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Fist time new home buyer! help me out

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Fist time new home buyer! help me out

Old 10-27-04, 12:54 AM
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Fist time new home buyer! help me out

so i am a first year elementary school teacher looking to buy a new house. the house im looking at is stickered at 159900. it was originally at 154900 about a month ago and there have been no improvements made. at only 25 years old im have good enough credit that i dont even need a cosigner, but i am having to do an 80% 20% double morgage to get into it. i was wondering if any of you can help me with grant ideas that i might be able to quallify for, etiquette on putting in a bid on the house, closing costs, a new fridge and washer/dryer. the house is brand new, 4 bedroom, 2/5 bath, 3 car garage. Im in Oregon. any help will do... oh, and sadly i have zero down...

thanks in advance!
Old 10-27-04, 01:39 AM
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ask for what you want but be ready for them to tell you no. I would think that if you are trying to get the sellers to help you with closing costs you are not going to get their washer and dryer also.

When i sold my house earlier this year the buyers asked for the washer and dryer which i threw into the deal. But they paid 5k over what it was listed and they didn't ask for any help with closing costs. So it was a no brainer. If they had asked for closing costs also I would have told them no.

On the flipside when i first bought the house i made the seller pay for half of closing costs.


Also if you are going to go for 100% financing be ready to pay a higher rate than somebody who is putting a downpayment onto the house.
Old 10-27-04, 02:00 AM
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Re: Fist time new home buyer! help me out

A $5000 increase in price in a month with nothing different about the house? Is the real estate market that insane?

If I were you I'd try for the lower figure. Usually when a house doesn't sell they lower the asking price...
Old 10-27-04, 02:25 AM
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Re: Fist time new home buyer! help me out

Originally posted by ptwnluv
so i am a first year elementary school teacher
I pray that you're a gym teacher.
Old 10-27-04, 02:49 AM
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You know you might want to see if the state has any firsttime buyer programs for teachers.

http://money.cnn.com/2003/12/23/pf/y...nodownpayment/
Old 10-27-04, 02:51 AM
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http://www.hud.gov/local/index.cfm?state=or
Old 10-27-04, 06:16 AM
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$160,000 house with no money down, wow Iím looking at $115,000 houses with 20% down and Iím wondering if I can keep up my promiscuous social life. I'm am also looking in to HUD homes, but lots of them are in bad neighborhoods and in very bad shape
Old 10-27-04, 06:49 AM
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Ugh...HUD homes...those things are usually a fucking mess.

I bought my house last year with zero down using an FHA loan...that whole buying process was hell...but well worth it in the long run.

The realtor should be able to guide you through the bidding process and should be able to answer any questions you have as well.
Old 10-27-04, 09:01 AM
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Originally posted by KnightLerxst
Ugh...HUD homes...those things are usually a fucking mess.
My house was a VA house. Supposedly they are slightly less of a mess than a HUD home.

Also, I'd offer less than the previous asking price. It's called an asking price for a reason. Having said that, I'm reasonably sure that the housing market in Oregon isn't going crazy like it is in some other places where the monthly increase would be way more than $5000.
Old 10-27-04, 09:22 AM
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his house has been sitting on the market for a month and he raises the price? Offer 145K
Old 10-27-04, 09:32 AM
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Originally posted by Lateralus
$160,000 house with no money down, wow Iím looking at $115,000 houses with 20% down and Iím wondering if I can keep up my promiscuous social life. I'm am also looking in to HUD homes, but lots of them are in bad neighborhoods and in very bad shape
Um. You wouldn't survive one second in Chicago. I just paid a hair under $170k for a one bedroom condo.

and our friends that live on manhattan will tell you about their $550k 2 bedroom condo.
Old 10-27-04, 09:36 AM
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That's a lot of house for someone that's single. Although a good investment down the road though.

I would definitely check out home buying for teachers. I know they have that in my state. Maybe Oregon does.
Old 10-27-04, 09:44 AM
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Are you using an agent? I can't tell from your post, but a few of your issues should be cleared up with a good agent.

(Numanoid...lol... I was thinking the same thing)
Old 10-27-04, 10:02 AM
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My Aunt is a real estate agent and she says that if you aren't embarressed about what you are asking for when you are writing up an offer then you aren't asking for enough.

