House Buying HELP !!!!!!!!

[PolishPython]

Ok my BP.NET friends and Fam I need some serious help!!!! My wife and I have been looking at houses online for about 3-4 months ... finally we went and got a realtor and started looking at homes , about 2 weeks ago. We have found some houses we really like that were either a little out of price range or had somethings needed to be done to them right away. So we took a look at this house today and we both REALLY !!!! liked it. Better than all the other houses. It has everything we are looking for and most importantly CAN AFFORD comfortably. Finished basement, nice bathrooms, really nice kitchen and a decent size backyard for a row/town home. The only thing the house does not have is central air and the wall units look older and the heater is old. With that said this house is priced at $186,900 which is a great price for the area it is in.
Now the things rolling in our heads.
1) Did we find something too quick ?
2) Do we put a bid in on the house? I feel as though if we don't and someone does after an open house they are having Sunday we will be really disappointed.
3) Her dad thinks we should look outside the city and we keep telling him we cant afford it right now and he is really bothering us.

Here is the link to the house .. http://www.zillow.com/homedetails/33...pwycvic1_kpvuo

Please all Homeowners please help us out .... This is our First home .. we are ready to get out this apartment, start our lives and start a family ...and of course have my own snake room lol

[BPelizabeth]

Well taking a look at the zillow estimate its worth less than what they are asking. Also you can look at what the other townhomes are going for in that area and it is about $15K less. That is not even taking into consideration that you will need to put a new air conditioning and heating system in. I would say that alone will probably run you at least $5K.

Personally speaking I would say its NOT a good deal.

Also are you starting to think about a family? Will 1200sq feet be sufficient? Have you looked into the school system? Things to take into consideration. I hate to be like your dad but I always think more of a traditional house is better for a new family.

Sorry...

[dragonboy4578]

I don't think that there is a certain amount of time to be looking for a house. When you find the one, you found the one. If it was the first house you looked at I would say you may want to continue to look, but it's not. As for people telling you to look outside the city for a house it is an idea, but in the end it really comes down to what you want and can afford. If you like the house, and you are sure it is what you want buy it and don't let someone talk you out of it. I bought my house in a matter of two weeks after I started to actually look at houses. I did look through around 40 houses though.

Best of luck

Morgan

[PolishPython]

Well taking a look at the zillow estimate its worth less than what they are asking. Also you can look at what the other townhomes are going for in that area and it is about $15K less. That is not even taking into consideration that you will need to put a new air conditioning and heating system in. I would say that alone will probably run you at least $5K.

Personally speaking I would say its NOT a good deal.

Also are you starting to think about a family? Will 1200sq feet be sufficient? Have you looked into the school system? Things to take into consideration. I hate to be like your dad but I always think more of a traditional house is better for a new family.

Sorry...

The price I got from my Realtor, I only used Zillow as a link because it has the most pictures. The air conditioning and heating Im not worried about because I feel we can get the house for 175 possibly. This is going to be a starter home maybe 10 years in here once I graduate and my wife is making more we will most likely move. 1200 Sq feet should be fine me and my 3 siblings grew up in less than that so we should be fine. As for schools There is a Catholic school close by we like. She works in the Phila school Dist and WILL NOT put our child in public school in this city. This is the best for our Money I think.
Thank You for comment.

This is not the first house we have seen ..... in person we have seen about 10 houses. Internet we have looked at about 50+

[zina10]

We have bought 2 homes and sold 1.

Real Estate is also a hobby of mine I sold our home in 1 week, in a over saturated market during the "crash". So I did my homework. I even got full asking price and I set it on the high end.

That said, we also found our new home in one weekend. Looked online at countless homes. Toured about 15 in one weekend. Had a GREAT agent, which makes all the difference. Funny thing is, walked into this home and it just felt RIGHT from the get go. However, it is a house that I didn't like "online".

Online pics can be very deceiving, but they usually make something look better then it is, but sometimes its the other way around.

School District is important. Good that you looked into that. LOCATION is all important, that is something you cannot change like a coat of paint. Make sure you like where the house is located at.

Price. This is where your agent should be working her tail off right now. She needs to give you a few comparables in the area. Figure out the price per sqf for that area and type of house. This will help you greatly when you prepare to make an offer.

I have to say, KUDOS to the seller of this house. It is beautifully staged and clean and that can make all the difference in the world. You walk in and feel at home. But as a buyer, don't be to dazzled by that. Look beyond it. Check out the floors and whats beneath them. Check the appliances. Look in the attic if there is one. Check the electrical. Try to see beyond the "elegant and pretty" staging.

To me, the house looks light, airy and friendly. I like it. You can easily update the kitchen by getting new cabinet doors, would make it look much better. That is something you can do further down the road. Everything in the house can be made a bit more polished without breaking the bank, including the outdoor space. So there is great potential.

If you feel right in it, then move forward. You can look at 40 houses more, and just get frustrated. Accept help from family in friends in the decision making, but don't let them make your decisions for you, or ruin your excitement. You two will have to live in that house, not them.

