Right now im renting a nice loft in downtown buffalo, but its expensive and the novelty of having a really cool industrial loft is wearing thin with teh constant noise from neighbors and it feels like im living in a 950 dollar a month motel.
So i want to buy a house, ive been looking around north buffalo and found this one
its a starter house, looks like it was somebody’s flip house
I want to build my HOME in 5 years in a little more rural place so i can design it etc… but thats neither here nor there
what are the rules with getting stuck with a realitor, i emailed from the link and the realitor agreed to show me the house anytime, if i go see it am i stuck with that realitor? how does that work ?
no…u can get your own realior…or u can decide to have them as ur realitor…i would suggest finding one that u like and then Yours will take u too see it…doesnt matter if they are from a different agency either…when I boughy my house this past summer we found a house we liked…called our agent and told them we wanted to see it…she took us there and checked it out…but before we got an agent we did the same…emailed other ones to look at a house but ur not commited to them unless u want to be
No, any realitor can show you a house. When I was looking I met several different realitors because at first I was doing the searching on my own. Eventually I realized if I wanted to actually get a house in the area I wanted I was going to need a buyer’s agent, because by the time the listings were made public for the houses I was interested in they were already sold. Most were being sold 2-3 days after their MLS listing, but those don’t become public for 5-10 days after they first show up on MLS.
Once you sign up with an agent you are then “stuck” with them so to speak. We talked to several and picked one we really liked (who has since moved or I’d refer you) so it wasn’t an issue. In the case of Hunt (not sure on others) their buyer’s agents get their commission from the seller, so you don’t pay them anything. There is one catch though, and that’s if you end up buying a non-MLS listed home (aka private sale). In that case you have to pay your buyer’s agent some pre-agreed upon percentage.
First time buyer you have a couple government programs. SONYMA and FHA. Both have low down payment requirements but SONYMA will have a slightly better rate, slightly lower down payment but also lower price limits and a lower max income.
We went FHA since we didn’t have the 25k cash to do a traditional mortgage, but made too much and wanted to spend too much to qualify for SONYMA. After 3 years I had put enough into principle + appreciation to refinance to a traditional mortgage and avoid having to pay mortgage insurance (since the new mortgage was less than 80% of the value).
I just recently went to look at a foreclosed house in my hood. Real sharp house, inground pool, sun patio, big garage on about an acrea and a half lot. Needed some work but with what my old man knows about homebuilding it would have been a great opportunity had i gotten the house. We could have gotten that place piiimp with about a 15-20k investment.
Anyways, I just went to a friends broker and got preapproved for a loan and that was good enough to go and take a good look at the inside of the house and see if it was worth making an offer on. I would imagine you could do the same?
OH and I ended up not getting the place, they still wanted too much, I think come spring there will be better opportunities out there for home buying. I am still constantly debating if i want to just say fuck it, buy a nice property, and build instead. :ham:
i will probably take advantage of SONYMA and roll in some home improvement cost into the loan to get a house that i really like, it just needs to have a garage and an nice kitchen and updated master bath and high ceilings
Foist off, :tup: To putting that $11k per year into Your pocket instead of simply burnging it.
As far as a buyer’s agent is concerned, I highly recommend Todd Nibbe with Polis Realty.
Polis, greek place name. Not Polish.
Todd’s a great agent, good with research, and on point with the fiduciary side as well.
Of course, recommending a realtor is kind of like recommending a barber…
:tup:
edit - Not to sell You anything, but for reference, as a 1st time home buyer You will be eligible for ALOT of Lender independant programs. Not just the usual.
e.g.- M&T Bank has a “Get Started” program. 1% down, $750 fee (ONLY fee), 5.605% rate on the 30 year monthly. 5.550% on the biweekly.
