Need Help On How to Buy A House IRL

[Kangofett]

So Im lookin at houses for sale up state (Iowa, USA) for my fiancé and I. Idk the first thing bout buyin a house, do I need help.

I'll answer any question I need to (w/o givin out personal info).
Please help.

 

[Kangofett]

The houses we're lookin at are bout $18k-39k. They're all ruffly 3 bed 2 bath and most are modular homes.
Im gettin a job this summer that'll help pay for any lone I might need to get, but idk what I need.

 

[Jaxton Lylac]

[member="Kango Fett"]

Have you tried talking to a realtor through the Realty that is selling the houses your looking at? They'd likely be able to answer your questions in far greater detail and accuracy because they are in your state and know the market.

They'd also likely be able to hook you up with a loan or something to help you get a home.

 

[Kangofett]

[member="Jaxton Lylac"]
All the ones I'm lookin at are "By Owner".

I really should talk to one but with my job and sleep there closed when I'm up.
I just decided to ask here see if I'd get lucky and get info. Sorry.

 

[Jynx]

Ok.

 

[Valiens Nantaris]

The houses we're lookin at are bout $18k-39k.

That's...the price of the house? The whole house?

...

 

[sabrina]

[member="Valiens Nantaris"] yeah mine is mid terrace, and it is 70k sterling.
I may need to move to usa, if was not for the lack gun laws.

[member="Kango Fett"]
Though rl advice, one is it mechanically sound, does have safety certs for gas and electricity.
Do the taps work, does the internal soil and waste water pipes run downward (trust me I seen a lot that don't, and not all diy)
Does the area have a good school
Does it have a crime problem
Does it have the local amenities you need nearby, or do you have to drive. (saves buying petrol, and helps keep you fit)
Does it have any structural problems that you can see.
Can you afford the repayments, when money gets tight (i.e. if your fiancee becomes pregnant)
Also get good financial advisor/mortgage advisor.

This is my tuppence on this.

 

[Valiens Nantaris]

<_< When I bought my apartment it was 410,000.

Though it was on the 9th floor and in the inner suburbs, so I guess that explains it.

I dare say if I went into the outback I could get something for 50k.

 

[Malia Afredane]

My husband and I bought our first house in Dec. 2014. My house is a 3 bedroom, 1.5 bath for $124K. Things are tad more expensive in NY state.

It's a long process. We looked for a couple years before we bought because there were a few things we had to fix first.

You don't need to answer these questions here, but here are things you need to consider:

1. How is your credit?
They are going to look at your credit history hard. The reason we had to wait a couple years before we bought was that my husband had no credit history. No credit cards, nothing in his name except 1 car loan. It wasn't enough to establish a good credit history so we had to do a couple things to shore his up. Mine needed a little repair as well.

2. How much money do you have saved to put down or pay for incidentals in the process?
Regardless of programs that will allow first time buyers to buy a house with no down payment, you still have to have money saved in order to pay for things like when we submitted the contract. (We gave them $500 when we made the offer to show the sellers we were a serious offer.) We had to pay for the inspection. We had to pay for a lawyer. (Some will wrap their fees into the closing costs, depends on how things are done in Iowa). Sometimes you have to pay the closing costs. Sometimes you have to bargain with the seller to fix something on the house before closing. (We had to go halves on fixing the garage roof.) We had a program where we paid no down payment, but we still paid $3500 out of pocket for prorated taxes, home owners insurance and other fees.

3. How solid is your work history?
They look at every job you've had for 7 years. Every place you've lived for 7 years. It's a lot of paperwork.

4. Do you have copies of your taxes for the last 3 years, and bank statements for the last 2?
They will need them to do a loan.

5. Do you have a savings account?
They like to see that you can save money and manage credit.

These are just a few things, but first I would talk to a realtor. Even if the houses you like are "By Owner", an agent you work with is there to make sure that the process goes smoothly for you and that you find a house that suits your needs. My agent was completely invaluable in the process. She and my lawyer were like superheroes especially when the inspection turned up a leak in the garage roof.

A good agent will talk to you about getting prequalified for a mortgage. That process alone will reveal any things you might need to work on like credit history and savings. They can give you a better idea of what you need to do in order to be the most attractive buyer when it comes time to actually purchase a home and how much you need to have saved up in order to make it through to closing with money to spare.

