Buying my first home. Fill me in home owners.

TongMan · 01-23-2011, 09:56 PM

Update: The seller (bank) accepted my offer of 185,000, but with some modifications. The seller agreed to pay the closing costs (3%); I will pay 50% of escrow fee ($500); seller will provide a 2 year warranty worth about $1100. How did I do. I'm pretty happy. The asking price for the house was 217,000.

eurominican · 01-23-2011, 11:18 PM

Congratulations!

TongMan · 01-25-2011, 10:47 AM

Moving out in early March. Yes!

PapoZalsa · 01-27-2011, 08:39 PM

I hope you got a home inspection before you signed any paperwork!

SoCal 370Z · 01-27-2011, 08:45 PM

Is this house part of a HOA?

TongMan · 01-27-2011, 09:50 PM

He'll no. Don't want to deal with hoa regulations and fees.

StLRedrider · 01-28-2011, 01:02 AM

when is the 1st party?

TongMan · 01-28-2011, 08:24 AM

Party will probably be when I have as many posts as you do StLRedrider. I need to buy furniture, tables, chairs, drapes, curtains, blinds, dishes, beds, sheets, pillows, rugs, towels, and so on. Wow, come to think of it, I need to buy so many things. Sheesh...overwhelming.

wilsonp · 01-28-2011, 05:49 PM

It is a good idea to have at least 10% down so you can get an 80-10-10 and avoid PMI or consider FHA if your credit isn't great.

If you have to get PMI, make sure you can get out of it when your equity reaches 20%.

01-27-2011, 08:39 PM	#19 (permalink)
PapoZalsa A True Z Fanatic Join Date: Nov 2009 Location: Not in Sunny Florida Posts: 6,358 Drives: 16 Nismo w/Tech Pack Rep Power: 4499	I hope you got a home inspection before you signed any paperwork! __________________ 2009 370Z MB Base w/Sport Package 6MT Modshack's Custom Air Intakes /3M Clear Bra/ Illuminated Kick Plates / F. I CBE w/12" resonators / EVO-R Front Lip / Rear Hatch Wing / Tein S-Tech Springs /Ilegal Tint in the Rep. of VA/4x20mm Z1 Spacers/ Vinyl Roof/Liquid Carbon Designs

01-27-2011, 08:45 PM	#20 (permalink)
SoCal 370Z A True Z Fanatic Join Date: Feb 2009 Location: US of A Posts: 2,842 Drives: Answers Rep Power: 33	Is this house part of a HOA? __________________ ( Click to show/hide ) Why I NEVER say NO to the Panda Lou Fusz!!!

01-28-2011, 01:02 AM	#22 (permalink)
StLRedrider A True Z Fanatic Join Date: Jan 2009 Location: St.louis,Mo Posts: 17,755 Drives: O9Sprt/Touring,p-51 Rep Power: 60	when is the 1st party? __________________ Dream as if you'll live forever, live as if you'll die today J.Dean

01-28-2011, 05:49 PM	#24 (permalink)
wilsonp A True Z Fanatic Join Date: Jul 2010 Location: Virginia Posts: 1,134 Drives: 2009 Touring Sp Nav Rep Power: 16	It is a good idea to have at least 10% down so you can get an 80-10-10 and avoid PMI or consider FHA if your credit isn't great. If you have to get PMI, make sure you can get out of it when your equity reaches 20%. __________________ 2014 Cayman S PDK Sport Chrono White/Black Was 2009 370Z Touring Sport+Nav 7AT Metallic Black/Persimmon Was 1991 NSX Auto Black/Black

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01-23-2011, 09:56 PM	#16 (permalink)
TongMan A True Z Fanatic Join Date: Feb 2010 Location: NorCal Posts: 1,297 Drives: 2013 Nissan GTR Rep Power: 715	Update: The seller (bank) accepted my offer of 185,000, but with some modifications. The seller agreed to pay the closing costs (3%); I will pay 50% of escrow fee ($500); seller will provide a 2 year warranty worth about $1100. How did I do. I'm pretty happy. The asking price for the house was 217,000.

01-23-2011, 11:18 PM	#17 (permalink)
eurominican Base Member Join Date: Dec 2010 Location: Miami, Fl Posts: 13 Drives: 06 GSXR 750 Rep Power: 14	Congratulations!

01-25-2011, 10:47 AM	#18 (permalink)
TongMan A True Z Fanatic Join Date: Feb 2010 Location: NorCal Posts: 1,297 Drives: 2013 Nissan GTR Rep Power: 715	Moving out in early March. Yes!

01-27-2011, 09:50 PM	#21 (permalink)
TongMan A True Z Fanatic Join Date: Feb 2010 Location: NorCal Posts: 1,297 Drives: 2013 Nissan GTR Rep Power: 715	He'll no. Don't want to deal with hoa regulations and fees.

01-28-2011, 08:24 AM	#23 (permalink)
TongMan A True Z Fanatic Join Date: Feb 2010 Location: NorCal Posts: 1,297 Drives: 2013 Nissan GTR Rep Power: 715	Party will probably be when I have as many posts as you do StLRedrider. I need to buy furniture, tables, chairs, drapes, curtains, blinds, dishes, beds, sheets, pillows, rugs, towels, and so on. Wow, come to think of it, I need to buy so many things. Sheesh...overwhelming.