quad~dizzle Posted July 1, 2008 Share Posted July 1, 2008 right now im in the process of buying my first home. ive already been pre qualified and the whole 9 just need to find a house. im in the construction field but been with the same employer since 02. and i should stay busy as long as we work but im kinda streesed about work and the way the economy but if i were to buy now is the time. i figured if i can by close to what i pay for rent why not and stop throwing the money out the window. i will always have to keep a roof over my head because i have a wife and two kids so moving back home to mommy and daddy is not a option so in a nut shell would you take the chance the way the economy is or not and maybe miss your chance? thanks for your time Quote Link to comment Share on other sites More sharing options...
White Rhino Posted July 1, 2008 Share Posted July 1, 2008 right now im in the process of buying my first home. ive already been pre qualified and the whole 9 just need to find a house. im in the construction field but been with the same employer since 02. and i should stay busy as long as we work but im kinda streesed about work and the way the economy but if i were to buy now is the time. i figured if i can by close to what i pay for rent why not and stop throwing the money out the window. i will always have to keep a roof over my head because i have a wife and two kids so moving back home to mommy and daddy is not a option so in a nut shell would you take the chance the way the economy is or not and maybe miss your chance? thanks for your time :kitty: AB SO FRIGGEN LOUTLY (sp) right time rates are down, buyers market!!! 1st home gets better rates be sure to check that out!!! good luck, whats the worse that happens you go back to renting.... you'll find you have more money than you had, and its pride in ownership~~~ Quote Link to comment Share on other sites More sharing options...
dusthol Posted July 1, 2008 Share Posted July 1, 2008 if u feel secure that ur job will outlast this hard times, and u find one that u CAN afford, not going over ur head to make ends meet, then i would buy a house. its a good time to pick up that foreclosure for cheap. i know cause i just did mine. owed 225,000 after bank took it they sold it for 110,000. Quote Link to comment Share on other sites More sharing options...
Randog Posted July 1, 2008 Share Posted July 1, 2008 (edited) :foshizz: I would! As long as you will take care of your family and make sure no matter what happens, you will bring home the bacon. Sounds like that's how you roll. Buying your first home is one of the most stressful things you will ever do. I was a basket case, and I wasn't even paying rent at the time. Sounds like a perfect time for you. The #s can't seem to add up any better. I'm excited for you. Keep us posted. Hope that helps and Good luck bud, R- Edited July 1, 2008 by Randog Quote Link to comment Share on other sites More sharing options...
EY3BA11 Posted July 1, 2008 Share Posted July 1, 2008 we are doing just that... Buying now and attempting to take advantage of the market. Preapproved for over 200k loan.. definatley not going to spend that as there are a ton of properties for much cheaper... However it is TOUGH to buy the cheaper properties as the investors are really coming out of the wood work now and snatching up all the cheap stuff.. I have dropped 6 offers so far only to get rejected on 3 of them so far.. For example the first one we did list was 150k i offered 160k and was rejected because the bank accepted another offer for over 200k Quote Link to comment Share on other sites More sharing options...
quad~dizzle Posted July 1, 2008 Author Share Posted July 1, 2008 thanks guys for the input :freakin_nuts: i went out today looking and might be putting in a offer tomorrow morning. the one thing i have come to realize is try to find the most house for the least amount of money so if tthe water gets rough hopefully we can sail through it. issbb is right these fricken investors are hard to compete with thanks again and will keep you posted Quote Link to comment Share on other sites More sharing options...
barefoot bob Posted July 1, 2008 Share Posted July 1, 2008 another advantage that no one ever talks about but is a fact you have more leeway than you do with an apartment when things go wrong. you miss your rent ny 30 days you get evicted in 90 days. you get behind on a house payment they work with you ( in most cases) and a forecloser takes a year to happen which buys you time if you get into trouble. your actually safer buying a house. this will not be the only economic slow down you will experiance in your life. roll with it and do it. Quote Link to comment Share on other sites More sharing options...
White Rhino Posted July 1, 2008 Share Posted July 1, 2008 another advantage that no one ever talks about but is a fact you have more leeway than you do with an apartment when things go wrong. you miss your rent ny 30 days you get evicted in 90 days. you get behind on a house payment they work with you ( in most cases) and a forecloser takes a year to happen which buys you time if you get into trouble. your actually safer buying a house. this will not be the only economic slow down you will experiance in your life. roll with it and do it. oh heck and a biggy we forgot is all the interest is tax deductable, so for the first 6-7 years MOST of your mortgage is a write off!!!!!!!!!!!! :freakin_nuts: Quote Link to comment Share on other sites More sharing options...
quad~dizzle Posted July 2, 2008 Author Share Posted July 2, 2008 well guys put the first offer in on a house today we will see,thanks again Quote Link to comment Share on other sites More sharing options...
Richard Cheese Posted July 2, 2008 Share Posted July 2, 2008 congrats and good luck...i remember buying our first house....what a rush Quote Link to comment Share on other sites More sharing options...
Kitcat Posted July 2, 2008 Share Posted July 2, 2008 Right now is the perfect time to buy! Just don't sign one of those crazy loans! Go with a conventional loan and that'll keep you out of trouble in the coming years! We've always done that and we're still ok on our home. Good luck!!! Quote Link to comment Share on other sites More sharing options...
EY3BA11 Posted July 3, 2008 Share Posted July 3, 2008 30 yr fixed.. the only way to roll.. I almost "ALMOST" got mixed up in that arm crap 2 years ago... im glad i waited.. Quote Link to comment Share on other sites More sharing options...
Kitcat Posted July 3, 2008 Share Posted July 3, 2008 Yeah, the mortgage people were really pushing those ARM loans. Whatever. I'm glad we've always gone with a 30 yr fixed. Quote Link to comment Share on other sites More sharing options...
ntrsandman Posted July 3, 2008 Share Posted July 3, 2008 Also, when you get your new house, treat it as if you are renting. Use all the same stuff you already have. You can find yourself in a big debt hole getting a new this or new that because the house is new/yours. Does your loan include an impounds account? If you are good at saving, save the money yourself in another account and keep the interest instead of the loan company. Good luck! DDR HOUSE WARMING PARTY IN THE FUTURE! Quote Link to comment Share on other sites More sharing options...
quad~dizzle Posted July 3, 2008 Author Share Posted July 3, 2008 Also, when you get your new house, treat it as if you are renting. Use all the same stuff you already have. You can find yourself in a big debt hole getting a new this or new that because the house is new/yours. Does your loan include an impounds account? If you are good at saving, save the money yourself in another account and keep the interest instead of the loan company. Good luck! DDR HOUSE WARMING PARTY IN THE FUTURE! ive seen some of the pics at the parties these guys have maybe a garage warming party Quote Link to comment Share on other sites More sharing options...
EY3BA11 Posted July 3, 2008 Share Posted July 3, 2008 what you dont want a $500 electric bill for runnin the a/c during a ddr party As soon as i get a place cleaned up and fixed up there will be a DDR party... Hell yeah.. Quote Link to comment Share on other sites More sharing options...
quad~dizzle Posted July 16, 2008 Author Share Posted July 16, 2008 well guys my first offer on a house was accepted :beer_bang: it should go in escrow(sp?) by friday Quote Link to comment Share on other sites More sharing options...
SandSoulja Posted July 16, 2008 Share Posted July 16, 2008 thats so cool man congratulations!!!! Quote Link to comment Share on other sites More sharing options...
EY3BA11 Posted July 16, 2008 Share Posted July 16, 2008 Who's a$$ did you kiss... IM on my 10th offer all have been rejected and i offer at or above list!! Quote Link to comment Share on other sites More sharing options...
EY3BA11 Posted August 4, 2008 Share Posted August 4, 2008 Looks like my road is finally coming to an end. Just got 2 accepted offers today... doh.. Now which one do i choose Actually i pretty much know which one but ya. Giving up a 3 car garage for a home with much better value in the end is kinda tuff But shopping and location are much better on the bigger 2 story w/ 2 car garage Quote Link to comment Share on other sites More sharing options...
high octane junkie Posted August 4, 2008 Share Posted August 4, 2008 congratulations. if you can, try to put 20% down payment, you won't have to pay PMI. i put $67,000 down on my house, best thing i ever did (it's tempting to spend it on sand-toys.) Quote Link to comment Share on other sites More sharing options...
desertskyz Posted August 4, 2008 Share Posted August 4, 2008 Looks like my road is finally coming to an end. Just got 2 accepted offers today... doh.. Now which one do i choose Actually i pretty much know which one but ya. Giving up a 3 car garage for a home with much better value in the end is kinda tuff But shopping and location are much better on the bigger 2 story w/ 2 car garage Just remember that cooling a 2 story house is very costly. Quote Link to comment Share on other sites More sharing options...
high octane junkie Posted August 4, 2008 Share Posted August 4, 2008 Just remember that cooling a 2 story house is very costly. also on this note as well.. check into the age of the condensing units, furnaces, and evaporator coils. i just had all that stuff replaced at a cost of + $15,000. after 20 years the heat exchangers can crack dangerously. also, see if your condensing units use R-22 or R-410A coolant. R-22 is gonna go through the roof by 2010. Quote Link to comment Share on other sites More sharing options...
EY3BA11 Posted August 4, 2008 Share Posted August 4, 2008 the home was built in 06 i believe so the units arent old.. and im well aware that cooling a 2 story place aint cheap.. at least by the time we move in the heat will be heading out close is mid september so i figure by october we will be in and going.. so maybe a month of running the air before its time to crack open the windows and let it flow Quote Link to comment Share on other sites More sharing options...
britincali Posted August 4, 2008 Share Posted August 4, 2008 congratulations. if you can, try to put 20% down payment, you won't have to pay PMI. i put $67,000 down on my house, best thing i ever did (it's tempting to spend it on sand-toys.) I put 40k down on mine, definatly the way to roll Quote Link to comment Share on other sites More sharing options...
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