Author Topic: Went through the process of house hunting/buying  (Read 26071 times)

Offline daganster

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2009
  • Posts: 1329
  • Total likes: 0
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: CT
  • Programs: AA Lifetime Gold
Re: Went through the process of house hunting/buying
« Reply #90 on: June 26, 2013, 09:45:27 PM »
I know everyone here stressed how invaluable a good inspection is. I bought a house last July and I don't think we even got a home inspection. My question is, if you're going to buy the house anyways then what's the point? Isn't the home inspection done right before closing?
So what if the guy tells me I need new windows, roof, HVAC.. I'll figure it out at some point anyways. What am I missing here?
In general it's OK to take risks in life, but one should be aware of the risks he's taking.
I personally think that sometimes you may be better off with a real estate investors i.e. People who by foreclosures and remodel homes vs an inspector.

Offline RT

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2012
  • Posts: 435
  • Total likes: 0
  • DansDeals.com Hat Tips 0
  • Gender: Female
    • View Profile
Re: Went through the process of house hunting/buying
« Reply #91 on: June 27, 2013, 10:37:36 AM »
In general it's OK to take risks in life, but one should be aware of the risks he's taking.
I personally think that sometimes you may be better off with a real estate investors i.e. People who by foreclosures and remodel homes vs an inspector.
Keep in mind that when ppl buy foreclosure and flip them they usually put in crappy appliances. Although they may put in a new HVAC they will put an entry level system in to cut back the costs. You may end up replacing it sooner than you would expect..

Offline daganster

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2009
  • Posts: 1329
  • Total likes: 0
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: CT
  • Programs: AA Lifetime Gold
Re: Went through the process of house hunting/buying
« Reply #92 on: June 27, 2013, 10:28:11 PM »
Keep in mind that when ppl buy foreclosure and flip them they usually put in crappy appliances. Although they may put in a new HVAC they will put an entry level system in to cut back the costs. You may end up replacing it sooner than you would expect..
My point is that investors that have gone through this process many times have seen a lot, and their experience can be more valuable than an inspector who's reading out of a college text book. 

Offline ckmk47

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2012
  • Posts: 4984
  • Total likes: 25
  • DansDeals.com Hat Tips 3
  • Gender: Female
    • View Profile
  • Location: brooklyn
Re: Went through the process of house hunting/buying
« Reply #93 on: June 28, 2013, 08:33:47 AM »
My point is that investors that have gone through this process many times have seen a lot, and their experience can be more valuable than an inspector who's reading out of a college text book.
My inspector waslife experienced.  He knew what he was looking at, and could explain things to me as we walked around.  Definitely be there during the inspection.  I learned things about the house and how to maintain it. 
My cousin had an inspector that wasn't informative and was a waste of money.

Offline skyguy918

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Mar 2011
  • Posts: 2373
  • Total likes: 16
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: Queens, NY
Re: Went through the process of house hunting/buying
« Reply #94 on: June 28, 2013, 08:42:53 AM »
My inspector waslife experienced.  He knew what he was looking at, and could explain things to me as we walked around.  Definitely be there during the inspection.  I learned things about the house and how to maintain it. 
My cousin had an inspector that wasn't informative and was a waste of money.

+1. As long as you get an inspector that you have recommendations for, you're not getting someone reading out of a textbook.

Offline bzam99

  • Dansdeals Gold Elite
  • ***
  • Join Date: May 2013
  • Posts: 125
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Went through the process of house hunting/buying
« Reply #95 on: July 22, 2013, 11:48:05 AM »
Anybody have any experience with Home Warranties? What do they really cover? preconditions? etc

Offline Ergel

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Jun 2010
  • Posts: 10807
  • Total likes: 10
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Went through the process of house hunting/buying
« Reply #96 on: July 22, 2013, 11:53:13 AM »
Anybody have any experience with Home Warranties? What do they really cover? preconditions? etc
From a cursory reading it seems it's just a glorified service contract. Doesn't seem worth it
Life isn't about checking the boxes. Nobody cares.

Offline Marco Polo

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Jul 2012
  • Posts: 13608
  • Total likes: 2
  • DansDeals.com Hat Tips 104
  • Gender: Male
    • View Profile
Re: Went through the process of house hunting/buying
« Reply #97 on: May 13, 2014, 10:43:34 AM »
Does anyone have a good/reliable home inspector for the NY/NJ area?
Quaerite et Invenietis.

Offline sb613

  • Dansdeals Gold Elite
  • ***
  • Join Date: Nov 2012
  • Posts: 160
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Monsey. NY
Re: Went through the process of house hunting/buying
« Reply #98 on: May 13, 2014, 10:58:14 AM »

Does anyone have a good/reliable home inspector for the NY/NJ area?
Monsey area?