[member="Kango Fett"]

 

[Kangofett]

That's...the price of the house? The whole house?

...

Yes. Theyre not very big but most do come with apliances wich is great.

[member="Valiens Nantaris"] yeah mine is mid terrace, and it is 70k sterling.
I may need to move to usa, if was not for the lack gun laws.

[member="Kango Fett"]
Though rl advice, one is it mechanically sound, does have safety certs for gas and electricity.
Do the taps work, does the internal soil and waste water pipes run downward (trust me I seen a lot that don't, and not all diy)
Does the area have a good school
Does it have a crime problem
Does it have the local amenities you need nearby, or do you have to drive. (saves buying petrol, and helps keep you fit)
Does it have any structural problems that you can see.
Can you afford the repayments, when money gets tight (i.e. if your fiancee becomes pregnant)
Also get good financial advisor/mortgage advisor.

This is my tuppence on this.

Ill look into all those. Thankz
And were not planning to have a baby yet. We dont know if she can due to some medical issues

How would I go about findin a financial advisor/mortgage adviso?

My husband and I bought our first house in Dec. 2014. My house is a 3 bedroom, 1.5 bath for $124K. Things are tad more expensive in NY state.

It's a long process. We looked for a couple years before we bought because there were a few things we had to fix first.

You don't need to answer these questions here, but here are things you need to consider:

1. How is your credit?
They are going to look at your credit history hard. The reason we had to wait a couple years before we bought was that my husband had no credit history. No credit cards, nothing in his name except 1 car loan. It wasn't enough to establish a good credit history so we had to do a couple things to shore his up. Mine needed a little repair as well.

2. How much money do you have saved to put down or pay for incidentals in the process?
Regardless of programs that will allow first time buyers to buy a house with no down payment, you still have to have money saved in order to pay for things like when we submitted the contract. (We gave them $500 when we made the offer to show the sellers we were a serious offer.) We had to pay for the inspection. We had to pay for a lawyer. (Some will wrap their fees into the closing costs, depends on how things are done in Iowa). Sometimes you have to pay the closing costs. Sometimes you have to bargain with the seller to fix something on the house before closing. (We had to go halves on fixing the garage roof.) We had a program where we paid no down payment, but we still paid $3500 out of pocket for prorated taxes, home owners insurance and other fees.

3. How solid is your work history?
They look at every job you've had for 7 years. Every place you've lived for 7 years. It's a lot of paperwork.

4. Do you have copies of your taxes for the last 3 years, and bank statements for the last 2?
They will need them to do a loan.

5. Do you have a savings account?
They like to see that you can save money and manage credit.

These are just a few things, but first I would talk to a realtor. Even if the houses you like are "By Owner", an agent you work with is there to make sure that the process goes smoothly for you and that you find a house that suits your needs. My agent was completely invaluable in the process. She and my lawyer were like superheroes especially when the inspection turned up a leak in the garage roof.

A good agent will talk to you about getting prequalified for a mortgage. That process alone will reveal any things you might need to work on like credit history and savings. They can give you a better idea of what you need to do in order to be the most attractive buyer when it comes time to actually purchase a home and how much you need to have saved up in order to make it through to closing with money to spare.

[member="Kango Fett"]

1) I have no credit and anything that ive bout that were costly I used cash. Like my car, rent, ect.

2) I dont have much cash right now but Im gettin a job thatll pay bout $2k or so a month plus a bunch of bonuses.

3) Ive had alot of jobs but Ive never been fired and I was always a good worker. All ended when I went back to school then picked up anther job after.

4) I can easily get copies of everything if I dont already have them. Ill have to go through my paperwork stuff and look.

5) I did have one but my @$$hole parents took all the $ and robbed my ass. Im currently tryin to get that sorted out with the law. Its fun fun

Would you have any tips for finding a agent?

 

[Jamie Pyne]

I may need to move to usa, if was not for the lack gun laws.

I carry a handgun...My state has some of the most restrictive laws in the USA besides New York and California. Unfortunately I don't trust people after all of the recent shootings, bombings, and frequent killings.

That's...the price of the house? The whole house?

A lot of the housing market in the midwest and south is extremely affordable for a lot of land. In my state, $39,000 wouldn't get you anything but an apartment for a year. Houses here for a small 2 bedroom ranch anywhere near Boston are about $189,000 and only get substantially higher from there.

