Acantha Posted March 9, 2009 Posted March 9, 2009 I meant to reply to your earlier post but did not have the time. Anyway, I have bought four houses and sold three. One of the lessons I had to learn along the way is that (at least true with mine) real estate agents typically are not aggressive on either side of the equation. At the end of the day they have to protect their reputation within the community so they are not likely to support you if you want to "lowball" someone on the offer side. They may .. and I stress may .. support you in aggressive pricing (more money to them). Anyway, do not hesitate in this market to be very aggressive in making offers. You have to be prepared to have it stuck back in your face (this was hard for my wife to accept). At the end of the day you have to balance out the financial and emotional aspects of the transaction. Hard to hold to a lowball offer if you (or your family) is in "love" with the house. On the flip side you are not likely to end up with the house you want to live in long(ish) term if you look at the situation from purely a numbers game. Just some thoughts. Good luck. If I move anywhere else, I'm going to have to do a lot more thinking and decide what I really want (the right mix of price/value) The Charlotte area is perfect for me though. I have a very good friend who has been a real estate agent for over 25 years. She sold my mother her house there and sold me the one I rent out. She'd be all about helping me get the lowest price I can. I also have family in the area I can stay with while I feel things out, so I'm willing to get turned down however much I need before finding a place.. I wouldn't put an offer in on a house I didn't want to live in, and I'm rational enough to not find myself in a "I gotta have it" situation. Now I just have to nail down a job in the area, and I can get started. Thanks for the advice.
elcrusho Posted March 10, 2009 Posted March 10, 2009 I was totally stoked when we bought our house in 2005... We didn't have to hear dogs barking in the next room over (2 apt house) We didn't have to smell smoke anymore from her cigarettes (47 year old lady stuck in the 70's and she rocked a mullet and a leather jacket - kinda sad we don't get to see that circus apt anymore haha) Best thing ever
RayFinkle Posted March 10, 2009 Author Posted March 10, 2009 Congrats Finkle. Depending on the age of the house find out what folks think about home warranties. Our last couple homes were new so I've never had one but some folks I work with swear by theirs. The home was built in 2001 and comes with a 1 year warranty as well furnished by the seller. If sh-t goes wrong, we'll only have to pay for materials, labor is covered.
RayFinkle Posted March 10, 2009 Author Posted March 10, 2009 I just bought my first home as well. I got the house for a steal and was able to lock in a 5.0% interest rate with the mortgage company. Now i'm just keeping my fingers crossed that everything goes smoothly through closing. I locked at 4.875 today Sounds like a good deal. The house I own is outside Charlotte, and if I may decide to move to that area when go. I know the boom wasn't big there, but the foreclosures are taking off and there are some good finds in the area from what I've seen. The seller taking a 10% (plus closing costs....nice) loss after only a year must have hurt. I've looked around the area and have seen houses for about 150 that I think I would want to bid about 125 on. Low, but if I'm patient I think I can come out real close to that. By the time I'm ready to buy there are going to be some deals. Being patient is key. My wife and I have been looking for about 2 years. Prices might get better, but I jumped now because of the interest rate. Every 1 point change equals $15,000. Basically if you buy now and get a house for $150,000 at 5%, you would be paying the same if you wait and pay $135,000 at 6%. I have been so anal about everything that I actually went and took the courses to get my real estate license last year. I passed everything but I couldn't act as my own agent because I don't have an "active" license. I considered a career in real estate, but the market is so tight now, I thought better of it.
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