UnThreaded | Threaded | Whole Thread (11) | Ignore Thread Prev | Next
Author: foobarista Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127567  
Subject: Re: First time buyer... maybe Date: 4/30/2002 11:14 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
<<Should I start the prequalification process? Should I look for a realtor and check out other properties in the area? We have a lease thru December and I know that the landlord REALLY wants us to either stay there, renting or buy from him. I also know that he had the place on the market before we rented it, but he didn't get any offers he liked. He's kinda cheap, but he's been doing some home improvement since we've been there, in an effort to keep us happy. So far, he's replaced the water heater, dishwasher, installed new ceiling fans, paid for the supplies for painting we just did. Next month, he'll be retiling the kitchen. So, the place is actually going to be very tailored for what we like.>>

Some random stuff:

1. Just to get an idea of the market, you may want to go to some open
houses and such if you haven't already. Also, have a look at recent
closed sale prices in your region (as opposed to listing prices).
You can get this info from

http://yahoo.iplace.com/sales_search.asp

and other places. If you live in a big condo complex, this info can
be particularly useful as you can see exactly what units like yours
have sold at recently.

2. When the time comes to do the actual deal, you will want to get
some kind of agent or lawyer to handle the zillions of little things
that need to be done to make a real-estate transaction work (title
search, escrow, inspections, termite work, etc). I once went through
a fixed-fee agent on this sort of deal, and you could also hire a
real-estate lawyer - or you could just get an agent and negotiate a
deal on the commission (any ideas from others?) But don't try to do
this yourself - or let the landlord do it - as there are too many
ways to screw up.

Foobarista
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (11) | Ignore Thread Prev | Next

Announcements

Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Apple

Apple and Ninety Years Ago
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement