Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Looking to buy a house within 2 years. Is there maybe some guidelines(books or other sources of info) in what to look for in a house and the neighborhood(good schools, crime rate, parking restrictions) and all the federal and first owner programs available?
I want to make sure I do my due diligence before I buy, and don't want to just settle. Will definitely be looking in Westchester, Long Island, NY and probably NJ.
Also how do I find an aggressive and savvy realtor that knows all the programs available and such. For instance when I purchased my car I found a referral on that specific car forum. This might not be easy as I would have to probably sign with the realtor?
Finally when do I contact that person when I have the mortgage approval in hand or few months before getting the mortgage approval?
since programs change at least annually, there's no 1 book that contains everything you're looking for.
You should educate yourself on the various locations you're talking about, and decide exactly which ones to consider further.
Start the whole thing by meeting with a good mortgage lender - at your local (not mega) bank or one that a friend used and said was knowledgeable and helpful. They'll help you arrive at the budget you're comfortable with, and how much cash you'll need the day you buy (and on reserve).
since programs change at least annually, there's no 1 book that contains everything you're looking for.
You should educate yourself on the various locations you're talking about, and decide exactly which ones to consider further.
Start the whole thing by meeting with a good mortgage lender - at your local (not mega) bank or one that a friend used and said was knowledgeable and helpful. They'll help you arrive at the budget you're comfortable with, and how much cash you'll need the day you buy (and on reserve).
Good suggestions from Bo.
I don't know what you meant by referral when you bought your car.
Don't rush things. For most of the houses that we bought over the years, we had very deep knowledge of our target neighborhoods. This was from laborious research, mostly on the internet. Same for mortgages. For some we got to the point where any new listing in the neighborhood would come up and we knew the house, having seen it from our "field" research. It's a lot of work but it can be fun and only you know exactly what you want - there is no replacement for doing your own research. If you choose to engage a buyer's agent, I suggest that you take your time and don't rush into that. Know what you're doing first. Do not start working with an agent (i.e. having them show you houses) before you actively make your choice of agents.
2 years out is a looooooooong time in the real estate world. The market can (and most likely will) change significantly in that amount of time.
Pick a location first....that is where to start.
You are talking about a search area that includes very different areas and at least two and up to three states. The market, laws, taxes, will likely vary significantly from place to place. You'll also want to select a real estate agent who is very familiar with the area in which you do decide to buy.
Basically the order of operations should be like this..
1. Narrow down location as specific as you can (it doesn't have to be a 3 block area; but definitely pick a general town/group of towns to focus on....and most definitely a state!)
2. Decide what you are COMFORTABLE spending per month. Going to the bank and getting a sales price that you are approved for is not terribly useful. You need to see what you feel comfortable spending per month. Chances are you'll get "approved" for more than that.
3. Pick a realtor/lender. There is debate on which should come first. I think it depends on the buyer's situation. I am on a team that has sold over $25 million in over 60 transactions so far this year and over 80% of the deals we've closed have used lenders recommended by an agent on the team. RE agents generally have a lot of experience working with a variety of lenders and have seen which ones are most helpful in the homebuying process and which or not. There are also buyers, however, who have very strong relationships with personal bankers or very good loan programs through their employer; in which case they will likely get that sorted out before selecting an agent (and in that case; most of those lenders will also know which agents are good to work with and which aren't...as long as they are located in the area of the home purchase).
4. Start looking at houses. You most likely will start looking online (everyone does)....but book showings with an agent you have communicated with and trust. If you don't have an agent picked out and you do go online and find a house you really like and want to tour soon and you click on the "request appointment" or "contact agent" button on a RE search website...have an actual conversation on the phone with the agent who calls you (believe me...someone will call you...and it is generally not the listing agent; which is a good thing). Ask them questions; and not just about that specific house. See if you can get a feel for them. If they seemed annoyed that you are asking these questions...look for a different agent to show you that house.
....If you don't have an agent picked out and you do go online and find a house you really like and want to tour soon and you click on the "request appointment" or "contact agent" button on a RE search website...have an actual conversation on the phone with the agent who calls you (believe me...someone will call you...and it is generally not the listing agent; which is a good thing). Ask them questions; and not just about that specific house. See if you can get a feel for them. If they seemed annoyed that you are asking these questions...look for a different agent to show you that house.
I agree with Nick that whenever you engage with a buyer's agent you should not just focus on the specific house that you've come across but rather discuss the bigger picture so that you can decide if you wish to work with them.
I believe that when you click the request appointment or contact agent, your contact information will be sold to a buyer's agent as a sales lead. A buyer's agent will then contact you and likely want to take you out to see the home - all very casual and friendly. Buyer's easily fall into this because they just want to see a home that they get excited about online. But very quickly an expectation forms with the agent that you are "their client", their sales territory. it can be a hassle and involve hostility if you wish to unravel this hastily formed relationship. I suggest that this is a very bad way to become involved with a buyer's agent.
How does the relationship work with a realtor? What if I sign with a realtor, and I feel he/she is not performing well? How do I switch to another agent?
How does the relationship work with a realtor? What if I sign with a realtor, and I feel he/she is not performing well? How do I switch to another agent?
Your contract will dictate the terms of the divorce. Read it carefully before you commit and don't accept any explanation that regardless of the contract the agent will let you go if it doesn't work out. You can agree to a special exit clause but make sure that it's very specific and clear as to when you can pull out and when it's too late to do so. Make sure it's not worded in a way that might give you a false sense of security.
How does the relationship work with a realtor? What if I sign with a realtor, and I feel he/she is not performing well? How do I switch to another agent?
Your agency agreement should allow you to terminate at any point, unilaterally and without cause, prior to going under contract on a house.
Your agency agreement should not require you to enter into dual agency, where the agent is only a referee, and not an advocate for you.
https://www.dos.ny.gov/forms/licensing/1736-a.pdf
I just pulled this form up, and it may or may not be current in NY. It is at least a good starting discussion of agent roles and responsibilities.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
