Tips on buying a house

[Betty]

Originally Posted by Snowflake

I think you should buy this one

ha! That's just a bit out of our price range.

[Kevy Baby]

Originally Posted by Betty

Staying clear of Moreno Valley.

That is a wise move

[mousepod]

Don't just get a standard inspection. Get chimney inspection (assuming the place has a chimney) and sewer inspection. We actually fell out of escrow because a place we were buying misrepresented the sewer system.

[Betty]

Originally Posted by mousepod

Don't just get a standard inspection. Get chimney inspection (assuming the place has a chimney) and sewer inspection. We actually fell out of escrow because a place we were buying misrepresented the sewer system.

Great tip! I've written that down. One thing we really don't want are sewer problems! ew!

[scaeagles]

It is a buyers market, more so in CA than elsewhere, I would presume. There are so few buyers out there that if you demonstrate even a small amount of patience you should get them to meet your offer rather than going back and forth with counter offers.

[Betty]

Originally Posted by scaeagles

It is a buyers market, more so in CA than elsewhere, I would presume. There are so few buyers out there that if you demonstrate even a small amount of patience you should get them to meet your offer rather than going back and forth with counter offers.

Wait wait wait. I would rather not have to - but I think you're right. Even more so considering there should be a wave of forclosures coming up here pretty quickly... they had a moratorium that will be over?

It feels wrong to take glee in others misfortune - but at the same time - I didn't go out and spend $350,000 on a house worth $100,000.

[Strangler Lewis]

I would imagine that the State of California or some state or local board of realtors has some helpful online publication about everything you need to think about and do in the process. The big agencies probably do as well.

How annoying, there's a bee in the garage. That wasn't in the disclosures.

[Betty]

Printing up Morigoons post for my info folder. Great tips!

[Morrigoon]

It's a checkbox on the standard CAR purchase contract. Just make sure your realtor marks off that box.

Basically, it means that if you don't get your loan, you don't have to buy the house anyway. See, if you had a normal loan contingency, then after you've shown that you're approved for a loan that meets the terms you set forth on your offer contract, you would have to remove the loan contingency. Let's say you do that, and all looks good, then suddenly in the last week or so of your escrow, something happens where the bank now doesn't want to give you the loan, or changes the loan terms drastically (don't think it doesn't happen, it does!)... you end up in a bit of a pinch because now you're obligated to go through with the purchase, and you have to either make something work out with your current lender, or find another lender.

Oh, that's good advice too... get approved by another lender... that way, if anything does change last minute, you have a lot more options, as you're further along in the loan process than you would be if you had to scramble at the last minute to get a new lender. Also keeps lenders on their toes in giving you the best deal they can. Make sure lender #2 knows you already have one pre-approval and that they're having to find a loan that makes them competitive with that. I can give you a few names, if you want.

[Betty]

Originally Posted by Morrigoon

It's a checkbox on the standard CAR purchase contract. Just make sure your realtor marks off that box.

Basically, it means that if you don't get your loan, you don't have to buy the house anyway. See, if you had a normal loan contingency, then after you've shown that you're approved for a loan that meets the terms you set forth on your offer contract, you would have to remove the loan contingency. Let's say you do that, and all looks good, then suddenly in the last week or so of your escrow, something happens where the bank now doesn't want to give you the loan, or changes the loan terms drastically (don't think it doesn't happen, it does!)... you end up in a bit of a pinch because now you're obligated to go through with the purchase, and you have to either make something work out with your current lender, or find another lender.

Oh, that's good advice too... get approved by another lender... that way, if anything does change last minute, you have a lot more options, as you're further along in the loan process than you would be if you had to scramble at the last minute to get a new lender. Also keeps lenders on their toes in giving you the best deal they can. Make sure lender #2 knows you already have one pre-approval and that they're having to find a loan that makes them competitive with that. I can give you a few names, if you want.

I'll take a few names - sure! They need to be FHA approved though. And thanks for explaining. This is all very confusing for someone with no experience buying houses.