So put your agent to work. Have her find out about the history of the house. Find the fair market value. Consider the market in the area, is it strong , weak? How long has the house been on the market ? All those things should be considered when going in with an offer. Start on the low end with an offer, but do not low ball or be insulting. Make SURE you make the offer contingent on a home inspection. If you don't low ball you can also ask for closing cost or half of them, will give you more room to negotiate.

All this is where a good agent is worth their money ! Make sure you feel comfortable with your agent and that she is doing all she can.

Be prepared that your first offer probably isn't going to be accepted but countered. Before you get into the excitement of offering and counter offering, set yourself a limit as to how high you will go and where it will end. This way you won't go higher in the heat of the moment and regret it later.

Home purchase is an exciting yet nerve wracking experience. You will get through it

Btw. the inspector will probably find a bunch of small things that need to be done. Be prepared to agree fixing those yourself, BUT if there are BIG issues, ask for them to be taken care off, or walk away. Keep your cool and have nerves of steel

Good luck

[anatess]

I lived in a 1200 sq foot home. It's good for a couple, but not that great for pets and kids. My house only had 2 bedrooms. Also not good for resale value because most home buyers go for 3 bedrooms. I bought that house as an investment property. I was single, so I planned to move into a family home that my future husband and I would pick out together. I got married, so I moved to a 3 bedroom, 1800 sq foot home, and rented out my first house. It was the perfect rental!

Anyway, my advice is that - this is buyers' market right now. There are more houses than there are buyers. For every home purchase, you always feel like you have to pounce on it otherwise, somebody is going to jump in and you'll lose out on the opportunity. This is not a good enough reason to pick a house though. You did the right thing - set criteria that you have to have in a home, establish a price point, then find the house that would match. It is always best to move on a house that has EVERYTHING that is in the criteria. Things like - the paint color is ugly is not that important - that's easy to change. But air conditioning is a biggee. So, you have to make sure you are up to the challenge of putting ac unit in.

When I bought this house I have now, it only had 1 sink in the master's bath. My have-to-have list included 2 sinks in the master bath. But, I figured, I can install another sink, no problem. It's been almost 5 years, I still don't have the 2nd sink...

[jbean7916]

I made a snap decision on my first house because I was excited and I came to regret it. How well will you do with not having central air? New units and a new heater can be pretty pricey. Is the room really going to be enough for you? What about all the fixtures for the plumbing? Looks like the kitchen cabinets are a little outdated and that might mean the fixtures might need replacing soon.

It amazes me how expensive it is to live in different places. I bought my first house 2 years ago, 4 bedroom, 2 bath with a garage on 3 lots and paid only $76k for it!!

[lk_holla]

Anyway, my advice is that - this is buyers' market right now. There are more houses than there are buyers. For every home purchase, you always feel like you have to pounce on it otherwise, somebody is going to jump in and you'll lose out on the opportunity.

this is completely true. My family was stuck on the selling side for the past 3 years and it was frustrating because we were almost completely at the will of the potential buyers if we wanted to sell our house. there were numerous renovations (that really were just aesthetics, very little were functional renovations) that we had to do if the buyer was to buy. If central air and some updated heating units is a big deal and something you don't want to mess with, either demand that the seller take care of it or at least drop the price of the house to match the price of the needed updates. And don't be afraid to offer the price you want to offer; the worst thing that will happen is that they will counter it.

[j_h_smith]

You do realize the advice you get on the internet is exactly worth what you paid for it?

You can't ask us and expect anything but bad advice. No one knows what your financial situation actually is, nor do we know anything about the neighborhood, much less the construction of the house. In this day and age, not having a newer furnace and central air conditioning is a really big flag.

Spend some money and have a house inspection done on the house. $175k could be a good deal, or you could be stuck with a $175k white elephant.

Talk to neighbors, look in your town's tax records. Look at comps, to see what houses have sold for in the past 6 months. But most importantly, get a house inspection done from a non-interested third party inspection company. Don't use your real estate agent's inspector.

Again, remember, this advice is only as good as the money you paid for it.
Jim Smith

[TessadasExotics]

Some very good points have already been made. Don't rush as it is definitely a buyer’s market.

Do your home work on the home and surrounding neighborhood. Drive around the area at night and especially on like a Friday/Saturday late night. Look around during the day. See who is out and about. Make sure there are no undesirable neighbors that you may have to deal with. Pay for a home inspector and have to home looked at inside and out. He/she will tell you their honest opinion about the good and the bad of the home from an outside view. Look to see how long the house has been on the market. The longer it has been then it could mean something to worry about or make the owners more willing to work out a deal. Chances are the home is not going to sell fast so TAKE YOUR TIME, don't rush. With a big price tag that a home carries you definitely do not want to rush things.

Also you can haggle with the owner and have them knock off some of the price, so you can have a new ac/heating system installed or have them install one first.