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Bring your checkbook (long)
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Posted by nypb (more from nypb) on Mon, 28 Mar 2005 21:05:09 Share Post by Email
In Reply to: Help for 1st time home buyer......, Todd N, Mon, 28 Mar 2005 11:43:17
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Not because of high real estate prices on the East Coast; my wife and I flew into our would be home with the intention of just looking around. We saw a home we loved and moved on it. It was on the market for about 30 days and I knew it wouldn't last much longer so we offered, negotiated and had a signed contract by the time we were back in the airport on Friday. The only catch was neither of us thought to bring the checkbook. We had a check to the title company by the following Tuesday BUT my lovely wife (I do love her so) made the check out to the wrong agency! I probably would have done the same thing.

The moral to this story is to make sure to have a good real estate agent that you trust. We are dealing with a dear lady who even offered to cover us (to the tune of 7k) when we sent the wrong check!

Since we're buying a 3000 sf home we had an engineer look at it in addition to an inspection. The house is 12 yrs. old and it passed with a few problems, no deal breakers though. Money well spent IMO. Since we are first time home buyers as well I will have the inspector back either during the closing walk-through or afterwards to show us where everything is. I've been in an apartment for 20 yrs. so that will be useful. I've been told to buy the Home Improvement 1-2-3 book from Home Depot. I have a good deal to learn and feel I should catch up quickly.

I also didn't know about Title Insurance. Title Insurance assures homeowners and mortgage lenders that a property has a marketable (valid) title. It's a one time thing, not something you'll always need. We bought a home buying for dummies book that we use as a reference.

Good luck! Finding a mortgage rate was a roller coaster ride last week as well.





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