I need advice on buying a home
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I need advice on buying a home
| Mon, 05-11-2009 - 2:04pm |
Okay, I have asked questions regarding buying a home in the past but this time I am serious, lol. We were planning on buying a home in Spring 2010-by that time our debt would be paid off and we would have time to save up , too. However, we are now going to try to buy a home by the end of this year for the following reasons:

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A couple of things I forgot.
Seller can give a buyer up to 3% of the price of the house as a rebate in cash dollars. This can be used to help with closing cost. keep this in mind when making an offer. Don't dicker a seller down by 10,000 or 20,000 then expect them to give you the 3% back. Sometimes it is better to pay close to the asking price to get the 3% if you are short on funds.
If the seller has only owned their home around 5 or so years and has title insurance on it then you can get the policy number and sometimes buy a rider from the time the policy was issued to the present and only pay like 50.00 or 100.00 instead of 350.00.
I have never had a home inspector I don't like them I feel they are a total waste of money. But lots of banks want them now.
Short sales take at least three months to get an answer from the bank.
Repo's take around 6 weeks to go through all their red
"You might not see any difference w/half your debt paid off vs. 30% paid off"
This is exactly what I was wondering. If this is the case, then I could start the process a little earlier- which I would feel better about. At this point I am wondering how much of an effect my debt level will effect getting a mortgage. I don't know if it were wise to pay a little less on my debt in order to save more for all the costs involves since I only have a few more months. What do you think?
Regarding the escrow for property taxes, a co-worker told me that you only need the next quarters. So that is much better. I figured that every state would be different. I have a real estate agent that I really like and I keep on top of the properties that are out there so I feel like when the time comes I will already know what properties I want to view.
Thanks for your help.
Sarah
http://finallyasurveysitethatpays.blogspot.com/
Sarah
http://marilynmonroeshop.info
Sarah
http://finallyasurveysitethatpays.blogspot.com/
Sarah
http://marilynmonroeshop.info
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This is why I'm recommending you talk to a lender. That decision will really revolve around whether paying off a little more date will make a difference in your rate or qualifying. If it won't make a difference, I probably would hold back on debt repay until you get the move accomplished. I could not believe the amount of money that went through my fingers those couple of months.
Peg
Sarah
http://marilynmonroeshop.info
I didn't have to pay out a years worth of taxes when I purchased my house. I remember we had to wait 30 days for the escrow to be set up. Every quarter, my mortgage company would pay out the property taxes and insurance. It might be different where you live, but here in RI we didn't have to pay the taxes up front.
Good Luck. It sounds like you got a lot of helpful advice from everyone on the board.
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