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i just had an offer on a house i want to buy get accepted!!! ijm so excited! but i was wondering if any of you had any advice for me, what i should be worrying/thinking about right now. were just waiting for the bank to finish paperwork and get the appraisal stuff done, i am pre approved for the amount, my dad is my banker, so that wasnt a problem. i have to go and get appliances next, but what else should be on my mind?
Sat. Mar 22, 3:05pm
Congrats!!! But... You're still a little ahead of yourself; a lot can go wrong between an offer and a closing. You will have to have an inspection of the house done, and it may not be in as good repair as your lender would like (not to mention you). The current owner may have to make repairs before the closing, and you will want to visit on the day before to make sure everything is as agreed. You may want a home warranty and will get to choose one. Your state may require a title search -- these can often produce unpleasant surprises. You will have to get insurance before the closing. If it is an older house and has older wiring or heater, etc. some companies won't cover it, so you may have to call around. In other words, there's still a lot of work! And don't fall deeply in love with a place until after the closing happens and you have the key in your hand!
After that, don't forget that you'll need more than a washer and dryer! Off the top of my head:
Saturday, March 22, 2008, 3:22 PM
Congratulations!!!! how very cool! no advice, just enjoy it.
Saturday, March 22, 2008, 3:49 PM
Don't go buying a lot of stuff yet - on a credit card anyway. I remember being in retail and people returning these huge purchases b/c their mortgage approval was in jeopardy after racking up all those new credit card charges.
Saturday, March 22, 2008, 7:04 PM
Get an inspector you trust, or at the very least someone that you trusts, trusts. That's key to be looking for foundation, water, termites, pests, electrical, radon, working fireplace (if there is one), flood plain etc. I certainly don't mean to be a wet blanket because it's exciting news, but don't let your excitement cloud the business at hand. Ask if the appliances are staying... that can be a great saver until you can get out of the first 6 months of expenses (closing, taxes, inspection, paint, lawn care). Then watch for sales and you can buy at your leisure rather than getting lit up with a high price because you needed it asap. And if you can get a weekly pay mortgage rather than a montly pay, you'll pay off your mortgage about 10 years earlier. We do that through my husband's company and it's taken direct deposit.
Saturday, March 22, 2008, 8:12 PM
how old is the house? That is a biggie. Also, has the house been lived in recently? A lot can go wrong when a house is a)more than 20 years old and b) when nobody has been in it to "break it in"
Saturday, March 22, 2008, 8:31 PM
oh its an old home, but you have to realize where i live, in a very very small town in rural south dakota, all the homes are old that are in my price. ive had my uncle who is jack of all trades, but professionally a electrician come and look over everything. i know i have to buy applicances already, im ok with that, the home has been completely remodled and recentlyl painted, it basically needs no work expect to evetually paint some of the rooms.
Saturday, March 22, 2008, 11:20 PM
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