Questions About Buying A House

rino1494

We are currently looking to purchase a house. Finally making that big step. We have been working with a realtor looking at homes for a couple months now. Someone that goes to my wife's church knows someone that is selling their house, but doesn't want to go through a realtor.

My question is, how do I determine the value of the house? Should I contact my bank and have an apraiser look at it, have my realtor take a look at it and swing her a few bucks or is there another way ??

When purchasing a house like this, is there anything that I should do as to cover my hump ??

__________________
Life is hard. It is harder when you are stupid

Uncle Sam wants YOU....to speak ENGLISH

dougchips

www.zillow.com I like this tool.

__________________
To get the best replacement windows, or sun rooms contact the replacement windows experts at FHI Vinyl Window Company.

Celtic

domaina.com is another ....not as good a zillow (IMHO), but you get what you pay for


One party might be willing to have an actual "comparable" run by an REA, who will not be part of the deal ~ in today's market, such an REA might be willing..hoping to get a contract...but read the small print, having the comp. run may require you to either:
- use their RE services
or
- not sell for x months w/o them.

__________________

jmic

You might use Zillow as a guide, but I'd pay for a professional opinion if you're not sure of going rates in your area. Good Luck Rino!

__________________
___"Remember You Never Get A Second Chance To Make A First Impression"______________________
Joe

KillerToiletSpider

The rates are public record, if you are willing to spend the time to research it.

__________________
A flush is better than a full house.

ProWallGuy

Hire a good (licensed) home inspector. Have him check it from top to bottom. Check for termite damage, foundation problems, crappy roof, electric, plumbing, etc. The good ones will take lots of pics. It only costs about $300 in my area for one.

__________________
Wallpaper Hanger St. Louis
Digital Murals Installation

KillerToiletSpider

In Illinois you can be a licensed home inspector by paying a fee of one hundred and twenty five dollars, there is no test, no questions are asked, pay the fee and that's it. I would check the parameters of what is required in your state for a license before going this route.

__________________
A flush is better than a full house.

Mike Finley

If there is no realtor involved then have the seller shoot you a price and if you like it go for it. If you're paying cash, then there is nothing more to talk about. If you're financing it, the bank won't fiance it without an appraisal. Now it's closing time and you might find out your seller was looney as a toon and you were clueless and the bank says you're short $50,000. We're only financing $X amount of dollars on this house, how do you want to come up with the difference sir?

Obviously there's a better and easier way, just get a realtor to run comps on the house and you should be within 2% of what the appraised value will end up at. A good realtor will hit it on the money, and whatever a realtor will charge you if anything is going to be cheaper than paying $400 for an appraisal, especially since that $400 could be flushed downt he toilet if you end up not buying it. There are way too many variables involved in going to the county and looking up tax records and stuff like that. Remember the value of anything is based on what people are willing to pay for it. The comps will tell you exactly what other people are willing to pay for similar homes and be the most accurate.

Chris Johnson

After the appraisal I would ask for an additional 5% off that price since no real estate commission is being issued, I have done this many times when purchasing vacant land, it works 50% of the time, the other 50% it became a negotiating tool to get something more than 0% off to under the 5%

__________________
Chris

K2

I would look at no less than 20 homes "for sale" or "sold" in that particular area and then you will know if you got a good deal. Walk through at least 5 or 10... Make a list of what you want in a home, for example: I have to have a corner lot with lots of parking because I like to have parties or I don't want a corner lot because I would have to shovel twice as much sidewalk. I like the feel of seperation from my neighbors ie fences, wide streets, large lots. I like level lots with alley access. I like south facing driveways and sidewalks because the ice will melt faster.

I think Zillow and the others can be off 20 to 50 % and realtors can be off 20 to 50 %

In my area I look to see the water service is not galvanized and I always pay to run a camera down the sewer line. In my area cutting the street for a new sewer line could bankrupt many people.

Second Look

Don't buy/sell vehicles or houses with friends, relatives, co-workers, fellow churchgoers, neighbors or anyone in your social circle.

__________________
Second Look home improvement www.SecondLookHome.com
Handyman and Home Repair Specialist in Rhode Island
RI Licensed Lead Safe Remodeler/Renovator, RI Registered & Insured Contractor

wackman

When making a purchase this big, especially your first time, don't cut corners.

It's ok to do it without a realtor but make sure you get some $ off the price.

DON'T do it without having someone qualified (could be you, who knows) check for
1. an old oil tank,
2. septic tank,
3. doing a sewer scope,
4. a title search for liens (you will inherit those if not paid),
5. home inspection.

There are several more things I always check for but those are the biggies. All of these could cost you big bucks if not dealt with now. If you don't check then be prepared for the next buyer to check and drive your price down if anything is found, and that's a price drive that this seller should have to eat not you. I just drove a guy down $98k on one house and I think he's trying to find out where I live now The guy was a moron, didn't cover his A$$ and tried to pull a fast one on me so I bent him over good.

Lastly, using a realtor is free to the buyer, only the seller pays, so I would recommend you use one till you are more knowledgeable about the whole process.

Good luck.

Wack

rino1494

Thanks for the help guys, I think I am gonna contact my realtor for the extra help.

__________________
Life is hard. It is harder when you are stupid

Uncle Sam wants YOU....to speak ENGLISH

samiam

If a realtor is selling the house its probrably already priced for the neighorhood
drive around the house and see if there are any other homes for sale in the area call to find out what they are and if they are comparable they should be priced similar if they are in the same general condition
if your from luzerne county ck out lewith-freeman .com
and do a search based on school district
that should help also
keep in mind that the seller is already paying the commissions and the seller and buying agent split it so it won't cost you and more to use an agent
and they should do most of the work.
good luck