Offline username

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jul 2008
  • Posts: 3496
  • Total likes: 113
  • DansDeals.com Hat Tips 8
  • Gender: Male
    • View Profile
  • Location: C Heights
  • Programs: ┌──────────────────┐ │───> Ữ₴ΣЯИΛΜӘ <─── │ └──────────────────┘
Re: Went through the process of house hunting/buying
« Reply #99 on: May 13, 2014, 11:11:43 AM »
I know everyone here stressed how invaluable a good inspection is. I bought a house last July and I don't think we even got a home inspection. My question is, if you're going to buy the house anyways then what's the point? Isn't the home inspection done right before closing?
So what if the guy tells me I need new windows, roof, HVAC.. I'll figure it out at some point anyways. What am I missing here?
I think that its been mentioned, but if your inspection says that there are $10,000 roof repairs around the corner, you can use that as leverage to knock some money off the sale price, or get some other concession from the seller.
Also, in my case, I had a good real estate agent (another topic altogether) and together, the agent, armed with the home inspection got me a nice deal. Suffice to say that in my case the agent and the inspection payed for themselves.
YMMV
T h a n k s  D a n !

Offline YankyDoodle

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Mar 2011
  • Posts: 737
  • Total likes: 0
  • DansDeals.com Hat Tips 6
    • View Profile
Re: Went through the process of house hunting/buying
« Reply #100 on: May 13, 2014, 12:26:49 PM »
I think that its been mentioned, but if your inspection says that there are $10,000 roof repairs around the corner, you can use that as leverage to knock some money off the sale price, or get some other concession from the seller.
Also, in my case, I had a good real estate agent (another topic altogether) and together, the agent, armed with the home inspection got me a nice deal. Suffice to say that in my case the agent and the inspection payed for themselves.
YMMV
+1
In addition to the inspection almost always paying for itself, there may be serious structural/danger concerns that would discourage one from buying the house at all. One inspection helped me stay away from a dangerous home and the other helped me save thousands of dollars on the sale price.

Offline Barryg

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2012
  • Posts: 1418
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Ohio
Re: Went through the process of house hunting/buying
« Reply #101 on: May 13, 2014, 01:43:31 PM »
In addition to username and YankyDoodle's insight, sometimes - like in my case - there is no major concern like a dangerous home, and also not much to knock off sale price. However, by walking around with the inspector and asking many questions, the advice and peace of mind still made it worthwhile.

Offline skyguy918

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Mar 2011
  • Posts: 2373
  • Total likes: 16
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: Queens, NY
Re: Went through the process of house hunting/buying
« Reply #102 on: May 13, 2014, 01:58:14 PM »
In addition to username and YankyDoodle's insight, sometimes - like in my case - there is no major concern like a dangerous home, and also not much to knock off sale price. However, by walking around with the inspector and asking many questions, the advice and peace of mind still made it worthwhile.
+1. And this isn't just an argument for getting an inspection. It's also a criterion people should use when finding a good inspector. Some are better at this aspect than others.

Offline Sport

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2013
  • Posts: 1901
  • Total likes: 22
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Went through the process of house hunting/buying
« Reply #103 on: July 09, 2014, 02:56:23 PM »
Sorry if this has been posted but I'm starting the  process of looking to buy a house and wanted some insight from ppl who have gone through the experience:
What possible issues can come up dealing with each of the following:
        a. The realtor
        b. Mortgage broker/ mortgage
        c. Lawyers   
Knowing this will hopefully inform my decision regarding what to look for in each of these.
As always TIA.

Offline username

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jul 2008
  • Posts: 3496
  • Total likes: 113
  • DansDeals.com Hat Tips 8
  • Gender: Male
    • View Profile
  • Location: C Heights
  • Programs: ┌──────────────────┐ │───> Ữ₴ΣЯИΛΜӘ <─── │ └──────────────────┘
Re: Went through the process of house hunting/buying
« Reply #104 on: July 09, 2014, 03:27:24 PM »
Hatzlacha!!
The realtor is the most critical issue. Know what his commisions are and you'll know why he is pursuading you to buy a more expensive house than a cheaper one that you could add/fixup. Not saying that they may not be honest, but knowing what they are working for will help you understand them better. After all they are only human.
Also some realtors may bee to scared of losing the sale and will want you to bid higher, some take more risks.

Mortgage-shop around, i dont think who the broker is makes a difference.

Some states do not require a lawyer. The title company or whoever closes usually makes sure the sale is legit.
T h a n k s  D a n !