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  1. #41
    My Little Ixion
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    We met with a realtor for our area this weekend and she answered some questions for us. Market a little empty right now but she said it picks up mid Feb, so were just looking at sparse offerings until then.

    Thanks everyone for all the advice! Made this seem a lot less daunting with some resources.

  2. #42
    Smells like Onions
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    Quote Originally Posted by Kirin View Post
    Looking at the 250-300k range around east/northeast Atlanta outside the perimeter so as to not break the bank on the down payment and to avoid paying the "ITP Tax".

    After we unfreeze our credit and get pre-qualification going, would the next step be to meet with a realtor? We are starting to see houses on Zillow that we would like to view, which is what is now pushing us to get moving.

    Additional Thoughts:
    How quickly can this offer process occur if/when we put an offer in?
    Our apartment lease is through June. Any tips to breaking lease early without paying a penalty?
    Is it beneficial to shop loan providers in that 14 day window without applications checking our credit again?
    If we were to pay 15% down and take the hit on the tax, how big of a deal is that?

    I feel like this process is a little daunting, so anything else people can offer for advice is appreciated.
    I am sure that it is a big step for you and your wife but you credit story looks nice and I don't see that there will be any issues at all and loan should be approved. I like Zillow but if I were you I would also checked property for sale in Atlanta on Tranio. Sometimes they have better options.
    Regarding lease of your apartment you have to check your agreement and see if there is anything regarding leaving earlier. Other option is to agree additionally with the owner that you will leave earlier.

  3. #43
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    Quote Originally Posted by Drai View Post
    I literally just finished buying my first house, I can’t imagine the process is much different between Canada and the states, but honestly the process is way faster then we thought it would be.

    Started looking in september, found the house we wanted near end of September and put a bid in, they accepted our bid that same day, it took us a couple days to get all our required documents like finances and job letters done up, but our possession date was end of october, but our lawyers told us they’ve done house sales for people that took like 3 days from bid to possession.Bluestacks Kodi Lucky Patcher

    But above advice is spot on, don’t settle, find something you’ll be happy with and ALWAYS get an inspection done, couple of the houses we looked at had just been renovated and looked beautiful, but then we found out there was major foundation damage and ground water leaking into the basement that would have to be fixed.

    Edit- Also yes, after you get your mortgage pre approved so you know your price range then find a good realtor, I’d look for one that specializes in first time buyers because they tend to not only answer any questions you may have, but can also answer questions you may not think to ask
    .
    yes yes I confirm the renovation has a special charm it makes the house more beautiful

  4. #44

    Damn i just took mortgage for my first house and i already hate my life.

  5. #45
    My Little Ixion
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    Well, since this was bumped I may as well give everyone an update.

    We are closing next week after an arduous search.

    We lost out on 2 properties to start with. One became a bidding war that the new owners are undoubtedly paying more than the house appraised for, and the 2nd house we lost out on to an all cash offer.

    Finally arrived on a property that is an estate sale, has been vacant for 7 years, and the heir has waffled on wanting to sell the place for the last 4 years. She extended due diligence twice for her inability to recognize deadlines, we terminated at one point because she was lowballing us on closing costs and repairs (radon, electrical work out of code, etc), but very quickly changed her tune when we pointed out the radon would have to be listed on a relist because the reading was above EPA standards.

    Long story short, wife and I have a house with instant equity, that was inspected to be in exceptional condition, ~45 years old, with only one previous owner - and a new roof to boot.

    Time for endless weeks of small (and large) repairs, a back yard that needs to be tamed, and a lot of empty space with a finished ranch basement.

  6. #46

    Sweaty Dick Punching Enthusiast

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    Congrats!

    Two years into my home and I'm now discovering creaking floor boards, swarm of insect invasions via the basement windows (I believe at least) and growing heating and electric costs from the first year somehow.

    Sent from my SM-G965U using Tapatalk

  7. #47
    Caesar Salad
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    Quote Originally Posted by DrClout View Post
    Congrats!

    Two years into my home and I'm now discovering creaking floor boards, swarm of insect invasions via the basement windows (I believe at least) and growing heating and electric costs from the first year somehow.

