I put an offer in on my first house, what should I know or be on the look out for

[kidman232]

just put my offer in this afternoon, waiting to hear back from my relator where it stands. any good advice for a newbie

 

[Enfuego]

What is the list price and what did you offer?

 

[kidman232]

I offered 97% of asking price, but also asked the seller to pay 3% of closing cost etc. offered 136 on 140 (with some appliances being left that there was some confusion about)

 

[Redagger029]

Most people don't, but I always hire a house inspector before buying a house.

http://www.bankrate.com/brm/news/mtg/20020117a.asp

 

[Enfuego]

Most people don't, but I always hire a house inspector before buying a house.

http://www.bankrate.com/brm/news/mtg/20020117a.asp

I thought if you got a loan, the inspection is required?

 

[kidman232]

you don't have to get a house inspected from what I understand, but its highly recommended. I am def going with the inspection.

 

[CHOPTALK]

you don't have to get a house inspected from what I understand, but its highly recommended. I am def going with the inspection.

It depends.
Some underwriters will require it

 

[PatsFan1283]

Just curious, how much would this place rent for monthly?

Approx

 

[Enfuego]

you don't have to get a house inspected from what I understand, but its highly recommended. I am def going with the inspection.

Maybe I'm thinking VA loan only. I'd always get an inspection. Right thing to do.

 

[kidman232]

id imagine a $1000+ a month wouldn't be hard. 3 bedrooms, 2.5 baths, 1750 square ft

 

[Redagger029]

I thought if you got a loan, the inspection is required?

I use my own inspectors regardless who the bank brings in.

 

[Enfuego]

I use my own inspectors regardless who the bank brings in.

Yeah, it's a good idea for sure.

 

[Enfuego]

Do you plan on owning it for awhile Kidman?

 

[CHOPTALK]

Yea man get the inspection

 

[jett]

Put a contingency that the appraisal has to be equal or greater to the purchase price. The bank will probably loan on a percentage of the lesser of the two.

 

[slapshot]

well since you already made the offer this is a little late it seems :think2:

well make sure the check don't bounce :think2:

get a mean dog that barks all night :think2:

 

[wilbur]

Are the shingles curling,does the basement smell like mold?

BTW most home inspectors suck

 

[seldomseen]

The home inspection, as others have said.

Be aware of contingency dates in the contract. Ask the lender for a full income review prior to registering the loan. And get them everything they ask for loan approval quickly.

 

[loomis41973]

Are the shingles curling,does the basement smell like mold?

BTW most home inspectors suck

100% true. You need to be there with them while the inspection is going on.....waste of money otherwise.

 

[Redagger029]

100% true. You need to be there with them while the inspection is going on.....waste of money otherwise.

That is why you need to have your own people that you can trust. I've been dealing with my team for quite some time. They saved me from a lemon or two over the years.