The Official Homeowners Thread

[ultraflexed]

Thanks to those who answered.

Has anyone purchased a foreclosed home. How was your experience? Would this be recommended?

Those are actually banked owned homes My first house I bought was banked owned, sometimes the waiting process is what most don't like about for closures because the bank moves at slow pace.
Usually the sale price Is awesome because they just want to get rid of it.

 

[cleanface coney]

Yea, real estate is booming in South Florida right now, so things are going well; but it's always going to be either a buyer or seller's market, so regardless, title companies are usually always good as long as there are transactions going on.

It doesn't really take all that long, the first thing you need is a state license. Every state is different, but in Florida, to be granted a state license, you need to either be an attorney, be a licensed title agent (a licensing test you can study for and obtain a license), or employ either an attorney or a licensed title agent (LTA). Then you need to get with a title insurance underwriter. Mine is Old Republic. They'll make you get E&O insurance, a fidelity bond, and a surety bond. Obviously need to open up a trust bank account, purchase a closing software, etc. Probably took me a month to get all my ducks in a row. Let me know if you have any other questions.

good looks man i appreciate it

 

[HacksawJimThuggin]

thats not necessarily true... you can negotiate anything in any sale...

as i said previously i bought a foreclosed home... needed a new heating/cooling system, well, and paint.... i negotiated the inspection and had the bank resolve those issues before i accepted their counter

my agent did say it was rare a bank would do that, but you gotta at least ask right? and be prepared to walk away if they say no

The key to purchasing a foreclosure home is to do your due diligence BEFORE signing a contract. Spend the money to inspect the property and do a title/lien search BEFORE executing the contract, as most are sold As-Is. Meaning, when someone like myself does the title search and lien search and the property taxes haven't been paid in 3 years, if you find that out after you've already signed the contract to buy the home, you're on the hook for paying those things, along with any contractor's liens, outstanding water/HOA payments, etc.

 

[beenz]

His mothers house is a 3 bedroom\2 bathroom house. It has a big yard and a big backyard with a pool. She said she wants to rent it out for $1,400 a month not including utilities. She wants to buy a hugr house in 2018. She wants a two story 4 bedroom/2 bathroom+ house. Maybe I am wrong, but I feel like it is doing too much considering thay she has one child who is 24(my boyfriend) and he does not live with her. I just feel like it's doing a lot, but maybe I am wrong. It is not my place to speak to her about it, but it does run in my mind. What do you think?

As for me I am planning not to buy a house until I am in my career. At the same time I am wondering...Is it ok to buy a hous while you are getting your masters? I will probably take out loans for my masters (trying to get graduate assistanship). Would school loams affect my ability to buy a small house?

if I was grown as hell, I wouldn't want a house that big if I wasn't living there with a family. but she's an adult and can do whatever.

as for you, if you have a job/career, I'd get the home loan and moved into a house before taking on another loan for your masters. if you start taking student loans prior to going for a mortgage, then it's going to effect the amount you qualify for in a negative way obviously.

as for grad school. these days, if I dont think it really offers significant enough return on investment. if you spend 50K on a masters and end up getting a job that only pays you 3K more, it's gonna take 15 years to pay for that degree. it's likely you could have gotten a higher paying job without that degree in my opinion so it's not always money well spent.

my wife has her masters and will have a phd this spring, and so far, she hasn't gotten shyt in return monetarily for it, which to me means it was a waste of money. I only have a bachelors, and paid all my student loans, and I'll NEVER go to school again because I don't think it's wise fiscally.

 

[beenz]

Those are actually banked owned homes My first house I bought was banked owned, sometimes the waiting process is what most don't like about for closures because the bank moves at slow pace.
Usually the sale price Is awesome because they just want to get rid of it.

u damn right they wanna get rid of it. banks are not in the real estate business, and would much rather sell the home than have it sit on their books with them paying taxes on it every 6 months.

 

[young3000]

to everyone out there buying homes. I just bought my first one last August (brand new). I only skimmed through the thread but one important thing you guys are leaving out is make sure you have them documents on deck. 2-3 years of W-2's and tax returns, bank statements on where the deposit and other monies is coming from. Be prepared to have them go deep into your financial background. Luckily I had everything in order before I purchased my home....credit was excellent, had white people looking like I could easily afford my house but my broker was insisting I could go higher but I refused. I had the best real estate agent and she saved me a few thousands. She still checks on me periodically, treats me like I'm her son. My advice is ask a lot of questions, get an agent if you're a first time home buyer, and make sure you have your shyt together.

 

[O.T.I.S.]

Where in the city do you work? If you're flexible you may want to reconsider another part of town to live in

I work past Marietta but live by Decatur... shyt is crazy

Been looking at condos in Marietta and found one I really like. Thing is, I'm fairly new to my job so idk if I want to pull the trigger just yet.

But my credit is A1 and I have the VA loan as well. I was talking to my fam last night and they think it would be a great idea to purchase a home

 

[Pacni99a12]

Another thing.

If you are in an HOA regulated community. Be aware of either c00n or white supremacists neighbors.

In my case i'm on the HOA board as vice president and some c00n resident is threatening to come to my house because of a so called check he didn't receive.

He has no proof of this matter and i have nothing to do with it which I already stated.

I will make a seperate thread about this all together but just wanted to put that out there.

Yeah I live couple houses down from a cop. Some americanized middle eastern looking dude with a white wife. I sense some smuggness from him so I just keep it moving when I drive by.

 

[xiceman191]

My wife and I are planning on buying our first house in October when we get out of this lease. Didn't realize my monthly payments would be so much lower than what I pay renting plus I can get a much better house to live in. Can't wait just shopping around for now luckily we live in Oklahoma so we can get a pretty decent house for about 150k.

 

[intruder]

I need an inexpensive way to destroy and rebuild my driveway

 

[VFib]

Those are actually banked owned homes My first house I bought was banked owned, sometimes the waiting process is what most don't like about for closures because the bank moves at slow pace.
Usually the sale price Is awesome because they just want to get rid of it.

How was the condition of the house and were you able to view it again before officially closing on it?

 

[ultraflexed]

How was the condition of the house and were you able to view it again before officially closing on it?

The conditions of the my first house was very good, the owners left it in good condition, BUT the house next door that was also forclosed on was intentionally destroyed by the owner, they recked the whole kitchen, the carpet needed to be replaced, cabinets were scratched an walls were written on, so it all depends on the previous owner.

The bank have a rep that allows interested parties to view as many times as needed.

 

[beenz]

My wife and I are planning on buying our first house in October when we get out of this lease. Didn't realize my monthly payments would be so much lower than what I pay renting plus I can get a much better house to live in. Can't wait just shopping around for now luckily we live in Oklahoma so we can get a pretty decent house for about 150k.

not only this, but you get major tax benefits when you're paying a mortgage that you'd NEVER get renting.

 

[newarkhiphop]

I need an inexpensive way to destroy and rebuild my driveway

Am in the same boat, I have a contractor giving me a quote in a few weeks, currently have some older messed up paving stones in there, going to redo it all gravel

 

[JamilALAmin]

I need an inexpensive way to destroy and rebuild my driveway

Go buy a sledgehammer and go rent a demo breaker or a hammer. Get about 2-3 Mexicans from the Home Depot and knock it out. The demo is easy. Once you done just call someone to come pick up the chunks and pieces. For the rebuild that depends on what you want breh. If you wanna go really cheap just put a gravel driveway in. I did that shyt and its really easy and in expensive.