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Thread: OT - Real Estate Question.
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She basicallyy told us that untik we got pre qualified, we were wasting our time because we didnt know what we qualified for.
Now, i have had a figure in my head based off of what we currentky pay in rent and how that would translate to a (total) mortgage. So, not entirely accurate, but I figure since we are comfortable with the rent we currently pay per month, then a mortgage witg monthly payments less than that should be ok.
I dknt really like being told I have to do something like that and frankly, I dont want to get pre qualled on something and limit who I can get lending from, etc.
The lender is a local Frederick guy she recommended.
Sent from my DROID X2 using Forum RunnerDisclaimer: The content posted is of my own opinion.
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02-16-2013, 11:46 AM #14
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Re: OT - Real Estate Question.
my advice is to look up a lot of realtors. Start the process with one and go on a day of house hunting. Use that to get a feel for their style, if they are pushy or not seeming to care, then walk away and next person up. If they seem to get what you're trying to do, keep going with them.
I'd recommend the one we used to buy our current house, but I have no idea where he is anymore. He was patient with us as we kept looking for a house that fit our budget and our style (brother in law uses a motorized chair, so we were looking for a house with not many steps to get in and solid 1st level)..
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“When I think of a Baltimore Raven - we go in there, we take your lunch box, we take your sandwich, we take your juice box, we take your applesauce, and we take your spork and we break it. And we leave you with an empty lunch. That’s the Baltimore Raven way.” - Steve Smith Sr.
Call me a Special Teams coach again. I dare you! I double dare you, MFer!
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02-16-2013, 11:57 AM #15Legendary RSR Poster
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02-16-2013, 11:57 AM #16Legendary RSR Poster
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02-16-2013, 12:02 PM #17
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Re: OT - Real Estate Question.
Keep in mind too...mortgage + utilities. My mortgage isn't great, but what ends up really killing us is the utility bills. Namely, heating oil. I can deal with the water bill and the electric bill....
For a prequalification, you could look for a mortgage broker, that way they will be working through multiple lenders. We worked with one for both our home buys. Granted, we also worked with one on our first crack at re-fi, and that company was absolutely TERRIBLE. But, my co-worker has a brother who owns a mortgage brokerage, and his mother works there too. Let me see if I can find the name for you...I didn't use them, but I went to them for advice when the 1st re-fi was starting to fall apart and they recommended I run screaming from the company....
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“When I think of a Baltimore Raven - we go in there, we take your lunch box, we take your sandwich, we take your juice box, we take your applesauce, and we take your spork and we break it. And we leave you with an empty lunch. That’s the Baltimore Raven way.” - Steve Smith Sr.
Call me a Special Teams coach again. I dare you! I double dare you, MFer!
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Re: OT - Real Estate Question.
I get that.
You know, I just don't like basically being given an ultimatum like that.
Emailing me twice a day, texting me at 9pm at night, leaving voice mails, trying to connect with me on facebook and linked in...just to see if we've spoken with her mortgage guy...I don't know. That is a bit "used car salesman-ish" for me.
Am I wrong for feeling that way?Disclaimer: The content posted is of my own opinion.
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Re: OT - Real Estate Question.
We currently are renting a town house in Arlington, VA right now...trust me, the rent here is equivalent to like a $550-600K mortgage. We're not looking for anything near that. So, I'm not too concerned with a mortgage payment plus water/elect/heating/etc.
I would, however, like to not have oil-based heat. We have looked at several houses that have that already installed (old houses), which isn't a big deal, but one of the first things I would do is put central heating & AC in the house.
For a prequalification, you could look for a mortgage broker, that way they will be working through multiple lenders. We worked with one for both our home buys. Granted, we also worked with one on our first crack at re-fi, and that company was absolutely TERRIBLE. But, my co-worker has a brother who owns a mortgage brokerage, and his mother works there too. Let me see if I can find the name for you...I didn't use them, but I went to them for advice when the 1st re-fi was starting to fall apart and they recommended I run screaming from the company...Disclaimer: The content posted is of my own opinion.
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Re: OT - Real Estate Question.
Disclaimer: The content posted is of my own opinion.
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02-16-2013, 12:21 PM #21
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Re: OT - Real Estate Question.
We just re-did our boiler this year and I tried like hell to get natural gas, but it was going to add a TON of money from BGE re-doing the lines into our house, then someone piping the lines to the boiler, and then getting the oil tank out. So begrudgingly, had to stay with oil heating.
I'd just guard your interests. Sure there are probably some people who are trying to take advantage, but I think that some people are just SO desperate for business, they are probably trying everything to get you something. The only thing I can think of with an agent is an exclusivity agreement. I remember having to sign one with our past agent, and it was more of a cover for him to make sure we didn't use him to find the house, then back out and try to buy it on our own. Just read and understand what it entails and you should be fine.
This is truly a buyer's market. Homes have sat on the market so long sellers either get depressed and give up or get desperate. That's how we got our house now, it sat on the market for a year and the guy was partially a flipper...he was a contractor who bought the house and fixed it up for 2-3 years hoping to turn it around and get another one. So by the time we made offers, he was just done with it..
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“When I think of a Baltimore Raven - we go in there, we take your lunch box, we take your sandwich, we take your juice box, we take your applesauce, and we take your spork and we break it. And we leave you with an empty lunch. That’s the Baltimore Raven way.” - Steve Smith Sr.
Call me a Special Teams coach again. I dare you! I double dare you, MFer!
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Re: OT - Real Estate Question.
There shouldnt be anything keeping you from firing your current agent, and finding one you like better. You may feel bad about it, but you have to look out for your own interests first and foremost.
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02-16-2013, 12:58 PM #23Pro Bowl Poster
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Re: OT - Real Estate Question.
Wicked,
Since you are also looking for an older home, be sure to get a really top home inspector if you find a potential place you are interested in. We bought a place in Chapel Hill that was built in 1971 and had it completely redone since it's our retirement home. Even though our home inspector was top notch there were things we uncovered during upgrade work that no inspector would have uncovered unless all of the walls and the ceiling were ripped out and the entire structure was analysed. Housing standards have improved over the decades so a lot of things allowed many years ago (materials, structural, health and safety requirements, etc.) have to be factored in with purchasing an older home rather than just things like redoing bathrooms and the kitchen.
I could tell you more about unexpected things we uncovered but it would take too long to explain here (and we love our place and are glad we purchased it). All I'm saying is, besides the home inspector, be sure to have some additional money set aside for additional home upgrades for things an inspector would not reasonably be expected to uncover.
Good luck!
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02-16-2013, 01:08 PM #24
Re: OT - Real Estate Question.
are you wrong? NO... but really, without a prequal, the realtor is pissing in the wind. They really have no reason to show you even a single house withouta prequal. They don't get paid until you buy a house, so showing you houses they have no idea if you even qualify for is asking a lot of someone. Many sellers don't even like to show houses unless the buyer is prequalified.
So I hate to put it this way, but until you are prequalified you are honestly wasting everyone's time looking at houses, your's included.
To put it another way, if you do find a house you like, the fact that you are not curretnly prequalified precludes you from putting an offer ona property that will be taken seriously, and could easily cost you the house you desire. It really should be the first step you take, prior to even looking at houses. It's jsut how it works.
A prequal doesn't limit you to anything, or even bind you to the particular lender that prequalified you. Though, again, if you choose a different lender you officially got someone to work for free... which, IMO is bad business. Yu really should shop for a Lender with a broad rang eof specialties first, and perhaps even have them suggest a realtor for the area you are looking at.Last edited by jonboy79; 02-16-2013 at 01:14 PM.
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