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bacterozoid

Buying a House!

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Well, my wife and I are tired of our apartment and apartment living (We want to have a yard for the dog and play guitar without worrying about the neighbors), so we're venturing out there and looking for some houses. We're looking at 3 different ones today and have several more we're interested in.

 

All I know is that we have a lot to learn about this. We're just jumping in and checking out a few houses to get a feel for things - going to talk to some mortgage folks and see what we can do there, etc. Given that our mortgage payment for the homes we're looking at would be significantly less than our current rent payment, I have no doubt we can afford it.

 

Anyways...nothing can replace the in-person discussions we're going to have in the coming months, but I'd love to hear your tips and stories about home-buying.

 

We're looking on the north side of Indianapolis, btw.

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c'mon up here! I have a place to sell you in beautiful Jackson, Mi 3bdrm ranch with a fenced city lot

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This is one type of transaction in which you TAKE time to read every line of fine print and then some!

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Make sure that you have a home inspection before you agree to close on the house :geezer: Make sure your contract makes an acceptable home inspection a condition of purchase.

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Agreed agreed and agreed. We're lucky enough that my father-in-law and my step-grandfather-in-law (I guess?) both build and work on houses for a living, so we've got 4 good eyes + an inspection to ease our minds before we purchase one.

 

The realtor we met with last night was very helpful (and very honest). I'm waiting on a call back from another mortgage company today. We also found out that, in Indiana, foreclosed homes in certain regions qualify for up to $15,000 in free cash towards down-payment or closing costs. Although, for the full amount, you have to live in the house for 10 years...otherwise when you move out you become responsible for a part of it.

 

So, things are generally looking good.

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Well, after one offer got beat out, another house ended up being a short sale, about 30 houses seen total, we finally found one:

 

Posted Image

 

It's being built right now and will be done in May. It was between the above and a similarly-featured home by another builder. We were able to use our fallback as a bargaining point and got the house down to the base price (thousands of dollars of free upgrades).

 

We can't wait to move in!

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Thanks all! We picked our patio size today and we're picking out various colors this Friday. It's really quite neat getting in at the very start of a spec home.

 

Good luck in your search one2gamble - how long have you been looking?

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