Fizzle1979

Pre-Approval Encouragement/Opinions

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Hmm really? I shopped around and thought I did good with the inquiries. 6.375? Better than my 6.75.
There are so many factors. Come to think of it, I bought my rate down by 0.125 for an extra $1000.

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I'm glad I'm in Texas then. :lol: For my 72k, I got me a little 1350 sq. ft 3bed/1 bath on almost half an acre. Granted the home was built in 61 and it is older but I love it. :)

For 80K where my co-worker got her house you get a 100 year old rowhouse needing some minor repairs and updating. In my town that requires more like 130K. If you want something more or less move-in ready you need to pay more like 150K. That's the reduced price, a year ago it was more like 175K.

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RE Rates.

It seems that every state has different rates. Then add on that the fact when your scores are <680 (today) there may be a rate change. Except for FHA and that is only when your scores are <580 (today). Etc. If you notice the (today) notes, sort of implying that things change daily and sometimes during the day...

Charles

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A friend said he read an article where FHA was requiring 3% down on all their loans. But said FHA had to stop that because they weren't able to do ANY loans. He made it sound like it was very recent, within the last week or two but I can't find any articles on it.

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FHA has always required a 3% down payment, there has been talk of their not requiring it, but I don't think that in today's lending environment they will make a change like that.

As long as the market prices will support it, you can get a seller's concession to have them work with a Down Payment Assisstance program to pay that 3%. The FHA tried to stop that loophole a year ago or so and that was reversed-I think the first of the year.

Charles

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I just had our mortgage refi'd with an FHA loan about two months ago and got a 6.5% rate. They seemed to be a lot stricter than our last mortgage, but the rate was appealing. We went thru a "mortgage specialist" which turned out to be a nightmare, took 3 and a half months and they pulled my CR about once a week!! Make sure whoever you use only pulls it once.

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Ok well I worked the entire month of June ... 100 hour weeks and was able to pay off all my credit card debt and now have about $5K saved up. I have found a townhouse that I'm going to look at tomorrow and make the seller an offer on ... the seller is asking $54K.

The seller does not have a real estate agent...no plans on getting one...I do not have a real estate agent. Never bought a house before but since I already found the house...I don't need one.

Any thoughts on this?

Any advice?

A friend has told me that I need to:

1 Get an inspection done.

2 Get the seller to include a one year home warranty.

3 Get the earnest money insurance so I can back out of the deal if I want and still get my earnest money back.

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In the contract stipulate that the seller provides clear title, that the appraisal comes back at the value agreed upon. Then find a lender. The lender will order the appraisal and title work for you.

As far as the contract goes, you can get one from any office supply store. I would suggest that you get a Real Estate attny to prepare the contract however. This is an important purchase and the function of a Realtor or Attny is to make sure that nothing important is left out. They will know the questions to ask you so that potential problems are cured before they become major issues.

Charles

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Ok well I worked the entire month of June ... 100 hour weeks and was able to pay off all my credit card debt and now have about $5K saved up. I have found a townhouse that I'm going to look at tomorrow and make the seller an offer on ... the seller is asking $54K.

The seller does not have a real estate agent...no plans on getting one...I do not have a real estate agent. Never bought a house before but since I already found the house...I don't need one.

Any thoughts on this?

Any advice?

A friend has told me that I need to:

1 Get an inspection done.

2 Get the seller to include a one year home warranty.

3 Get the earnest money insurance so I can back out of the deal if I want and still get my earnest money back.

Hey Fizzle! Wow you have been working hard! Check out this site right here and look at the form numbered 30-6 "Residential Condominium Contract.

http://www.trec.state.tx.us/formslawscontracts/forms/forms-contracts.asp

Look at #23 on that form. To me, that's your most important item right there. I paid $50 for an option fee good for 10 days. I think that is actually standard right there. Firstsource, feel free to jump in and correct me.

Also, if you are still going FHA, a condo is something different than a single family home. I once had a contract on a condo that I loved loved loved. But the sale did not go through because the condo community was not mostly "owner occupied." I still don't understand the concept fully. The way my broker explained it to me was that FHA has certain rules about condos, townhomes, etc. They won't finance a condo that is in a community where more units are rented out than "owner occupied." Or something like that. So I could not purchase my condo that I wanted, (also at around $55k), because of that. Again, Firstsource feel free to jump in and make sure I'm right here. :)

But Fizzle your friend was right right about those 3 things. Make sure you get them all. The option fee is the third thing your friend was talking about.

