I bought a house!

Discussion in 'Archived Threads 2001-2004' started by Steve Russell, Aug 24, 2002.

  1. Steve Russell

    Steve Russell Stunt Coordinator

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    Well, I put a bid in on a house and it was accepted. Still have to go through all the FHA rigamarole and inspections and etc... but dammit I'm gonna be a homeowner! I've been looking for almost a month and was getting tired of looking at overpriced crap. This is the first one I went though that wasn't a "fixer upper" and also the first one I could actually picture myself living in. Since this was the first house I put a bid in on I didn't really expect to get it, especially since there were three other bids that were presented at the same time. Wow, this is so cool, I don't think it has all really sunk in yet.
     
  2. Eric Kahn

    Eric Kahn Guest

    welcome to the greatest way to go broke since HT[​IMG]
    but at least you will build equity while doing it
    one piece of advice, learn to do stuff yourself, contractors are not cheap for anything anymore
     
  3. Patrick Sun

    Patrick Sun Moderator
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    Make sure you got all of your ducks in a row.

    An officemate of mine was "pre-approved" for a home loan going with a home in a new subdivision, and so he and his wife got all excited, gave his apartment his notice to leave, called the utilities to have their utilities turned off, arranged for the movers, and other move-related stuff. Then he got the bad news, the new subdivision's builder's mortgage finance company turned down the loan just 5 days before the closing date, and my officemate had to cancel all of his move-related plans, and just had to take the bad news with no relief for his situation.

    So tread carefully. But if you're in good financial shape, and have a steady job, you should be okay.

    Congrats!
     
  4. Greg_Y

    Greg_Y Screenwriter

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    Congratulations. My wife and I have settlement on our house this coming Friday. It's an exciting, anxiety-causing time. Good luck!
     
  5. Kevin T

    Kevin T Screenwriter

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    congrats, steve! i just became a homeowner a little more than a year ago. it is very comforting to know that you're no longer throwing your money away when renting. however, i would say that "remodeling" is the upgraditis of homeowning! i've already had a 6 foot privacy fence installed (kinda had too since i just got a weimeraner puppy [​IMG]), replaced the kitchen chandelier, painted and installed a new light fixture in the 2nd bathroom, and now i'm considering removing the carpeting and either tiling the main rooms or putting down pergo-type laminate flooring. oh the expense, but i wouldn't trade it for the world!
    kevin t
     
  6. MikeAlletto

    MikeAlletto Cinematographer

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    I'm planning on starting to look for my first house next year. My lease is up in May and I really don't want to live in another apartment. How soon do you all start looking? I need to read up online and ask around about how to start because I really have no clue where to begin.

    I've been looking online a little at houses in the area and I know pretty much around where I would like to live, but where do I start? Get preapproved for a loan? (how can I get preapproved if I don't know how much the house will be?) Go cold call a realstate agent?
     
  7. Steve Russell

    Steve Russell Stunt Coordinator

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    Other than removing some "country" style wallpaper and painting I don't think I will need to do alot of updating or remodeling. The house is in very good condition, many updates(furnace, central air, windows, kitchen, carpet, roof) It is a very nice 2-story built in 1925. Has some nice wood built-ins in the formal dining room. Very nice hardwood floors upstairs, new carpeting(that I actually like) downstairs. All in all I think I will be very happy there.
     
  8. Steve Russell

    Steve Russell Stunt Coordinator

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    My situation was kind of forced on me. The girlfriend and I are splitting up and I had to find a place to live. I did some research and found out that on my income alone I qualified for FHA low downpayment loans. I called for a list of FHA lenders in my area, then went to see one. She got some general info from me and ran a credit check. I pretty much have sterling credit so she was willing to sign me up for more money than I actually wanted. I told her my comfort zone for a payment and she figured how much loan that would be. My parents have offered to help with down payment/closing costs and FHA is the only financing that allows "gifts" for that.

    I then had to find a house I liked for the amount I wanted to borrow. In the last 3 week I spent almost all day on my days off from work driving around town looking at houses. Drove by alot of crap. Did alot of searching on the internet. Pulled alot of MLS numbers of houses, eventually got a buyers agent and he did some of the research for me.

    Around here the nice homes don't stay on the market long. One was sold by the time I drove by it. I saw this one and liked it. Found out there were two other offers being presented the next day so I had to think fast. I talked to my mortgage agent and had a preapproval letter faxed to my buying agents office and made an offer. I got lucky and my offer was just a couple of hundred dollars higher than the next highest bid.
     
  9. MikeAlletto

    MikeAlletto Cinematographer

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  10. Chad R

    Chad R Cinematographer

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    Becuase they require several months of back bank statements. If you get a sudden influx of cash then you have to explain it. You can get a gift from your parents, you just have to sit on it in your account for about 3 months and then it's kosher (or there long enough that they don't question).

    Buying a house is the greatest thing we did. Just due to rising house costs we've gained an extra $10,000 on our house if we sold today (based on the average home sales in our area). We're looking to move in a couple of years so I hope that holds.
     
  11. Steve Russell

    Steve Russell Stunt Coordinator

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    Depending on the type of loan and your credit rating they may require W-2 forms for 2 years previous, W-4 forms to know what you got back at tax time, check stubs, bank statements, etc... They would find out about it.
     
  12. Brian Kissinger

    Brian Kissinger Screenwriter

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    Well Steve, I hope all goes well for you. My wife and I have only been in our new house for a little over a month, and we love it. We had a few bumps in the road, but from what I hear, we had an easy time. We did have a big disappointment though. After much searching (we went the pre-approved way) we found a house we both loved. We put a bid in, they countered, and we agreed. They "verbally" agreed to our contract. Then the next day, they went with another offer that was just bit higher. That hurt. We are talking about only a few hundred dollars here. Oh well. We cried and then found our home. Which we liked better, and was two thousand cheaper. So hooray for us.

    I wish you the best of luck.
     
  13. Neil Joseph

    Neil Joseph Lead Actor

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    Haven't read the thread but I hope you have your nook selected for your HT room. Very important. Congratulations and good luck.
     
  14. Steve Russell

    Steve Russell Stunt Coordinator

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    The living room will work very nicely for my HT. Where I live now the kitchen adjoins the living room and the refridgerator sits opposite my chair. I have to turn the volume up every time the fridge turns on. The new place has a formal dining room between the living room and the kitchen so that will no longer be a problem. Also the heating and cooling system in the new house is much quieter than the old place so that will be less of a disturbance. It's kind of scary that while the structural integrity of the house is foremost in my mind, these little HT details were running through my mind as I was looking at the house with the realtor.
     
  15. KyleS

    KyleS Screenwriter

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  16. Rob TT

    Rob TT Stunt Coordinator

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    Mike,
    The first thing you want to do is save up some cash, or get it as a gift from whoever. Have it in your bank for at least three months. I bought a $130,000 house, and needed around $5,000. Next, go and get pre-approved. Try to find out exactly how much you can afford every month. I recommend spending as much on a house as you can afford. I never thought I would be able to afford a $1,000 a month bill, but you learn to stop wasting money(fast food, CD's, not as many DVD’s every week). Also, try to pay off as much of any credit cards and other bills as possible. Remember that your are going to have to spend a hundred dollars here and there for inspectors and such. Next, ask someone you trust if they can recommend a Real Estate agent to you(this is very important). I went threw 4 agents before I found one I liked, and still wasn't very happy with her. Do the same for your mortgage. Make sure you shop around and go with the one you feel most comfortable. You can have your agent send you listings in your area that are better than the ones you will find on the net. One other thing that you will find is the houses will look a lot better in the pictures. Try to drive by the house before making any appointments.
     
  17. Scott Merryfield

    Scott Merryfield Executive Producer

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    Congratulations, Steve. While home ownership is a lot of work, it still has many advantages over renting (I'm sure you know them all by now). Anyway, you mentioned that the home was built in 1925. In that case, make sure you set aside money for all the "little things" that will need to be fixed/updated over time. Any house that old will need some tender, loving care, even if a lot of updates have already been completed. How is the plumbing and electrical wiring?
     
  18. Andrew Pratt

    Andrew Pratt Producer

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  19. Ashley Seymour

    Ashley Seymour Supporting Actor

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    Steve,

    At first I thought you were "bidding" on a HUD repo, but then you explained that you made on "offer" at the same time as two other people made offers.

    I feel bad for the folks who had their offer "verbally" accepted then the seller accepted another offer. In real estate you have to get everything in writing. Verbal agreements are not enforceable. If you live in an area where real estate is hot, it is important to sign and get dates and times. I had a friend miss a faxed counter offer by six minutes. For the time and efforts all of these people are putting in to finding a nice home, to loose it for a few minutes or a few hundred dollars sucks.
     
  20. Steve Russell

    Steve Russell Stunt Coordinator

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    All the offers were presented at the same time. I was at work and had my buyers agent do it for me. It was in writing and I got a signed and dated acceptance from the sellers. I am now scheduling the FHA mandated inspections, then comes the appraisal. Got the paperwork coming from the mortgage people. So far things are moving along.
     

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