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Re: First time home buyer

Moore Income ·
Definitely something I would like to know more about as well. I have just started putting my info out to try and get more information on getting a loan for a house. What are some fees that one might not know about or may be a little hidden when it comes to getting a loan on a house?
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Re: First time home buyer

Alexis Grant ·
A few pieces I learned from my own experience buying homes -- once in Virginia, another a few years later in Florida... You see realtor fees when you SELL a house, but not when you buy. When you sell, you have to pay a percentage to your own realtor and to the realtor of the buyer. I bring this up even though you're looking to BUY because my first time around, I didn't realize what a big hit this would be when we sold a few years later. Because this piece didn't affect us when we purchased...
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Re: First time home buyer

FreebiePharm ·
Also plan for property taxes. Research the area to get an idea of what they may be and file for homestead exemption to lower them.
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Re: First time home buyer

Melissa ·
Thank you, both! @Alexis Grant , when you purchased your houses and had home inspections, how did that work? Did the bank set something up and the inspector provided you with a report? Or did you hire an inspector yourself and do a walk through with them?
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Re: First time home buyer

FreebiePharm ·
Melissa, We are currently in the process of purchasing our second home and have hired an inspector ourself. We had the option of hiring separate ones that do the general inspection and then looking for ones that check the sewage system. I cost analyzed each and we saved a little bit of money by going with the inspector that does it all. We chose to have a general inspection, sewage, radon, water, of which the total cost is $1,240. Another cost to purchasing a home! We will do the walk...
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Re: First time home buyer

Alexis Grant ·
@Melissa Honestly, it's been a while so the details are fuzzy. But I believe the realtor knew someone who could do the inspection (not the bank) and set that up for us. We weren't on-site for walk-through, but if it's an older house that might be a good idea. I remember being impressed my first time going through this how comprehensive / long the report was!
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Re: First time home buyer

AnnieB ·
I just bought a house in the past year. My realtor gave me a list of inspection companies in my area, along with what each one inspected. He said that he was not legally allowed to recommend one. I went with the company who had the longest list of criteria inspected for (radon, mold, water damage, plumbing, electrical, structural, slope of yard, boundary line). I didn't want anything missed. IIRC, the inspection cost about $1300 here in Ohio, but it was the best money ever spent. There WERE...
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Re: First time home buyer

Melissa ·
@FreebiePharm Congratulations on your new home! You bring up some great points. I have no idea the fee would be that high. I'm sending good vibes to you, so everything will be smooth during the process to finalize the documents and get the keys to the house! Do you have any projects you would like to do on the house/ yard once you move in?
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Re: First time home buyer

Melissa ·
@AnnieB Wow, I love this! Thank you for the information, this is so helpful! Just out of curiosity, when you negotiated the repairs, did the sellers actually fix any of the issues themselves or did they calculate the cost to fix and enter that amount as a seller concession?
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Re: First time home buyer

AnnieB ·
@Melissa - we had seller credits AND seller repairs. The seller had a faulty Federal Pacific electrical box (they are known to catch fire) that we demanded that they replace. (It was the main electric box. It involved the seller calling the electric company and having them pull the meter so the electrician could change the panel. I knew this since my father was an electrical contractor.) There was mold in the attic that we had them hire a remediation company for and show written proof it was...
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Re: First time home buyer

Kirsten Cherry ·
I am closing on a home in Idaho on Tuesday so all of this is fresh in my mind! Some expenses could be: - Home Inspection: This cost us $250 - Closing Costs: We negotiated the sellers to pay this but they usually run 3-5% of the purchase price. If you look at the CD (Closing Discloser) it will break down all of the costs. From making copies of documents to paying title fees, lender fees, and appraisal, everything is charged. With the loan we used (conventional), we were able to have the...
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First time home buyer

Melissa ·
I've been thinking about buying a home in the near future. I know there are tons of expenses that tend to appear while you are in the process of buying a home AND once you own it. What are some things I should be aware of?
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