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Picture of creslin
posted
So as the subject says... we're looking to buy our first house.
We have an appt with the bank on Saturday and another appt with a realtor later that afternoon.

We've already window-shopped online and found a place that looks pretty perfect for what we want.
Not too far from work - but far enough out where we don't have neighbors all up in our business.
It has enough land (11.5 acres) for me to create my own little private shooting range.
Also has a nice big barn/external garage (2 story) for.. well.... whatever.

The house is new(ish) - built in 1997.

As this is our first time, I'm looking for any advice from you folks who have been down this road before.
What are some gotchas that I should be looking out for?

We've already been told by people that getting the well and septic checked is an absolute must.





This is where my signature goes.
 
Posts: 1523 | Location: Kernersville, NC | Registered: June 04, 2015Reply With QuoteReport This Post
I believe in the
principle of
Due Process
Picture of JALLEN
posted Hide Post
Mske sure you verify corners and boundaries. A survey isn't a bad idea.

If you don't know and understand the ramifications of titles, have someone who does give you a thorough review of it.

Probably best to hire an attorney who has local experience to make sure the paperwork is complete, appropriate and thorough. Will you need a loan? S(he) can go over all that documentation and reduce bewilderment.

Carefully inspect all improvements. Are they all on the property. You don't want to have a "garage sale" upon discovering your garage is sitting on a boundary or something.




Luckily, I have enough willpower to control the driving ambition that rages within me.

When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson

"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown
 
Posts: 48369 | Location: Texas hill country | Registered: July 04, 2005Reply With QuoteReport This Post
His Royal Hiney
Picture of Rey HRH
posted Hide Post
Many people buy houses and property without a lawyer, myself included, but I would second JAllen's advice to get a good lawyer to look over the contract and to look out for your interest.

A cheap way to do it perhaps is to sign on with a prepaid legal service that connects you with real attorneys. And some of the benefits include looking over contracts.

Other things are getting a house inspection to make sure you know what you are getting into in terms of repair.

Shop financing and compare. I always prefer simple financing arrangements as in give me a straight APR interest with no interest buy-down, no points. Understand what fees are required and what fees are negotiable/not necessary.

Always remember, you are at the strongest position just before you put your signature to anything. After that, you're at the mercy of whatever you just signed. Hence, this goes back to getting an attorney.



"It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946.
 
Posts: 19582 | Location: The Free State of Arizona - Ditat Deus | Registered: March 24, 2011Reply With QuoteReport This Post
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Picture of creslin
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Financing should not be too big an issue.
I'm a veteran so I qualify for a VA loan.
That's what the appt with the bank on Saturday is for - to discuss that.

Interesting ideas about a lawyer. I've never heard of pulling one in for home buying.
We have a pre-paid lawyer thing at work which I think I'm part of. I'll have to poke at it and see what can be done.





This is where my signature goes.
 
Posts: 1523 | Location: Kernersville, NC | Registered: June 04, 2015Reply With QuoteReport This Post
Green grass and
high tides
Picture of old rugged cross
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focus some on things that cannot be changed. Some could be enough to discourage a purchase.

Good luck and congrats. Exciting times.



"Practice like you want to play in the game"
 
Posts: 19111 | Registered: September 21, 2005Reply With QuoteReport This Post
Not really from Vienna
Picture of arfmel
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Might be good to find out whether there is an ordinance (or deed restriction) prohibiting shooting on the piece of property you are considering. That has been the case on a couple of places we have lived.
 
Posts: 26852 | Location: Jerkwater, Texas | Registered: January 30, 2007Reply With QuoteReport This Post
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Picture of Krazeehorse
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I assume you are going to have a significant amount of mowing. Make sure you budget $5-10K for a mower. The big box versions aren't going to survive the hours you are going to put on it. Also make sure you aren't pushing yourself to the max on your payments. 30-40 years ago it was almost impossible to be upside down in real estate. That's not the case anymore. And being upside down isn't the end of the world IF you don't want to move or don't have any downward income adjustments.


_____________________

Be careful what you tolerate. You are teaching people how to treat you.
 
