Experience Buying my First House (sale, rental, how much)
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.
Buying your first home is extremely stressful; any new experience that involves huge commitment and tons of money is! Weren't you nervous when you got married? In any case, your realtor should make the process as educational for you as possible. Every aspect of the transaction should be explained, as well as the paperwork involved.
As important as a great real estate agent is an excellent attorney. DON'T USE AN ATTORNEY WHO DOESN'T SPECIALIZE IN REAL ESTATE! Also, steer clear of attorneys that 'mix specialties.' It's very frustrating for everyone involved when your attorney can't be reached because they're in court all day attending to their divorce clients. Real estate transactions have a tendency to be very time sensitive and no one wants to wait two days until your attorney finds time to respond.
I was curious so checked out what was available in Bergen County $270K and under...not a bad selection; 117 in total and some in great towns. Just beware of flood zones when you're in that price range. Flood zone info is available on a superficial level on Realist.com; your real estate agent should know that. Further to that, visit the town hall and find out if the property's in a flood zone.
Good luck, have fun and keep saving your money! The larger your down payment, the better!
I couldn't agree more.
Definitely get a Real Estate attorney if you're going to use one. Don't go for the bargain priced ones either.
They can make or break your home buying experience. I had a bad one and it was a nightmare. Obviously, I'd never use that office again. I'd go for one by word of mouth this time and not advertisement.
Purchased home in 2003 for 425K
Sold same home in 2008 for 510K
Not all were stupid
Do you realize that you lost money? 425K inflation adjusted is 500K add to that closing costs, real estate fees and the mortgage payment which is mostly taxes for five years.
On the other hand, selling now and accepting this loss is a smart move.
I don't know, it just seems like you have an axe to grind. And you don't accept the fact that people need to buy housing no matter what charts and graphs say about pricing.
I don't know, it just seems like you have an axe to grind. And you don't accept the fact that people need to buy housing no matter what charts and graphs say about pricing.
I am not sure why you have this impression. If I did not accept the fact that people need to buy housing, I would not encourage them to bid, would I? Half peak, of course.
As for the axe, I have one to grind towards RE agents, irresponsible buyers/sellers, finance/politicos who created the mess, and anyone else who suggests that this is a good time to buy.
OK, I see what you're saying, but I take exception to your prohibition of saying that this is a good or bad time to buy. In real life when people need to buy they buy, no matter what the pricing trends are. I realize you're trying to do your part to reign in the madness, but that's already been done. The entire world is in an economic mess and everybody knows it.
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.