I'm buying property this week
 

The market is so insane right now.

I called a real estate agent and we're looking at a couple places.
I was looking at 3 but they all sold in like 6 hours of being listed.

First time buyer. Any tips?

No one bought before?

I mean I have a basic idea of what to and what not to look for. And I will be bringing my dad along (who has owned many properties) but hey you never know GFY might have something to offer. :)

damn man u must live in a hot area

Make sure you have a good real estate agent that knows exactly what you're looking for. One that will work their ass off. It's obvious you live in a "hot" real estate area, so it can get pretty competitive.

Hopefully you'll find a seller that's anxious to sell = a better deal for you. The times I've looked for a house, I fell completely in love with several - then didn't get them because we were too late. It pays to be patient though because the houses that I saw after those were always better. Good luck!!:thumbsup

ignore everything hotwife just told you.

do your own research dont rely on the real estate agent.

Look up MLS prices for homes in your potential area, amount they sold for this month, 6 months ago, 12 months ago, 24 months ago. Calculate your own appreciation and all that fun stuff.

real estate agents are idiots.

house or condo?

i been looking at some condos lately, market is very tight tho

:(

wait 2 months as no market stays that hot. You will get the house you want at a better price in a few months.

Some folks have problems with real estate agents and some don't. If you don't have the time to devote 24/7 to finding a house, an agent can get the latest listings and even some that aren't listed YET.

you are kidding right

I'm looking at a condo/apartmenet to rent out.
Or if I can find a killer deal go for a house.

I'm going to use an agent to do the bulk of the shit work for me. But I plan on researching MLS heavily myself. :)

Thanks guys.

Yep right after rising interest rates offset the price difference

these r some very good points.....a girlfriend of mine was looking for property in chicago and asked me to come along....needless to say that agent was fired after i came along with her.....she didn't have a clue what the she was doing......i have no real estate experience and knew things that she couldn't even understand....the second you find a flaw in an agent...drop them....cuz there are too many of them to use an imcompetent one.....


things to do:
Know EXACTLY how much you can afford
Pay close attention to details when you look at houses....little flaws can be hidden well if your are not paying attention
Learn about the area you are looking at.....traffic, demographics, crime, schools, taxes....these things affect you and your resell value
Get a good loan
Do your own homework.....don't totally rely on the agent

I hope that helps:thumbsup

Dude suckers buy rite now in bc.. no investors.... well not big investors.... only real estate developers are making fat cash in bc rite now... you think everyone is gonna be able to afford there houses in 2 years when interest rates rise?

I don't know how it works in canada....but if your locked into a rate in the US your rates will never rise.......it stays that way for the duration of the loan.....unless you refinance....this is how my loan works anyway

If you get a fixed rate mortgage why would that matter?
ARM's are for idiots or people who plan on owning the house for less than 3 years (If its a 3 year ARM)

Find a new listing, something that you know for a FACT that was listed in the last few days. Check the MLS number and keep it in mind. If you find a property with a smaller number that property may have been on the market for some time, and the way things are, it MAY indicate a problem with that property. Just be careful. Also remember that the agent may also represent that seller, and some agents are not that straight!!!

Be careful and have some fun with it. Take the time to learn about what you are doing.

just my:2 cents:

I'd probably lock into 5 years at least right away.

Interest rates are never going to go much lower than they currently are. There is nowhere to go but up.

Tips? Here is one real mean one. Find out why the person is selling and I don?t mean what the realtors or the owner say. If they are selling because they are facing foreclosure and you know it, you have real bargaining power. Don?t be fooled by the expensive cars parked in the driveway or garage nor the furniture.

Nice tip: make sure the dwelling has a solid foundation and roof.

Now is the best time to buy.Property gets snapped up in hours,before you could think about it for a few days but not anymore.

http://www.tomnufc.fsnet.co.uk/images/iraqi.jpg

:1orglaugh :1orglaugh :1orglaugh

that is some more dumb info.

you can find out if the home is being forclosed on by going to city hall, as well as find out what liens, etc are on the home.

Takes 2 months to close, and unless you have the equity to purchase the home cash, you won't be able to get the pre-forclosure. Banks also do REO deals with investors paying cash, so you don't really have any bargaining power unless you are sitting on an open line of credit to buy the home outright.

Think about the financial aspects, don't buy a house because u fell in love with it.

Buy in Las Vegas. People are making bank here.

I'd rather buy local so I can manage it- going to be renting it out