Make sure you get that option Fizzle! :)

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Have you read my above post Fizz? :lol:

I think we both posted at the same time and I just now got a chance to log on here. Thanks for the info. I'll check it out.

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I think we both posted at the same time and I just now got a chance to log on here. Thanks for the info. I'll check it out.

I know, I was just messing with ya! 8-)

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So the seller provided me with a blank copy of the form you have listed above just so I could see it. I still don't know what to offer him for the condo though.

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In Texas you can find out what the property is worth on-line.

Go to:

http://www.county.org/COUNTIES/TXCOUNTIES.ASP

and pick your county.

You want to look up the tax records for the property you are interested in. I looked up a property in Coryell and it gave me the assessed value and appraised value. It also let you see the deed history. You can see how much the current owner financed and when.

If it is an older condo, go to:

https://entp.hud.gov/idapp/html/condlook.cfm

to see if it is approved. I forget when the FHA stopped putting them on the list.

If it is newer, the bank sends for FHA Approval. You can talk to someone in the Home Owner's Association. They would know if you could go FHA there. Hopefully they will remember the bank they did the condo questionnaire for, and can send you to them.

Sorry for the long post, but I hope it helps.

:goodluck:

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Fizz are you going the FHA route? Is the condo part of a condo community where there are many or just like 1 or 2? If you are going FHA, then it matters if the condo is owner occupied or not.

Good luck! :)

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Hi Goose,

I was confused about what you were saying about home values in Texas being available on line as I thought Texas was a "non-disclosure" state.

I found this on the site:

NEW LAW RESTRICTS RELEASE OF SALES INFORMATION

HB 2188, a new Texas law that became effective June 18, 2007, makes confidential any information about properties that an appraisal district obtains from private sources. Because of this change in law, we are no longer able to publicly disclose (or display on this website) property sales information we obtained from private sources.

Sales information will continue to be available to property owners who timely filed a value protest, and will be included as part of their iFile evidence material.

-----

If there is website that people can go to to get value information - which would be very helpful when buying a home - I have not found it yet.

Charles

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Hi Goose,

I was confused about what you were saying about home values in Texas being available on line as I thought Texas was a "non-disclosure" state.

I found this on the site:

NEW LAW RESTRICTS RELEASE OF SALES INFORMATION

HB 2188, a new Texas law that became effective June 18, 2007, makes confidential any information about properties that an appraisal district obtains from private sources. Because of this change in law, we are no longer able to publicly disclose (or display on this website) property sales information we obtained from private sources.

Sales information will continue to be available to property owners who timely filed a value protest, and will be included as part of their iFile evidence material.

-----

If there is website that people can go to to get value information - which would be very helpful when buying a home - I have not found it yet.

Charles

That is interesting! In my county we can still log onto the the county website and look at real estate records. I don't know if it reveals as much as the link Goose provided, but it will tell you a few things. I would try your local county website Fizz.

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Firstsource,

I don't know anything about TX state law. Clicking on a county, I found this:

http://propaccess.trueautomation.com/ClientDB/PropertySearch.aspx?cid=46

Put in a common last name, and you get all kind of good information. I didn't see the last three deed transfers (assumed there were none recent), but there was a section for it.

BTW www.zillow.com gets pretty close on values in my area when you can get it to hit.

It's amazing what you can find online. Good luck with negotiating your price Fizzle.

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Does anyone think it's a horrible idea to buy a one bed room condo? I'm liking it because I know I can afford the note. If I upgrade or something else...in the same area I'm jumping up to $80K at least and thats where I do not feel comfortable in that price range.

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Well I turned down the one bedroom condo. EVERYONE I spoke with family, friends, etc said it would be extremely hard to resale the one bedroom condo when I got ready to sale it.

I also went and got pre approved by a mortgage banker. He said $175K is what he approved me for. I just told him that was way too much and I'd never buy a $175K house.

I just emailed a real estate agent that a friend recommended. So hopefully she will get with me soon as I think I already found a house I want to buy.

Any more advice?

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Congrats! You waited until rates were right.

Don't forget you will be eligible for the $7500 loan from Uncle Sam if your place needs anything. You won't find a cheaper loan out there ($500 per year interest free).

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