Sunday, March 11, 2018

your house buying questions ANSWERED!

Okay, after my last post about our big news, I opened up a google form with questions. A lot of the questions I got were duplicates, so I tried to combine them the best I could! I'm not an expert, I have actually learned from a little trial and error, but hindsight is 20/20. Keep in mind, these questions might be different if you have new construction.
Here are some shots from my phone of our new place! 




QUESTION: How did you determine what you can realistically afford? 
This was something we did last year, way before we started talking to anybody. We are not budget people, we don't have a reason to right now because we do not extravagantly spend. However if you asked us last year how much we spend in gas, or food, or entertainment a month we would look at you like ?? So we sat down together and estimated what we spend per month, and then for 3-4 months we double checked our math, essentially. We also knew that 25% rule that I mentioned in my last post, so we just figured it out! 
Here is a screenshot of our spreadsheet, with the categories we had. We then had our income and what we had leftover. Mark did a fancy excel algorithm. 


QUESTION: Who should be the first person you talk to when looking to buy a house?
The first person you should talk to is your loan officer to figure out how much you need to save and what your qualified for! 

QUESTION: How did you choose a loan officer and realtor and how did you know they were good?
I actually accidentally stumbled into this, so take that with a grain of salt. The secretary at my school had a daughter who, I know now is a loan officer, but at the time I thought she was a realtor, I didn't know a loan officer was a thing. THESE ARE THINGS THEY SHOULD TEACH YOU IN SCHOOL. Luckily I was able to eventually figure out that she handled the money and that I needed a realtor. Although, she was pretty awesome and could have done both! Haha
 Realtor was the same, it's my secretary's husband. If you aren't me and don't have the hook ups at you work, just ask people that you are friends with who have purchased a house! I would also ask realtors what they can do for you. It's free to have a realtor when you are buying a house, their cut comes from the seller. So essentially, you should get something out of hiring them. Sure they will hopefully do all your crappy paperwork and make the phone calls, etc, but it's nice to have a monetary kickback. Our realtor paid for our inspection (around $700-$900) and got our asking price down $5,000. So ask your realtor what costs they will cover and go with the realtor that will cover more costs! 

QUESTION: Who did you use for your loan officer and realtor?
We used Bill Freeze of Realty Path for our realtor. 
We used Emily Walbruch with Academy Mortgage, who was NOT a realtor, I realize now. Haha! However she is a great loan officer.  I truly cannot recommend her enough, I adore her. 

If you have any questions PLEASE email me, rileyjoblog@gmail.com or message me on ANY social media. I truly felt like no one had been through this or I didn't know anyone who wouldn't be annoyed by my questions (aside from Leah and my sister, hi guys!) , so I want to be a helper for anyone! 


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