Posts: 5680 | Location: Ohio | Registered: December 27, 2008Reply With QuoteReport This Post
W07VH5
Picture of mark123
posted Hide Post
Check for water problems. That's one thing that makes owning a house a nightmare. Leaky basements, swampy areas, poorly graded yard, etc.
 
Posts: 45330 | Location: Pennsyltucky | Registered: December 05, 2001Reply With QuoteReport This Post
Three Generations
of Service
Picture of PHPaul
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Sounds rural

If you have your own water well and septic system, get the water tested and the septic pumped/inspected.

If you're new to rural living, be aware that if their are farms in the area, there WILL be periods of noise, dust and odor. The farmer ain't gonna move, you'll have to deal.




Be careful when following the masses. Sometimes the M is silent.
 
Posts: 15180 | Location: Downeast Maine | Registered: March 10, 2010Reply With QuoteReport This Post
Leave the gun.
Take the cannoli.
posted Hide Post
Get ready to sell your soul to Home Depot Big Grin
 
Posts: 6634 | Location: New England | Registered: January 06, 2003Reply With QuoteReport This Post
Needs a check up
from the neck up
Picture of Timdogg6
posted Hide Post
OK stop. Your lender will be the primary reason the loan goes smoothly or takes a big steaming shit on the whole thing the night before closing.

NEVER EVER go to a bank (wells fargo/chase/ B of A) for a home loan. NEVER EVER EVER. I do this everyday 30-40 closings a month. Find a local lender, all of them can do a VA loan. You want a man or woman who is between 45-55 who has been doing this in your area for at least 10 years. That's your lender.

I found these guys pretty quick https://ncfhaexpert.com/about/
Again ask around

check them out, talk to your realtor who is a house finder generally not a negotiator. Realtors can be hugely helpful if they are good, if not then they are out to scalp you despite how nicely they dress. Make sure your realtor is qualified, not just a friend. 5 years in the business is a min.

Good luck and thank you for your service.


__________________________
The entire reason for the Second Amendment is not for hunting, it’s not for target shooting … it’s there so that you and I can protect our homes and our children and and our families and our lives. And it’s also there as fundamental check on government tyranny. Sen Ted Cruz
 
Posts: 5130 | Location: Boca Raton, FL The Gunshine State | Registered: July 30, 2002Reply With QuoteReport This Post
I believe in the
principle of
Due Process
Picture of JALLEN
posted Hide Post
quote:
Originally posted by creslin:
Financing should not be too big an issue.
I'm a veteran so I qualify for a VA loan.
That's what the appt with the bank on Saturday is for - to discuss that.

Interesting ideas about a lawyer. I've never heard of pulling one in for home buying.
We have a pre-paid lawyer thing at work which I think I'm part of. I'll have to poke at it and see what can be done.


Qualifying is the easy part. Wait until you see the stack of documents you must approve of, agree to, disclose and sign. You can read them or not, understand them or not. Nothing beats knowing what you are doing!

I would not use a lawyer from a prepaid lawyer thing. I would look around for a lawyer who knew about real estate and titles and surveys. I will spare you the war stories from my own experience with folks who skimped or omitted having a lawyer guide them through a process they did not understand, maybe thought they knew what they were doing, or tried to save some money.

Many residential transactions go reasonably smoothly, but quite a few leave one or both parties unhappy, occasionally unhappy enough to cause trouble, stress, anxiety, disappointment.

I should confess that in hundreds of transactions in residential, commercial, raw land etc, over ~40 years, I never once hired a lawyer to represent me. Any idea why? Cool




Luckily, I have enough willpower to control the driving ambition that rages within me.

When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson

"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown
 
Posts: 48369 | Location: Texas hill country | Registered: July 04, 2005Reply With QuoteReport This Post
Member
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+3 on having a lawyer involved. Largest purchase you will likely make and you don't want unexpected issues.
Second, don't fall in love with a house. That leads to overlooking stupid stuff that will cause you headaches down the road.
 
