 Can anyone tell me anything about mortgages ? |
we are thinking about buying for the first time but have no idea thow to go about it and dont want to get ripped off we earn £4380.00 a month and would need a 3 or 4 bedroomed in sheffield uk
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irecapat | Is it better to buy a home from the owner or go through a realtor? |
My husband and I are thinking about buying our first home. Is it better to go thru a realtor or if the home is in real good condition, just go through the owner? Also, if we were to go with getting it from the owner, will that effect our home loans that we can get since we are first time home buyers? We are in the process of improving our credit and going through the steps of looking at grants and loans. If we buy from the owner, would we still be able to legally use that money?
Additional Details
Also, my husband is in the Army. Will we be able to use the VA as well for assistance if we go with the home owners? |
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Always Right
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You should use a realtor, even if the homeowner doesn't. Chances are, the homeowner doesn't have any idea what they are doing. They just opted not to use a realtor so they could save a few bucks. With a realtor in your corner, you can really stick it to 'em. |
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Holly S
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I read a book on buying a home when it was my first time to buy.
I read front to back collecting all the information I could get to make sure I was not getting a raw deal.
Most of it was very informative, in fact my realtors have commended me on the knowledge I have.
The book I read states that it is fine either way. When buying thru a realtor, she may get the deal in faster, she can haggle with the owner for lower pricing etc. They know this stuff inside and out and unless you are not too sure what to say, you could end up with a white elephant.
Realtors know where are the best places for schooling, flood zones, etc they can find out if the property has any outsanding bills like property fees, assessments, past due judgements that may interfere with the sale.
If you know the house you want and you know what to look for, you have your own inspector and soforth you may get a good deal on your own. |
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azhardbody74
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To use VA you have to be in the Army a certain length of time, I know I did for mine. Its a good way to go sometimes, depending on the rate you can get. You wont pay origination fees on the VA, but you will pay other fees which are not tax deductable at the end of the year.
I would personally buy through a realtor, as they are experienced and can often work the details much more efficiently, such as warranties, closing costs, financing, ect. I am on my second house and wouldn't have done it any other way than through a realtor on either one.Realtors aren't there to screw you over, the mortgage brokers are the ones you really have to watch out for.
Any grants or special loans you qualify for are likely unique in which limitations and restrictions you will have to abide by, and you will probably have to address those individually.
And, for the love of GOD, Please, I repeat Please do not get sucked into an interest only or adjustable rate mortgage, no matter how GOOD they make it sound! I am watching my friends suffer because of those loans, and they are a big reason for the poor market right now. Stick with a 30 yr fixed; you will thank me later. That is the BEST advice I can give you.
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Good Luck. |
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Alexandra Dior (:
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Realtor, the owners can be very sneaky or tricky sometimes. A realtors better all around because of how they know what there talking about and if the owners are over pricing and what to offer and alot more. I am almost positive if you get a realtor you wont regret it. My friends a realtor if your moving and need a relocation package or a good realtor to go to in your area your moving.
Email me for more info :] |
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connemara
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Frankly, I would go with the experience of a Realtor. There are many things that can and often do occur when buying a home (especially your first one), so I would rely on the experience and knowledge of a Realtor. He or she will negotiate for you and lead you through the process of buying. |
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Kat S
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You might try reading the book "Home Buying for Dummies". I had the same questions when I bought my house last year and this book helped a lot. Realtors usually expect to be paid about 6%. If you buy from an owner, have them fill out a disclosure stating any problems that the house may have or any recent rennovations, especially with the roof or foundation. |
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Sultryivy
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Go to the owner directly. They are more flexible in price than if you were going through realtor who charges an average of 6%. Going through them directly dosn't have anything to do with the loan. And yes you can go through VA for the loan. |
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Shane
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OK, each realtor gets 3 percent, and that's negotiable. If you use a realtor and they don't, there should only be 3 percent commission on an FSBO. Depending on where you're at, it may be standard for the seller to pay commissions. So I wouldn't get too worried about commissions. I agree with the answer above to not go with an ARM. |
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ne11
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An experienced, reputable Realtor would be more helpful, especially with the VA paper work.
Since you are 1st time home buyers, a Realtor can guide you through the transactions.
Either way, pay for a home inspection. |
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justwondering
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The purchase is the same - a Realtor just takes 6% commission from the amount that goes to the seller. Sometimes home owners sell on their own so they do not lose the %6 - but this also gives you somemore wiggle room in negociating. Keep watching home prices - see what they sell for in the neighbor hood you are looking at - what is the average square foot price? That gives you a ball park to start with. Looking at one area in NC around a lake the prices were $200 per square foot range. One block away the price was around $100. Even if you are not ready to buy now you could always look at homes with a Realtor to get a feel for things - but remember you are suseptable to their influance without knowing it. I was just involved in a purchase - the home was over priced ($219. sq ft for a track home - this area is just nuts when it comes to prices) and not in the best condition. The Realtor indicated the seller might come down $2000 but not anymore. We didn't make an offer - the Realtor called saying other people are coming back for a second look so we better make a move soon. We didn't. She called later asking if we were ready to put in an offer for that lower price - we said no we wouldn't offer more than X (which was $25,000. less than the asking price) and didn't want to insult the seller. We got the house for our price. Had we gotten paniced over some other buyer and jumped at the $2000. savings we would have just played into the Realtors control. So know what you are doing and use this time to educate yourself. Look up ownership information on the Assessors web site. Ours now puts in purchase prices. Cool! Good luck. |
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Darli A
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Use realtor! |
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missydaugherty
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I personally feel that its always better to cut the middle man out and save 6% although it is usually the seller that pays that expense, its very possible you would save money by doing business with the home owner. Its also important to have a attorney who will do a title search and help you understand the taxes and etc that is required by law. You can contact those in whom you are planning to get the grants and loans from to find out their rules. Write as many questions as you can think of then call them. A little leg work and perseverance on your end could save you thousands of dollars. Good luck on your credit scores. |
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