You probably haven't seen enough houses yet to know if this is perfect, although it may be.

Don't let the realtor rush you. The line of "someone else is bidding too", while possibly true, is like the car dealer saying "this one is going to sell really fast. I have someone else looking at it tonight."

I know it's exciting, but try to be patient. Coupla thots:

Go get preapproved for your mortgage. Since you are a first time buyer this puts you in a stronger position with the seller. This is very important if you wind up having to bid against someone.

Be sure you use a lawyer on the deal. Yours, not the bank's. Have someone lined up before you put in the offer, and ask about any language you should use on the offer to purchase. Then the purchase and sale agreement is a whole 'nother game: you want a pro on it.

Try to find out, via your realtor, what the average difference is between asking and seling price in your market. It gives you a bit of a guideline when making an offer.

Be sure to have the house inspected by a pro (bank will require this anyway) and use the information to negotiate price if there's stuff wrong with the property. Find one recommended by the bank (not the realtor) or in the Yellow Pages.

Allow money in your budget for moving and some interior work. Can cost more than you think.

Buy what you can really afford--don't become house poor.

Have fun and good luck!

Noel

posted by 69.163.4...

• OT: buying first house, wish me luck!, Derek in Durham, Thu, 8 Apr 2004 10:01:43
  • Re: OT: buying first house, wish me luck!, Heckler, Tue, 13 Apr 2004 09:53:54
  • Re: OT: buying first house, wish me luck!, Scott, Fri, 9 Apr 2004 10:59:52
  • Thanks all, this is quite helpful. Details later. nm, Derek in Durham, Fri, 9 Apr 2004 06:50:21
  • Home inspector caution ->, michael p, Thu, 8 Apr 2004 13:55:50
    • Thanks, m.p. Central air a MUST in North Carolina! nm, Derek in Durham, Fri, 9 Apr 2004 06:58:22
    • Have the BANK recommend the inspector..., Noel, Thu, 8 Apr 2004 15:10:41
  • Re: OT: buying first house, wish me luck!, johnf, Thu, 8 Apr 2004 13:34:45
    • Re: OT: buying first house, wish me luck!, Derek in Durham, Fri, 9 Apr 2004 07:02:22
  • can't say enough about the house inspection, nt moore, Thu, 8 Apr 2004 12:31:56
    • 100-200k? Where do you live?, Bob M, Fri, 9 Apr 2004 05:08:58
      • Minnesota, nt moore, Fri, 9 Apr 2004 17:24:12
        • Manitoba, LesH, Sun, 11 Apr 2004 08:59:28
          • Vancouver B.C. (Was: Manitoba), SaabKen in Vancouver, Wed, 14 Apr 2004 17:32:32
    • Re: can't say enough about the house inspection, Spiros Trianta, Thu, 8 Apr 2004 17:02:36
    • Agree, Geoff, Thu, 8 Apr 2004 12:47:33
      • And ..., RS , Thu, 8 Apr 2004 15:51:03
  • Wow, thanks Dave, Craig, mm, and Noel! ->, Derek in Durham, Thu, 8 Apr 2004 12:00:54
    • price, jeff, Thu, 8 Apr 2004 13:49:58
  • What are the prices like?, Brian in MA, Thu, 8 Apr 2004 11:25:00
    • actually, not too bad...., kooch, Thu, 8 Apr 2004 19:05:46
      • Re: actually, not too bad...., Brian in MA, Fri, 9 Apr 2004 04:15:51
    • Re: What are the prices like?, johnf, Thu, 8 Apr 2004 13:55:36
    • Re: What are the prices like?, Derek in Durham, Thu, 8 Apr 2004 11:48:03
      • Great deals compared to southern NH..., Noel, Thu, 8 Apr 2004 12:34:22
        • $145/sq ft ..... blah !, SaabKen in Vancouver, Wed, 14 Apr 2004 17:38:54
  • A few suggestions, Dave Westlake, Thu, 8 Apr 2004 11:17:13
  • Hey Derek..., Craig (in Durham), Thu, 8 Apr 2004 10:58:00
    • Craig: Neighborhoods, Derek in Durham, Thu, 8 Apr 2004 12:04:28
      • Re: Craig: Neighborhoods, Craig, Thu, 8 Apr 2004 12:46:47
        • Thanks, Craig - I sent you an email n/m, Derek in Durham, Fri, 9 Apr 2004 06:55:27
  • patience, young padawan..., modest mouse, Thu, 8 Apr 2004 10:17:30
    • EXCELLENT ADVICE!!, Liam S., Thu, 8 Apr 2004 11:53:26
    • A few thots (at least .02 worth..), Noel, Thu, 8 Apr 2004 11:03:31 <-- Viewing This Message
      • spend some time on the Internet..., Bob M, Fri, 9 Apr 2004 05:16:05

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