Posts: 1950 | Location: Indiana or Florida depending on season  | Registered: March 18, 2012Reply With QuoteReport This Post
Cruising the
Highway to Hell
Picture of 95flhr
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As said above, local lender is a good choice. Home Inspection is a must, and can save you some major headaches down the road. Well and Septic inspections are a major requirement in my book.
You want your well tested for;

total and fecal coliform bacteria, heavy metals, nitrates, nitrites, lead, copper and volatile organic compounds (VOCs), pesticides.

If you don't specify, it will probably only get tested for Coliform.




“Government exists to protect us from each other. Where government has gone beyond its limits is in deciding to protect us from ourselves.”
― Ronald Reagan

Retired old fart
 
Posts: 6474 | Location: Near the Beaverdam in VA | Registered: February 13, 2005Reply With QuoteReport This Post
Member
posted Hide Post
quote:
Originally posted by creslin:
Financing should not be too big an issue.
I'm a veteran so I qualify for a VA loan.
That's what the appt with the bank on Saturday is for - to discuss that.

Interesting ideas about a lawyer. I've never heard of pulling one in for home buying.
We have a pre-paid lawyer thing at work which I think I'm part of. I'll have to poke at it and see what can be done.
Bought my first house with a lawyer. Learned a lot.

Get one BEFORE you make an offer. After you sign a Sales Offer/Contract, his hands might be tied.
 
Posts: 1931 | Location: S.E. Michigan/Macomb County | Registered: October 24, 2011Reply With QuoteReport This Post
In the yahd, not too
fah from the cah
Picture of ryan81986
posted Hide Post
Not sure how the 11 acres are spread out, so you may not have nearby neighbors, but if you do it might be worth knocking on their doors to say hi to gauge what kind of people they are.

Also if you don't know the area it might be worth a trip to the local PD to see if there are any problem houses in the area or any problems in the area in general.




 
Posts: 6337 | Location: Just outside of Boston | Registered: March 28, 2007Reply With QuoteReport This Post
The success of a solution usually depends upon your point of view
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As a veteran, if there is a base nearby you can have base legal review the contract for you at no cost. They may not have anyone who specializes in real estate law but they do know a thing or two. They can also refer you to a local real estate attorney if warranted.

Check with the PD about crime in the area.

Check out local ordinances.



“We truly live in a wondrous age of stupid.” - 83v45magna

"I think it's important that people understand free speech doesn't mean free from consequences societally or politically or culturally."
-Pranjit Kalita, founder and CIO of Birkoa Capital Management

 
Posts: 3839 | Location: Jacksonville, FL | Registered: September 10, 2010Reply With QuoteReport This Post
I believe in the
principle of
Due Process
Picture of JALLEN
posted Hide Post
quote:
Originally posted by SpinZone:
As a veteran, if there is a base nearby you can have base legal review the contract for you at no cost. They may not have anyone who specializes in real estate law but they do know a thing or two. They can also refer you to a local real estate attorney if warranted.

Check with the PD about crime in the area.

Check out local ordinances.


Maybe a retiree but not a mere veteran, AFAIK.




Luckily, I have enough willpower to control the driving ambition that rages within me.

When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson

"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown
 
Posts: 48369 | Location: Texas hill country | Registered: July 04, 2005Reply With QuoteReport This Post
The success of a solution usually depends upon your point of view
posted Hide Post
quote:
Originally posted by JALLEN:
quote:
Originally posted by SpinZone:
As a veteran, if there is a base nearby you can have base legal review the contract for you at no cost. They may not have anyone who specializes in real estate law but they do know a thing or two. They can also refer you to a local real estate attorney if warranted.

Check with the PD about crime in the area.

Check out local ordinances.


Maybe a retiree but not a mere veteran, AFAIK.


Good catch, I assumed retire when he mentioned VA loan.



“We truly live in a wondrous age of stupid.” - 83v45magna

"I think it's important that people understand free speech doesn't mean free from consequences societally or politically or culturally."
-Pranjit Kalita, founder and CIO of Birkoa Capital Management

 
Posts: 3839 | Location: Jacksonville, FL | Registered: September 10, 2010Reply With QuoteReport This Post
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Picture of creslin
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"mere veteran"
I see how it is guys Razz





This is where my signature goes.
 
Posts: 1523 | Location: Kernersville, NC | Registered: June 04, 2015Reply With QuoteReport This Post
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