New homebuyer questions

[FraserB]

I'm going to be buying my first place this year and have almost no clue what I'm doing or the process to take. I already know what I want in a house and the 5 or 6 communities I'd be looking in. I'm looking to buy in November or December.

1. I assume that I need to be working with a realtor to get me booked to look at places, have the latest info on new listings and how long stuff has been on the market. When should I start talking to a realtor (Jordan)?

2. Will any home inspection company do or is there a specific one I should be using?

3. What info should I be pulling on a property? I know about the RPR, but not much after that.

4. When should I be talking with the bank to get a mortgage stuff lined up?

Anything else would be a huge help.

[USED1]

Just use Jordan as your realtor and he can help you with a lot of that stuff. He has a great mortgage guy, also on here (Tim Lacroix).

[89coupe]

I would look at new home builders first to give you an idea of what you can get for your money before looking at used homes.

It might change your perspective on what you want to purchase.

[avishal26]

Originally posted by 89coupe
I would look at new home builders first to give you an idea of what you can get for your money before looking at used homes.

It might change your perspective on what you want to purchase.

+1

[dj_rice]

#4. You should be talking with a bank now to get pre-approved so that you know what budget you can afford so when you do find the house you like, your ready to make an offer.

[Sugarphreak]

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[Euro838]

Originally posted by Sugarphreak
If I were in your shoes I'd be piling away money. There is a correction coming probably in 2015, he who has cash will be King.

+1 agree here.

It didn't happen in 2013 and probably not 2014 so it's gotta be 2015!

[Sugarphreak]

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[JordanLotoski]

Give me a ring anytime we can discuss all your questions in detail.

[BigMass]

Originally posted by Sugarphreak
If I were in your shoes I'd be piling away money. There is a correction coming probably in 2015, he who has cash will be King.

Thing is, as housing makes up more and more of the economy, plus insured mortgages which affect banks and government. Will the government ever be able to let housing fall again? If they inflate their way out of another crisis, holding cash might actually be riskier than holding real-estate.

[Kloubek]

Originally posted by 89coupe
I would look at new home builders first to give you an idea of what you can get for your money before looking at used homes.

It might change your perspective on what you want to purchase.

+2. Unless your desires dictate you must be in a mature neighborhood, my wife and I found that buying brand new was noticeably less expensive for what we got.

Of course, then you also get the benefits of selecting your own look and feel of the house as well. On the other hand, then you're also stuck with finishing the yard, etc.

For us, it was a no-brainer and no regrets, years later.

Congrats on taking the "next step" in your life!

[msommers]

Nick nailed it, nice post.

[skandalouz_08]

If you're not buying until Nov/Dec wait to get the pre-approval until you are serious about making an offer or you know you're going to purchase a place within the next 90-120 days of getting the pre-approval. Most institutions won't hold your rate for longer than this and then you'll have to go through the whole pre-approval process again when you are ready to buy.

Find an online calculator for now, plug in your income and see what you can afford and what you want to spend and go with that until you are ready to buy.