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.

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.

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.

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.

focus some on things that cannot be changed. Some could be enough to discourage a purchase.

Good luck and congrats. Exciting times.

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.

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.

Check for water problems. That's one thing that makes owning a house a nightmare. Leaky basements, swampy areas, poorly graded yard, etc.

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.

Get ready to sell your soul to Home Depot

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.

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?

+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.

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.

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.

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.

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.

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.

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.

"mere veteran"
I see how it is guys