buying a home
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jasper17
Well-known member
First, see what kind of a mortgage you would qualify for. We were told when we were looking at houses that some realtors won't even take a person out to look if they are not pre-qualified (just that you potentially qualify for X amount) or pre-approved (you are definitely approved for a mortgage in X amount). You can go through your bank, if they offer mortgages or other lenders - there's a lot of paperwork involved but it's totally worth it. At the same time, go and see open houses. Get an idea of things you like and neighborhoods you like and that sort of thing. It's worthwhile to work with a realtor - they can provide invaluable resources and probably know how to go about finding the foreclosures. If you search online, there are sites that lost foreclosures, too. Good luck!@
user3
New member
It's best to try to get pre-approved first.
Now for trying to get foreclosure home or condo that is going to be tricky.
You must have the money up front and many of them are more auction style sells. You actually bid similar to Ebay. Where as buying a home that is not in foreclosure there could still be a bidding war but it done very differently and it's not done at an auction.
Looking into foreclosures can be a pain. Not all foreclosures go up auction style but it's hard to find one that does not and when you do find one there's usually plenty of people looking at the same one.
You need to find a loan officer you are comfortable with and you can trust. It is also a good idea to shop around for a realtor.
I see that you live in CA. You should check out http://www.ziprealty.com
That's how we found our realtor. She was great! Plus, you get back money when you use a Zip Realtor! We got back close to $2,000! He had tried out a few realtors before her and it was a total mess! She was very dedicated and got us a great deal!
You should get all your paperwork in order. Last paycheck stub, bank account records, and any other info like 401K etc... Any loan you apply for they will need this info. You should know the rates are kind of sucky right now and if I was you I would start looking now but not plan to buy until later on this year. The reason why is from late Feb to the middle of the summer it's usually a Sellers Market. Come fall and winter home prices tend to drop. If you want to buy within the next few months be prepared to look at and bid on several homes/condos. We looked at about 20 homes and bid on 6 before we got the one we have now. It was a headache and heartache. We really loved this one home and we got out bid by $1,000!!!!!! They didn't even give us a chance to counter bid
It's best to get pre-approved for a loan because when your realtor draws up the papers they can this in and it could be a plus for you if the seller is looking to sell fast. Typically pre-approved loans close faster. Ours closed in 15days! That's really fast considering an average loan/home buy closes in about 30-45 days.
When you find something you like you will want to do a walk through before placing the bid. Check to make sure everything looks ok. Check for:
Check the house from bottom to top: basement to attic.
Pay particular attention to expensive items and those that are of importance to you.
Watch for areas where furniture or rugs cover the floor. Often times people will cover up damage.
Leave your emotions outside the door. You will have plenty of time to swoon over your new home--now is the time to make sure the house is as you expected it to be.
Check for water damage, turn on and off all facets , flush toliets etc...
Certain things can be worked into a bid so that later on you don't have to deal with it.
There will be several walk-throughs but your Pre-bid walk through will help you make sure this is what you want to go for.
Now for trying to get foreclosure home or condo that is going to be tricky.
You must have the money up front and many of them are more auction style sells. You actually bid similar to Ebay. Where as buying a home that is not in foreclosure there could still be a bidding war but it done very differently and it's not done at an auction.
Looking into foreclosures can be a pain. Not all foreclosures go up auction style but it's hard to find one that does not and when you do find one there's usually plenty of people looking at the same one.
You need to find a loan officer you are comfortable with and you can trust. It is also a good idea to shop around for a realtor.
I see that you live in CA. You should check out http://www.ziprealty.com
That's how we found our realtor. She was great! Plus, you get back money when you use a Zip Realtor! We got back close to $2,000! He had tried out a few realtors before her and it was a total mess! She was very dedicated and got us a great deal!
You should get all your paperwork in order. Last paycheck stub, bank account records, and any other info like 401K etc... Any loan you apply for they will need this info. You should know the rates are kind of sucky right now and if I was you I would start looking now but not plan to buy until later on this year. The reason why is from late Feb to the middle of the summer it's usually a Sellers Market. Come fall and winter home prices tend to drop. If you want to buy within the next few months be prepared to look at and bid on several homes/condos. We looked at about 20 homes and bid on 6 before we got the one we have now. It was a headache and heartache. We really loved this one home and we got out bid by $1,000!!!!!! They didn't even give us a chance to counter bid
It's best to get pre-approved for a loan because when your realtor draws up the papers they can this in and it could be a plus for you if the seller is looking to sell fast. Typically pre-approved loans close faster. Ours closed in 15days! That's really fast considering an average loan/home buy closes in about 30-45 days.
When you find something you like you will want to do a walk through before placing the bid. Check to make sure everything looks ok. Check for:
Check the house from bottom to top: basement to attic.
Pay particular attention to expensive items and those that are of importance to you.
Watch for areas where furniture or rugs cover the floor. Often times people will cover up damage.
Leave your emotions outside the door. You will have plenty of time to swoon over your new home--now is the time to make sure the house is as you expected it to be.
Check for water damage, turn on and off all facets , flush toliets etc...
Certain things can be worked into a bid so that later on you don't have to deal with it.
There will be several walk-throughs but your Pre-bid walk through will help you make sure this is what you want to go for.
Janice
Well-known member
We're doing this right now, def get pre-approved and find a good experienced loan officer & realtor. They are invaluable.
We started looking on the 11th, found an inventory home in a sub division about half a mile away from where we are renting a house, signed a sales contract on the 13th and they want to close on the 30th. It's been a hectic ass week with getting all the paperwork pulled together and constantly on the phone with the loan officer, realtor, builder, or tracking down something to be faxed.
There are more incentives when buying a new house vs. buying a foreclosure or older home. You will have to come up with all the $$$$ for the down payment and closing costs.
We found a builder who had a brand new home completed just sitting that they wanted to sell so they gave us an awesome deal - zero down, zero move in and a $3000 lowes gift card upon closing. Zero down zero move in basically means that they put down our down payment AND pay for closing costs so the only money out of our pocket was $500 earnest money on the house which we will get back upon closing.
We started looking on the 11th, found an inventory home in a sub division about half a mile away from where we are renting a house, signed a sales contract on the 13th and they want to close on the 30th. It's been a hectic ass week with getting all the paperwork pulled together and constantly on the phone with the loan officer, realtor, builder, or tracking down something to be faxed.
There are more incentives when buying a new house vs. buying a foreclosure or older home. You will have to come up with all the $$$$ for the down payment and closing costs.
We found a builder who had a brand new home completed just sitting that they wanted to sell so they gave us an awesome deal - zero down, zero move in and a $3000 lowes gift card upon closing. Zero down zero move in basically means that they put down our down payment AND pay for closing costs so the only money out of our pocket was $500 earnest money on the house which we will get back upon closing.