Never offer your max on a first offer. The worst thing that they can do is say no, but then you can make another offer. First time out, ask for closing costs, ask for the washer/dryer and any other appliances that you'll need and ask for a lower price. If they say no, try to find out what they don't like about the offer (which may be difficult) and change it accordingly.
Old 10-27-04, 10:37 AM
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What I will tell you since your a FIRST time home buyer is the following since I got screwed...

Make 100% sure that the house is not graded in any way where you will get water. We live on a hill and our driveway is one of the only ones in the entire neighborhood that grades down TOWARDS the house / garage. What this means is that all rain water coming down the hill comes right down our driveway and into our garage. Who cares you say?? It will just go down the drain you say?? No, our freaking storm sewers back up so water comes UP that garage drain unless we plug it which leaves no where for the water to go..

Yes, we had the home inspection and what not but this wasn't something that was really brought up..

Just so you know of something to look for.
Old 10-27-04, 10:39 AM
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Also, about an agent... We told our agent the max amount we could pay for a house. And guess what... That's what we bought our house for. It was $10,000 less then what they were asking but still kinda ironic that it was on the button of what we told him..
Old 10-27-04, 11:52 AM
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I'm not sure of any details, but many areas offer below market rate loans, and upto 103% financing for school teachers. As others said, if his house has been sitting on the market, and hasn't sold, find out if he has been getting offers or not (might be lying), but I wouldn't offer more than his inital listing price. starting off with an offer for 145 isnt a bad idea.
Old 10-28-04, 03:11 AM
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so the realiter called me today to ask me to meet with her about making a bid. she told me that, "the builder bumped the price because the price of wood had gone up on him." To wich i laughed in her face. then she told me that because the seller has sold 5 houses in the last 3 months that he probably wont budge on the asking price. then of course she said no one had even been remotely interested in the house, no offers nothing...

she probably figures that because im a fist time buyer and only 25 that im an uneducated moron. i'll play the dumb card for about 5 minutes with her ass then ill hit her with the "well i thought you would be more willing to help me with the 6% your making, guess ill bring in my own realetor for 3%" and see how she responds.

Oh, by the way, i teach a 4/5 blend. i know, my quick spelling and poor grammar reflect it

thanks for all the help, gonna put in a bid way way less then asking with closing costs and work from there... i imagine one "no" and a threat to walk will be enough for a "please come back"
Old 10-28-04, 08:57 AM
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I don't want to sound negative, but as a first-year teacher you know that there is a possiblity they will not ask you back for a second year. If that happens, and you need to move to get another job, you are stuck.

My sister-in-law's best friend had this happen to her, first year - bought a house - wasn't asked back. Sucky sucky.
Old 10-28-04, 09:24 AM
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DON'T USE THE SELLER'S AGENT AS YOUR BUYER AGENT!!!!!!!

She is working for the seller, not you. Get an agent who will be looking out for your own interests.
Old 10-28-04, 09:25 AM
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Originally posted by ChiTownAbs, Inc
Um. You wouldn't survive one second in Chicago. I just paid a hair under $170k for a one bedroom condo.

and our friends that live on manhattan will tell you about their $550k 2 bedroom condo.
or $635k 2 bedroom coop
Old 10-28-04, 09:30 AM
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Originally posted by schlitz100
DON'T USE THE SELLER'S AGENT AS YOUR BUYER AGENT!!!!!!!

She is working for the seller, not you. Get an agent who will be looking out for your own interests.
Yeah!!! Unforunately I used the sellers agent, and got screwed, and 8 years later it still hurts.
Old 10-28-04, 11:00 AM
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I agree 100% you should get your own agent - they can run the comps and give you an idea of what the house is really worth.

You can also find a buyer's agent who will give you some portion of their 3% back. I have done this on every property I've purchased (3 up to now and I'm 29). So that is one way to make some cash back. There are also loan programs that will sometimes give you 110% of the home's value so any extra money needed will roll over in to your mortgage.
Old 06-14-13, 04:11 PM
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Re: Fist time new home buyer! help me out

Updates? Did you get the house?
Old 06-14-13, 04:19 PM
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Re: Fist time new home buyer! help me out

The OP's last activity on the board was 10-30-10, so you may be waiting a long time for an answer

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