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House buying tips....

Brth729Brth729 Member Posts: 1,231 ✭✭✭✭✭
edited May 2002 in General Discussion
A while back somebody posted a thread asking about what to do when buying a house. I can't find the original thread, and was wondering if those of you who posted replies to it would do so again here? There was some very informative comments made, and was hoping to get some of the same. Thanks.

***I'm in the hi-fidelity first class travelling section I think I need a Leer jet***
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Comments

  • GreenLanternGreenLantern Member Posts: 1,647 ✭✭✭
    edited November -1
    http://forums.gunbroker.com/topic.asp?TOPIC_ID=14895
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  • Brth729Brth729 Member Posts: 1,231 ✭✭✭✭✭
    edited November -1
    GreenLantern---THANKS!!

    P.S.--I see you were the original poster. Did you find a house you ended up getting? Any surprises after you moved in?
    ***I'm in the hi-fidelity first class travelling section I think I need a Leer jet***

    Edited by - Brth729 on 05/24/2002 13:56:34
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  • GreenLanternGreenLantern Member Posts: 1,647 ✭✭✭
    edited November -1
    Hah! Not yet. We're pretty slow in getting started but then up until last week the girlfriend was still in school so our time to actually go into a house and look at it was minimal at best. Just this week we got the pre-approval for the mortgage. About the only thing that we've had an issue with is regarding the money we will be putting down. About 1/2 of it is already in bank accounts but the other 1/2 is not. SOOOOOOO, they're going to be really picky about where it came from and our documentation to that point. How the heck does one document $600 in change sitting in plastic jugs in my closet? And my g-friend got money for graduation so we'll probably end up needing a signed affidavit from her grandma stating it was a gift. That doesn't cover the people that gave $10 here and $20 there. We're thinking to make it real simple we're going to have her parents write us a check, say it's a gift, and then give them the money we have.

    And if we do actually borrow some from her parents we're still going to have them say it's a gift. The bottom line is that it will increase the amount we can borrow. But we also have to keep in mind that we can't really buy a house for more than what we can truely afford. That point seemed to come across pretty good in the advice from everyone. That the bank is going to approve you for more than you can realisticly afford.

    Oh and one other thing we did find out that we didn't think about at first was her employment. Even if she had a job lined up already the approval looks at employment longevity so she's probably need to be at that job for at least 6 months for it to benefit us. We did get approved in our price range otherwise we'd have been looking at waiting longer than we'd planned.

    Once we do get a house I'm planning on posting an update. If you're searching I say good luck to you!
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  • mudgemudge Member Posts: 4,225 ✭✭
    edited November -1
    If you're looking for a home, there's an old bank building in the midwest that, from what I hear, is a steal at $5,000.

    Mudge the merciless

    I can't come to work today. The voices said, STAY HOME AND CLEAN THE GUNS!
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  • Brth729Brth729 Member Posts: 1,231 ✭✭✭✭✭
    edited November -1
    Mudge--No thank you!

    GreenLantern--I see from your profile you're in Wisconsin. I was born there and still have family scattered in a few places. What are you close to?

    ***I'm in the hi-fidelity first class travelling section I think I need a Leer jet***
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  • GreenLanternGreenLantern Member Posts: 1,647 ✭✭✭
    edited November -1
    Chetek. I work and have an apt over in St. Paul, MN but I am back in WI quite often. We're buying the house out here in MN so that'll change somewhat. At some point, maybe next 5 - 10 years we're going to look at moving to Eau Claire. I don't like being a 'Transplanted Cheesehead'
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  • Brth729Brth729 Member Posts: 1,231 ✭✭✭✭✭
    edited November -1
    Chetek's a little further West than I've been. Most of my friends and family are over closer to Lake Michigan. I don't like being away from there either.

    ***I'm in the hi-fidelity first class travelling section I think I need a Leer jet***
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  • BoltactionManBoltactionMan Member Posts: 2,048 ✭✭✭
    edited November -1
    Green Lantern,

    Get that change in the bank right now. Conventional deposit verifications work on a 2 month average balance. If you don't have a house yet this will help.

    Your girlfriends graduation money can be documented. Just photocopy the checks and the deposit ticket and keep the deposit receipt.

    She should also get a copy of her college transcript and take a photocopy of that diploma. This will offset her lack of job time when she does obtain employment.

    Use the basic gift letter form, what you do with your own money in future years is no ones business but yours.

    I make these loans for a living, all of the above will work.

    KC
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