Spoiler: I do in fact suck at math.
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Buy sooner and then refi once you have the 20% equity
Don’t need to wait to have 20% to buy and houses are only going up and up right now
Famous last words.
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Anyone have experience buying a new home? Looking into this pretty heavily
I was SF bay area shopping a few months ago and failed after trying seriously. Useful:
- My agent offered 1.5% back, which is nice.
- patelco credit union had the best mortgage rates and fast close.
- bofa was good if you have lots of extra money to put in, they reduce the rate.
- Lots of competition to buy. People waving contingencies and overbidding.
If you are anywhere else everything will be different.
If you’re talking brand new builds, my wife does. I’ll ask her.
@ChipsAhoy I’m bay adjacent. Thinking of buying into a new development because trying to buy an already built home is stupid right now. I want to buy, too many incentives not too and I’m stuck for at least 6 more years at my job given my contract unless I want to buy out of my contract, which would be idiotic.
I am talking brand new builds TN. I’ve bought before but not done the whole construction loan thing. Luckily I got an in with the builder (three docs in my practice have bought with them in the past year, plus a few nurses too), so hopefully I can get the process going without too much pain? We’ll see.
We built a new build house in a development. I think we put down an earnest deposit for a few thousand before construction and then when the house was finished we completed the loan as normal.
Do you really need a construction loan? Usually (I think) developments just use conventional loans.
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hmm maybe what I read online was wrong? I’m in the super beginning process of this. Probably read something as part of an individual house being built instead of as part of a development.
Like I said, I’m a newb. Will have a lot of work to do on this.
Wow, that surprises me. We are looking to build in a new development and I figured we would need to put a large chunk down before they break ground. (It’s all on hold because there is a dispute about the status of the permit between the developer and the town. Hopefully the price of lumber continues to fall and maybe the market itself cools off a bit before they work it all out, otherwise we are almost priced out now from what we wanted.)
Yeah, it should just be a straightforward conventional loan. Do you know the builder? Read reviews online so you know what to expect as far as build quality. And get an inspection, even if it’s a new house.
The builder will usually have a realtor representing the development as well. You can buy direct with them or use your own realtor.
Our experience was fairly painless, even though our builder was a crook.
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Well the builder comes recommended, but I can’t say that I know them. Three of the docs I work with and two nurses have bought into their previous development. One of the nurses has bought 3 houses with them so far and is planning on 3 more (all investment shit). Reviews of the houses are good. Neighborhood seems good.
We’re doing the builder thing in the Austin suburbs right now. That’s how it’s going for us too.
How much are they paying this nurse? 6 houses in Cali? How?
No idea tbh. But that’s what he’s got planned. He’s lived a very interesting life and, while I like him, is kind of a weird dude. He rents all these houses out, including the rooms in the one he lives in.
If any of you has some property that you think you cant sell, think again:
:D
“I’m not allowing sight-unseen offers,” she said. When an agent called to let her know she was sending over an offer from a Denver-based investor for $625,000, Foster said she told her: “I’m sorry. You have to come and smell it first.”
I closed on my place a year ago. Soooo wish I could find out what it would go for today.
look up your property on Zillow, will usually have some sort of estimate and comparables.