 

[Malia Afredane]

Without a credit history, you're not a good risk on a mortgage. You need to have an established credit history showing that you can manage debt responsibly. You need a checking account, and it's probably a good idea to get a savings account as well. Both of them can show the bank that you're able to manage your money and pay your bills on time.

They do not look favorably on paying for anything with cash. Part time jobs while not in school don't work for you when it comes to work history.

Judging from what you've answered here, you're not in any shape to buy a house at this point in your life.

Step 1 isn't going to be find an agent for you, it's going to be go find a bank, open a checking account in your name and talk to one of the loan officers at the bank about what you need to do in order to show fiscal responsibility in order to eventually buy a house. Be prepared that this might take a few years.

To establish a solid credit history, you're going to have to get some credit in your name. Credit card, car loan, utility bills, cell phone; all of these things establish financial responsibility. To show payment history, you need the checking account to show to that you pay on time and that you can manage your money without overdrafting your account.

You've got a long road ahead of you but it's doable. Good luck.

[member="Kango Fett"]

 

[sabrina]

And were not planning to have a baby yet. We dont know if she can due to some medical issues

Look there are treatments, and I do know they do not always work, but you can always adopt.

I carry a handgun...My state has some of the most restrictive laws in the USA besides New York and California. Unfortunately I don't trust people after all of the recent shootings, bombings, and frequent killings.

That why I think no one should have guns

 

[Jamie Pyne]

That why I think no one should have guns

I would agree but we're way too far past that at this point to go that route. At this point if guns were outlawed, there's tens of thousands of illegal weapons floating around that you'd probably not help the cause any. Bad guys wouldn't give their guns up cause the law says so.

But that's a discussion for another thread, I don't wanna derail Kango's thread with it.

 

[sabrina]

[member="Jamie Pyne"] Agreed

 

[Allyson Locke]

[member="Kango Fett"] tbh i'd go with a Realtor since that's what they're paid to do...you can only get so much advice from people on the internet. Unless someone here is a realtor in your area or something. But yeah advice on the internet vs someone who does it for a living in your area with all the information? I'd go with the latter so yeah.

 

[Kangofett]

Spoiler

Without a credit history, you're not a good risk on a mortgage. You need to have an established credit history showing that you can manage debt responsibly. You need a checking account, and it's probably a good idea to get a savings account as well. Both of them can show the bank that you're able to manage your money and pay your bills on time.

They do not look favorably on paying for anything with cash. Part time jobs while not in school don't work for you when it comes to work history.

Judging from what you've answered here, you're not in any shape to buy a house at this point in your life.

Step 1 isn't going to be find an agent for you, it's going to be go find a bank, open a checking account in your name and talk to one of the loan officers at the bank about what you need to do in order to show fiscal responsibility in order to eventually buy a house. Be prepared that this might take a few years.

To establish a solid credit history, you're going to have to get some credit in your name. Credit card, car loan, utility bills, cell phone; all of these things establish financial responsibility. To show payment history, you need the checking account to show to that you pay on time and that you can manage your money without overdrafting your account.

You've got a long road ahead of you but it's doable. Good luck.

Thankz
Ill build up my credit, got a plan together I think.

Spoiler

Look there are treatments, and I do know they do not always work, but you can always adopt.

Ya I know. It sucks but weve come to terms with it so far.
We talked bout it the other day and we may just have them freeze the eggs and do that route.
Idk but well figure it out.

But that's a discussion for another thread, I don't wanna derail Kango's thread with it.

I dont mind. Im really big into guns too. But dont currently own my own, yet.

[member="Kango Fett"] tbh i'd go with a Realtor since that's what they're paid to do...you can only get so much advice from people on the internet. Unless someone here is a realtor in your area or something. But yeah advice on the internet vs someone who does it for a living in your area with all the information? I'd go with the latter so yeah.

I had no clue anything about housing so I just threw some bread out and see if I could get any ducks.
Ill be hitting up a Realtor or two for sure.

 

[sabrina]

[member="Kango Fett"] well remember give her a lot of latitude when she goes through that stage of treatment, as they have to mess with her hormones. Trust me I was very emotional during mine, to all extreams.