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My family and i will probably be migrating to the USA, CT to be more specific, thanks to a job transfer with my husbands company. I have done some research and like either Avon area or Glastonbury area.
Technically, without selling our house in Australia, we could offer 20% deposit on a house up to $500000. Our problem is looking for a bank to loan us the money as we sould be new to the country. I have heard setting up bank accounts, getting an AMEX card is a good start. MY husband will be earning $190000 so on paper we look good. Also if anyone could give me run down on the process of buying a house ie: when they advertise a house at $450000 is that the asking price all can you barter or should we expect it to actually go for more.
I have heard that we are better off contacting local banks in the area...can anyone please suggest some. Also if all were to go to plan, I would like to come and look at the areas in September, so if anyone can suggest good real estate agents for the area that would be happy to show me around properties so i can see what my money would buy.
I hate the idea of renting, and really don't want to sell our house in Oz as it is a perfect investment.
Any advise would be much appreciated
thanks in advance
To be honest, I would either come here for a longer then a weekend and check out the areas you want to buy in so you really get a feel for the place.
If you are unable to do that, I would rent for the first year or so, just until you find a town you will truly love. It makes more sense coming from far away.
If you buy something and end up NOT loving the area, it will be very hard to then get rid of your house since our housing market isn't great right now.
It's unlikely that it would sell for MORE (i.e. a bidding war) because it's just not that kind of market right now, in this economy.
It is unlikely for a home in the 500k range, but when we were looking at homes in the 200-300k range, we got ourselves into many bidding wars. Lots of the cheaper homes are going for above asking price. Just my experience last summer.
Location: Montreal -> CT -> MA -> Montreal -> Ottawa
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Originally Posted by kidyankee764
It is unlikely for a home in the 500k range, but when we were looking at homes in the 200-300k range, we got ourselves into many bidding wars. Lots of the cheaper homes are going for above asking price. Just my experience last summer.
I was too! I think in this economy people are being cautious and starting to live below their means, so for people like me where it would be "within" my means, I was SOL because I was competing with people who can afford much more. Actually the current home we are in (closed on it in November) we paid a few thousand over asking price.
Now if we can only get those stubborn sellers to realize their homes aren't worth what they're asking!
To the OP: It's a shame you have to leave Melbourne. Australia is a beautiful country - my mom is from Brisbane and occasionally dreams of going back. Hartford will be a bit of a culture shock, but Glastonbury is a beautiful community. Also consider Avon, Simsbury and West Hartford.
You should get with a Realtor in this area so they can further assist you with putting in offers. As DandJ said, homes in that range rarely go for over asking price. Most people offer a few thousand below - but don't lowball the seller.
To the OP, check with the company that your husband is relocating to. Thye may offer relocation services which will help you. $500,000 in Famrington and Glastonbury will buy you a nice house but it certainly will not be upscale. Definitely check realtor.com for what $500,000 will get you. I hope it is what you are expecting. Jay
It's unlikely that it would sell for MORE (i.e. a bidding war) because it's just not that kind of market right now, in this economy.
Ultimately, you should base your offer on what the fair market value is for a house. Have your realtor pull comps and use that to determine what the house is worth. The asking price may be reasonable, or not, but you don't know until you understand what houses in that neighborhood that are comparable to the house for sale, actually end up selling for.
Also I would recommend you have a lawyer for the process. They will look out for your interests. The realtor (or real estate agent) you work with represents the seller and is not looking out for your interest. I am not sure if this is how it is handled in your country but it is recommended here. Jay
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Hartford will be a bit of a culture shock, but Glastonbury is a beautiful community. Also consider Avon, Simsbury and West Hartford.
