Buying a house

[cat_in_the_hat72]

Hubby and I live smack dab in the middle of town, so no hope of ever having ponies at home. So we keep them boarded and I don't get to see them as often as I'd like. So we decide to look for a few acres near town to keep them on. We search and search and can't find anything. After talking it over with hubby we have decided it's time to go house hunting. He has always wanted to live in the country but really does not want to move all the stuff he has accumulated, but says if that's what I want we'll move. I am so excited to be able to go shopping for a home in the country. A place where I can look out my window and see my ponies anytime I want.

Though with the excitement comes the pains of house hunting too. The paperwork, the footwork, the offers, the buying, and then of course hoping we can get our current place sold. We have already looked at one place. It is a solid little house on a couple acres, but needs some updating. It was a foreclosure on a government loan. Right now we are waiting to find out the details on the well and septic before we proceed. I think it would be prefect and with a little work would be worth easily 2 times what they are asking. So if all else we decide we need a bigger place down the road should be easy enough to sell. Trying not to get my hopes up too much but sometimes it's so hard not to.

We are not new to house buying but trying to buy and sell is new to both of us. Also never having had a place outside of town we are just not sure what to be aware of when it comes to buying a country home. Even harder when the original owner is not around so we can ask him questions. Anyways, and words of wisdom would be great.

Thanks

Brenda

 

[~Karen~]

We are doing the same thing. I hope that everything goes smooth and quickly.

Here is what we have learned...

Be very wary of the loan company you deal with! To me, that is #1. We have learned that around here, anything over a 20 yr. loan... the mortgager WILL sell your loan to another company. This happened to us, and we had a fixed rate which everyone warned us of, but no one ever said anything about loan companies being able to raise your payments through loopholes...forcing you to buy hazard insurance even when not necessary (i.e. flood ins. when you don't live in flood zone, setting amounts manditory to pay into escrow for no reason. End result for us was our payments, starting at $450 when we 1st got the loan escalated to $704 and payoff from selling our house and a letter crossed in the mail with them attempting to stick us with hazard ins.)

Another thing to watch for is type of foundation. Alot of loan companies won't loan w/out a solid foundation. Check the wiring. If you and hubby aren't electricions, it can become costly. Good insulation and good roof and shingles are a plus, can be expensive to replace.

You can make requests on things that the owner is responsible for. I.E repairs up to a certain amount, part or all of closing costs, survey expenses, termite inspection, etc.

We are looking at 40 acres at this time, and are in hopes to get it. We have always talked about wanting property and 40-50 being ideal. We learned that a couple mortgage co. won't loan for over 10 acres. Hmmm.

I hope that this was at least some help to you. If you have any questions, I might be able to tell you what I have leared in our experiences.

Good luck, I hope you get it!

~Karen

 

[CharmedMinis]

My Mom is a real estate agent here in New Mexico, if you all ever need to just talk to someone, she's more than willing to just talk and answer questions, no strings attached.

She's not like alot of realtors out there who are only in it to make a buck.....she's won service awards to prove it.

You are more than welcome to call her at 505-239-0748 or email her at [email protected].

She's happy to just answer questions

:

 

[Ginia]

:aktion033: Good luck Brenda, I'll be rooting for you!!!!!! One of life's simple little pleasures (most of the time) is to be able to just look out the window and watch your horses. Hope you get your dream place (and Echo and Taylor will be waiting to hear about it if it happens in the next several weeks LOL.) Wishing you the best!

 

[cat_in_the_hat72]

Thanks for the info. Since it is a foreclosure it's being sold "as is" so unfortunately there is no working with the selling on fixing anything. We do have a dependable bank lined up. Same one we have our current mortgage with and have been very happy with so far. It does have a solid foundation and all in all the house is in good shape. Still no info about the well so we'll have to call the realtor tomorrow.

Ginny it sure would be great to get this place that soon. Echo and Taylor would love it there, as will the rest of my ponies. Its really hard not to just dive in blindly as this place would be so prefect, but we'll just have to wait and see.

 

[Miniv]

Get a full house inspection! Even if you can't get any guarrantees, at least you'll be going in with your eyes open with what needs repairing!

MA

 

[Marty]

Ok, here's my words of wisdom

:

Been down your road before and got my hopes up way too high because I discovered, houses are not that easy to sell in some areas.

Here's what I would do to get started:

1. Have a yard sale. Get rid of junk! Get rid of everything that you haven't used in the past two years.

2. Give your house a face lift:

a. Remove all your personal belongings that you can. Nobody wants to see the walls cluttered with your family photos or your art work. Remove things like magazines from end tables, and keep your kitchen countertop cleaned off, with maybe the exception of a can opener or a toaster. Put the blenders and all the other stuff away. This is so the prospective buyers can envision their new things in your house. It will give them a clean pallet to use their imagination.

b. Clip bushes, do a little yard work, paint the porch if needed, and add some flowers or plants.

c. Don't let anyone find out you keep animals in the house, if you do.

 

[txminipinto]

Man, do I know where you are! If you want a nightmare, I'll trade with you any day!

2 years ago we decided that we were going to move closer to my day job due to requirements that I live with in 30 minutes. We put the house on the market, threw away and packed a lot of stuff we didn't need out to clutter the house, and started looking. 3 offers later on new properties for us, a closed loan on 10 acres, 2 years of not selling our current home (we've decided to move it), and making all the plans on moving 10+ horses......hubby gets a job offer in Houston for $10,000 more. NOW WHAT?!?! Do we move anyway and stay with the same employment or do we stay put, put the new place up for sale, and I look for new work closer to home with hopes of going full time one day with the training stable!

Just for once, I would love to know EXACTLY what I'm doing with my living arrangements!