Where should I start?
I’ve looked at listings. How do I find a good realtor? I don’t know anyone who has used realtors lately.
How about loans? I was thinking about putting a 10% Down Payment down. I have a decent credit score. I make ~80,000 a year. I’m looking for a house around 150-170k.
Average closing costs? Where should I look?
I don’t want to get ripped off in anyway so I’m being cautious. I live in the Northwest Indiana area (Greater Chicago). I’ve been researching this stuff and I still feel lost.
Credit Score: 750
Age: 24
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{ 4 comments… read them below or add one }
Buying a house and making it your home is a dream almost everyone cherishes, irrespective of the geographical boundaries.
http://www.worldbestloans.com/homebuyerprogram.htm
First time home buyers can now opt for first time home buyers loans and buy their choice of home more easily.
My suggestion in buying anything is make sure what you find is what you need. Don’t believe that the Realtor is looking for your best interest. Visit the location more than 2 times. Tell everybody, besides your spouse to shut up and leave you alone while you are looking at the house. Think about the distance you will have to drive to work. And, this one I somehow did not see coming, if you have a large yard, you have to mow it.
First thing you need to do is go to your bank or to a home lender and get a pre approval from the bank to see exactly where you stand and how much they are willing to lend you. This letter would give realtors and sellers a better impression of you that you are serious about buying and not just a tire kicker.
Most buyers look on the internet when shopping for a house. As far as finding a realtor, that is something you have to either go on gut instinct or find someone in your office or where you work or even your parents might have a good idea of an agent that would be a great buyers agent. Never work with the agent listing the house. They are there to look out for the seller and it would be a conflict of interest to work for you too.
the "mechanics" are easy:
a; interview 3 RE offices and seek
either an "exclusive buyer’s agent"
and if none are there, settle for
a buyer’s agent. The office that does not
have exclusive ……..will want to earn
both ends of a house sale’s commission
and this HARMS the buyer.
YOU need an agent to rep ONLY you
in a deal. If you "foolishly" accept
dual agency, by LAW, you cannot
get the lowest possible price in the
house you choose.
Also seek not ONLY foreclosure houses
but also COUNTY tax foreclosure homes.
I can guide you on both.
I am not in IN or Il but in the SW.
[also, while a mortgage broker can find you different bank rates, they charge, at
closing, 1-5,000 to do so. Thus, ask
your banker what they charge in interest
now; a straight bank loan will not incur
points from a mortgage broker]