Buying My First House....Need Advice
 

I've already signed the papers with the home builder and I'm now waiting on the lender to get back to me. Does anyone have advice on what to look out for so I don't get fucked? :2 cents:

Do not sign the papers until you have legal counsel. But I think you already fucked that up.

Nothing is set in stone yet. We can still back out if we want. Can't really afford to have a legal counsel go over all of our stuff though. It's tough enough just affording the house.

Do not skip inspectors of all types.

Even if you know the builder and think he's a great guy, I personally wouldn't close on it until every single thing is completed and checked off. That means paying close attention on your final walk through. It would probably be worth it to pay an inspector to do the final check for you. And make sure it's someone the builder doesn't already know or work with.

I'd also make sure you had very specific terms in writing about what he will and will not do regarding repairs and problems after you've moved in. If it's new construction, you'll have things pop up in the first few weeks/months. Make sure he gives you a timeline for when he'll take care of them and what things he will exclude and not be responsible for.

I'd also make sure that you get specific about brands and quality of building materials, hardware, appliances, etc. Some of them will try to slip in shitty crap or substitute inferior products if a problem crops up later. And don't forget landscaping specifics, if that's included in your deal.

As for the lending, that will depend on a lot of things- your credit, where it's located, down payment, type of loan, etc. Do you have a broker or someone you can trust to help you?

yea, his and her bathrooms in the master.....things wil be better and u guys will be happy....

hmmm, u dont have any friends that can look the papers over???

hit me up on icq...i still have a mortgage branch and part owner in title firm. i'll make sure to let you know everything you need to know.

Sorry, no icq, my computer sucks. I haven't actually met with the lender yet, she is still going through the pre-qual paperwork we filled out. I'm hoping to meet with her by Friday so we can get started. I'm going to make her explain everything as if I was a total idiot, which isn't that far off when it comes to this stuff, and then point out where all of it is in writing. I've heard of so many people getting screwed and losing their homes that it scares the shit out of me. I just don't want to end up like that.

Thanks for all the suggestions so far!!

location, location, location

Doesn't sound like you are ready to buy the house then.

whats the details?
custom built home? or new home?

best thing i did was find a really cool home inspector..but i bought my home when it was 8 yrs old already

he went through everything made notes and let me keep them

Get every kind of inspector you can think of before you close:

Plumbing
Electrical
Structural Engineer
Etc.

Yes, even brand new homes need inspections. DO NOT FALL IN LOVE WITH THE HOUSE. If you get to closing and they SAY something is going to be fixed and it's not, postpone closing.

The house isn't built yet, it's still a dirt lot. I am comfortable with being a little straped right now because the house is too good of a deal to pass up. 2100 sq ft home, built to what I want for 190 k is a sweet deal. It's only going up from here too.

Good luck man!!

:)

never pay by the hour I mean NEVER! Quote must be fore job done, and if you dont like the job make them do it right before pay. Always pay.

damn that is a good deal :thumbsup Building costs around here start around $250 a sq

Thanks :thumbsup

Just take note if the house is near the market, church, school etc.

how hard is it to get a new construction loand and land loan??


tell me if this is feasible..

i am looking at some japanese modern home design plans that material wise cost roughly 200k

they are geared toward small lots.

i think i can get a lot for ~100k to put one of these small homes

whats my next step?

Buy low and sell high.