    Sent from my SM-G965U using Tapatalk
    If your utility company offers it, look at a breakdown of your usage. My company in FL was charging me based on what they expected my usage would be, even though their system let's them pull my actual usage in practically real time. They're supposed to use any overages and pay off the balance at the end of the year, they almost never do, and I opted out of that shit asap.

    Sent from my SM-G975U using Tapatalk

  8. #48
    I trusted Zet and this is what happened
    Eleven owes me $40 bucks

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    On home ownership stuff, has anyone done a home equity loan? I have a pretty big tax bill this year (some of my savings got taken out by 2 HVAC replacements (rental and home), a roof replacement, and a hot water tank replacement) and thinking about a home equity loan on my rental property (I have at least more than 50k in equity at the moment) to pay for it.

  9. #49
    Chram
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    best way to find a realtor if I dont have any that family/friends can refer me to?

    there is a dude thats listed as a redfin realtor or should I go with a "local" big real estate firm

  10. #50
    Special at 11:30 or w/e
    Sweaty Dick Punching Enthusiast

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    Quote Originally Posted by Fondue View Post
    best way to find a realtor if I dont have any that family/friends can refer me to?

    there is a dude thats listed as a redfin realtor or should I go with a "local" big real estate firm
    I'm taking my test in a few weeks if you want to wait! Seriously tho if you have a good relationship with your insurance person (which you should) you can ask them for a referral. Also whoever you are considering getting lending thru.

  11. #51
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    Quote Originally Posted by Kirin View Post
    So wife and I are finally making progress on buying a house. We're done with paying rent and absolutely could use the space.

    Both of us have high credit scores (780+), no debt, no car payments, stable employment, and enough stashed away for a 20% down payment on a loan up to 300k. Looking at the 250-300k range around east/northeast Atlanta outside the perimeter so as to not break the bank on the down payment and to avoid paying the "ITP Tax". Likely focusing our search in the Tucker area just in case anyone is familiar with it.

    We have a contact at Quicken Loans through our financial adviser, but are kind of lost as to what to look for and how to proceed.

    Our credit is frozen after the Equifax fiasco, but both of us have pulled reports for the year and are looking into how to unfreeze the credit for the pre-qualification process.

    After we unfreeze our credit and get pre-qualification going, would the next step be to meet with a realtor? We are starting to see houses on Zillow that we would like to view, which is what is now pushing us to get moving.

    Additional Thoughts:
    How quickly can this offer process occur if/when we put an offer in?
    Our apartment lease is through June. Any tips to breaking lease early without paying a penalty?
    Is it beneficial to shop loan providers in that 14 day window without applications checking our credit again?
    If we were to pay 15% down and take the hit on the tax, how big of a deal is that?

    I feel like this process is a little daunting, so anything else people can offer for advice is appreciated.

    Additional Thoughts:

    How quickly can this offer process occur if/when we put an offer in?
    It all depends on the situation of the sellers. If they need funds from the house they are selling for their next purchase, or they are under water, or there is a lein on the house.. a lot of factors. Best case scenario you can be in the house in less than 2-3 weeks. I made an offer on my current house (2nd house at 30 years old) on April 18th and I was in the door moving in on May 24th. The only delay was I had an issue with the Chimney that required some negotiation skills.


    Our apartment lease is through June. Any tips to breaking lease early without paying a penalty?
    Talk to your lease provider, I've never rented or leased a place so can't provide to much insight.


    Is it beneficial to shop loan providers in that 14 day window without applications checking our credit again?
    YES! Find a Mortgage BROKER and an Insurance BROKER, they will do all the hard work for you and typically they get you the best deals in town. They are upfront and WANT you to do business with them. Find a trustworthy one in your area and they will do all the leg work. Side note: I used Ally for my refinancing and it was really easy, but for buying a house I'd use a broker who can pummel the land for the best deal but I used a broker for both my house purchases and saved A lot when I was shopping online myself


