Off Topic: Want to buy my first house/condo.

[03Lightningrocks]

I'm with TAM. I don't think I would ever recommend a first time buyer navigate the process with no realtor. Just one of the things a realtor can do is help a person to zero in on homes they most likely will be interested in. Realtors have instant access to a data base just loaded with home options. There are many other reasons but this one is worth the price of admission on its own. It is also very nice to have realtor drive you around town looking at properties. A good realtor will begin to figure out what you are looking for as you look at places and tell them what you like or dislike about the properties. This alone can help to reduce the risk of buying a home and later having buyers remorse. A good realtor will also point out items a novice may miss. Items and issues that can be trouble down the road.

[Texas_Blaze]

So the one thing I recommend being careful about is asking for seller to pay $X towards buyers closing costs. The following explains...

When I sold my home 5yrs ago, the buyer asked for seller (me) to pay up to $7k towards buyers closing. I said sure, figuring that the 7k was way over the expected closing costs. I was right. Turned out his closing were about 4k. After closing his agent called and asked me to send them the difference. They are still waiting...

The key phrase in the contract is "up to".

Better to knock down the sales price and forego the seller pays closing.

My opinion, ain't related to using an agent, but something to think about.

[03Lightningrocks]

So the one thing I recommend being careful about is asking for seller to pay $X towards buyers closing costs. The following explains...

When I sold my home 5yrs ago, the buyer asked for seller (me) to pay up to $7k towards buyers closing. I said sure, figuring that the 7k was way over the expected closing costs. I was right. Turned out his closing were about 4k. After closing his agent called and asked me to send them the difference. They are still waiting...

The key phrase in the contract is "up to".

Better to knock down the sales price and forego the seller pays closing.

My opinion, ain't related to using an agent, but something to think about.

That is hilarious. I might have been tempted to send a thank you card with the words HA HA HA... Written across it in bold letters. Maybe even some Elmer's glue to hold the glitter on the letters.

I can't believe the way some folks are running through life expecting everyone owes them something. It is why I hate Obama so much. His followers are all this exact self entitled worm.

It has been years since I purchased my home. It was owned by the bank and a friend of mine just happened to be the VP of our local bank. Plano Bank and Trust was the name at the time. When I mentioned that I was looking at a repo he enlightened me on how much banks hate owning houses. He was the one who suggested I think of the most ridiculous offer I could imagine and then knock another ten percent off that price. I tried it and was knocked off my feet when they accepted. After they accepted so quick, I told my realtor to tell them I wanted them to also pay all closing costs. My memory on that issue is vague but I seem to remember being told they could not do that but would increase the repair allowance from the original 1500 to 4000. I took the counter...LOL.

Truth is, I stole this home. At the time I made 45k a year, had two kids and no spouse. The home appraised at 185,000 at the time. That was a big number for the early to mid nineties. I paid 141,000 for the house and was able to buy the house with very little up front cost due to the difference in appraised value and loan amount.

My realtor deserved a huge hats off for helping me find the home. He got a C- for being a scardy cat in the negotiation process. The one thing he did not do that I think he should have done is warn me about the fact that Legacy runs behind my home. Having a busy road behind my home is going to be a big issue when I sell and may have been why I got a good deal. Live and learn!


I am going to make one recommendation that will save you thousands of dollars over a very few years. MAKE SURE THE HOME HAS GAS HEAT!! Heat pumps and electric heat are VERY EXPENSIVE AND VERY EXPENSIVE TO OPERATE!!
Look at your air conditioning system as three components. The outdoor unit is the expensive part of the system. The outdoor unit runs year around with a heat pump system. Just like a car or even a boat, the hours of operation mean far more than the age of the unit. Heat pump units operate three times longer per year than standard air conditioning system with a gas furnace. This translates into shorter life span for a very expensive item.

[MadMonkey]

Great info here, guys... I might be looking for a realtor recommendation when I come back (hopefully late this year). I'll be looking at the Justin area... I can't wait