looking to buy first house...any tips?

Ripper · 06-12-2001, 01:34 PM

Get a committment letter from your bank/lender before signing anything. This will tell you how much $$ you can borrow. Also, as mentioned earlier, look into FHA mortgages for 1st time home buyers. If your dealing with a real estate agent, they should be able to refer you to an attorney to represent your interests and handle title searches and arrange for the home inspection. You should get an estimate of the closing costs, which should be given to you by the bank/lender. As far as worrying about corner lots and taxes, neighboring houses being small or big, that's going a little overboard. Your real estate agent, or look up on the internet, what neighboring homes are selling for and property taxes can be an itemized deduction on your income tax return so it can reduce the amount of income tax you pay. You can also find out what the person you're buying from paid for the house by going to your Town Hall (not sure which office I used to look this up but someone there can point you in the right direction). Before I forget, don't trust real estate people, they only make money when they sell a property and the more they sell it for the more $$ they make. Good luck!

[This message has been edited by Ripper (edited 06-12-2001).]

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
I bought a house!	fiveohpatrol	Blue Oval Lounge	16	05-29-2004 05:14 PM
My House is FILLED WITH SMOKE!!!	Topless In Texas	Blue Oval Lounge	11	03-06-2002 09:02 PM
Tips or No Tips?	95 King GT	Windsor Power	8	07-07-2001 04:08 AM
MASS exhaust legislation alert !!!!!!!!!!!!!!!!!!!!	Chevyguy	Windsor Power	6	04-12-2001 03:09 PM
Exhaust tips	Stefan	Modular Madness	7	04-03-2000 06:36 PM

06-12-2001, 01:34 PM	#1
Ripper Registered Member Join Date: Jan 1999 Location: Danbury, CT, USA Posts: 273	Get a committment letter from your bank/lender before signing anything. This will tell you how much $$ you can borrow. Also, as mentioned earlier, look into FHA mortgages for 1st time home buyers. If your dealing with a real estate agent, they should be able to refer you to an attorney to represent your interests and handle title searches and arrange for the home inspection. You should get an estimate of the closing costs, which should be given to you by the bank/lender. As far as worrying about corner lots and taxes, neighboring houses being small or big, that's going a little overboard. Your real estate agent, or look up on the internet, what neighboring homes are selling for and property taxes can be an itemized deduction on your income tax return so it can reduce the amount of income tax you pay. You can also find out what the person you're buying from paid for the house by going to your Town Hall (not sure which office I used to look this up but someone there can point you in the right direction). Before I forget, don't trust real estate people, they only make money when they sell a property and the more they sell it for the more $$ they make. Good luck! [This message has been edited by Ripper (edited 06-12-2001).]