    If we were to pay 15% down and take the hit on the tax, how big of a deal is that?
    I believe you are referring to PMI, but there are loans out there that avoid PMI for only 3-5% down. Bull shit you ask? I just bought my house, $410,000, for 5% down and avoided PMI. The loan had a 4.95% interest rate, high, but as someone who was moving from a 1000 sq ft house to a 3000 sq ft house. I wanted enough money in case of emergencies and to actually furnish my home. I bought my house on May 2017 and I refinanced to 3.65% on March 2019. Now I have a 30 year fixed loan at 3.65% with equity in my house (I took no money from the refinance and paid 2k in points). This alone saved me $300 a month. Your mortgage broker can find you a program or loan that will qualify for a small amount down and avoid PMI. As a first time homebuyer, I highly recommend this. I would keep 3-5 months of savings in the event of emergencies. Dog tears an ACL, car breaks down, septic tank issues(If that is in your area). Remember, you are going from a small place to a potential big place, you don't need to fill it up right away.

    I feel like this process is a little daunting, so anything else people can offer for advice is appreciated.
    Make sure to budget for heating, cooling, electricity, maintenance and YARD WORK TOOLS. Do you have a mower? Weed Wacker? Shovels and power tools to fix stuff around the house? It all adds up so make sure you take the stuff into account.

  12. #52
    Pens win! Pens Win!!! PENS WIN!!!!!
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    Be really careful with places like QuickenLoans. Their upfront rates are very low but your closing costs will expose them. Most of those require you to buy points. I have a few contacts with JPM Chase mortgage lending if anyone is looking for a rate quote, I would recommend that you bank with them though if you don’t already. Makes it nice to have all in one place.

  13. #53
    Special at 11:30 or w/e
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    Quote Originally Posted by Mythe_Seraph View Post
    Be really careful with places like QuickenLoans. Their upfront rates are very low but your closing costs will expose them. Most of those require you to buy points. I have a few contacts with JPM Chase mortgage lending if anyone is looking for a rate quote, I would recommend that you bank with them though if you don’t already. Makes it nice to have all in one place.
    This is any place period and is dependent on the individual you are working with. Mortgage bankers would increase "green bar" in the closing costs. If the client agreed to the terms the banker would receive a portion of that extra. Basically shitty people doing shitty things. Source? Worked at Quicken Loans as a mortgage banker and have a few contacts to this day that are high level bankers at QL. Don't get it twisted, not defending QL as a whole because for sure there are shitheads there just like there are everywhere. However, one thing that is absolutely true regarding QL that separates them from other lenders whether brokers or direct lenders (Chase, Citi, BoA, etc etc) is the fact they close loans whether new purchase or refi in 30 days or less. The average closing time is 46-49 days or higher depending on the lender but also what type of loan you are doing (FHA, VA, USDA, etc etc). A lot of first time home buyers are also not aware that just because you did your mortgage thru we'll say Quicken Loans doesn't mean that's who you will be making your payments to down the road. Mortgages are frequently sold to large financial institutions who end up keeping them. I went thru a local lender but mine was sold to Wells Fargo and has been there for going on six years now.

    About using brokers whether for lending or insurance, I wouldn't say they are good or bad because as referenced above every place has shitty people doing shitty things. About insurance specifically tho there can be a big difference between a "broker" and an "independent agent" depending on your state and the language they use. A broker represents the buyer of insurance as a middle person to the insurance companies. A broker does not have binding authority meaning they do not actually produce the insurance policies (bind coverage). What a broker does is receive written authorization from the client/insured to act on their behalf (brokers agreement) to buy the policy from an insurance agent for a fee they charge which is chosen by the broker and the amount can be depends on the state. An independent agent works directly with numerous insurance companies/carriers for the client/insured. An independent agent has authority to bind coverage as long as the insured is eligible with the carrier they choose. Independent agents work with companies like Progressive, Citizens/Hanover, Auto Owners, Mercury, and so on. Think of your local place like "Smith Insurance Agency" who has a list of carriers on their website. That's an independent agent. A captive agent would be your State Farm, Allstate, Farmer's (typically), etc. The main important difference is a captive agent can only bind coverage with that one company they work for.

    The main takeaway is if you can find a good referral from people you trust and work with a reputable company. When working with things like your mortgage, insurance, or other financials I'm of the opinion that almost always cheap ain't good and good ain't cheap.

  14. #54
    Pens win! Pens Win!!! PENS WIN!!!!!
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    Chase also promotes a 30 day closing period with a $1,000 guarantee. They will also rate match with no point buying required.

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