it a job, love, a car or a home. Life in general. I do sleep on big things overnight. But once I'm sure I go for it and that's it.


Very good and helpful info.



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