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MrsNaunie
Kai helps my father dump out.
Member since 9/06 1181 total posts
Name:
Lauren
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We have just decided to start looking
for a house!!!
We have a real small budget, so this should be interesting... But we need ot get out of our apartment, and moving into yet another apartment just doesn't make sense.
So, my question is- can someone outline our first few steps?
TIA!
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Posted 1/26/07 3:57 PM  |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: We have just decided to start looking
Hey Lauren! Welcome over to LIF Home Board!!!
I started first by getting pre-approved for a mortgage so I knew exactly what I could afford, or the range I could afford. I recommend HSBC (we used them), CitiBank, WAMU, or any Federal Credit Union. They all have competing interest rates
Then, start looking at houses on www.mlsli.com in the areas you're interested in and set the search perameters to what you want.
And then find a real estate (usually recommendations are the best) and start seeing houses with the agent.
From there, if you find a house, let us know and we'll help you from there!
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| Posted 1/26/07 4:04 PM |
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MrsNaunie
Kai helps my father dump out.
Member since 9/06 1181 total posts
Name:
Lauren
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Re: We have just decided to start looking
Thanks!!!!
DH has a credit union through work- we'll have to look into that!
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| Posted 1/26/07 4:05 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: We have just decided to start looking
congrats & welcome!
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| Posted 1/26/07 4:16 PM |
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MrsNaunie
Kai helps my father dump out.
Member since 9/06 1181 total posts
Name:
Lauren
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Re: We have just decided to start looking
1 more question- should I not even be looking at houses beyond my budget by $20K or so? Or is it a realistic possibility of getting something that much lower than it's asking price?
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| Posted 1/26/07 4:18 PM |
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betty
My boys
Member since 5/05 4380 total posts
Name:
Beth
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Re: We have just decided to start looking
Posted by MrsNaunie
1 more question- should I not even be looking at houses beyond my budget by $20K or so? Or is it a realistic possibility of getting something that much lower than it's asking price?
In this market, yes. We just got a house for $15,000 less than asking (after it dropped$30,000!)
Good Luck!
Message edited 1/26/2007 4:24:05 PM.
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| Posted 1/26/07 4:23 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: We have just decided to start looking
Posted by betty
Posted by MrsNaunie
1 more question- should I not even be looking at houses beyond my budget by $20K or so? Or is it a realistic possibility of getting something that much lower than it's asking price?
In this market, yes. We just got a house for $15,000 less than asking (after it dropped$30,000!)
Good Luck!
In our experience, if the house is in good condition and comparable to what other houses sold for in the area recently, you will be paying close to asking price. We paid full asking price for our new home and we think we are getting it at a good deal considering the area and the condition of the house.
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| Posted 1/26/07 4:26 PM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: We have just decided to start looking
Posted by MrsNaunie
1 more question- should I not even be looking at houses beyond my budget by $20K or so? Or is it a realistic possibility of getting something that much lower than it's asking price?
It really depends upon the area and the home owner selling - some are flexible, some are not. We had 2 unflexible people and 1 willing to negotiate to our terms.
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| Posted 1/26/07 4:35 PM |
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betty
My boys
Member since 5/05 4380 total posts
Name:
Beth
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Re: We have just decided to start looking
Posted by MrsFlatbread
Posted by betty
Posted by MrsNaunie
1 more question- should I not even be looking at houses beyond my budget by $20K or so? Or is it a realistic possibility of getting something that much lower than it's asking price?
In this market, yes. We just got a house for $15,000 less than asking (after it dropped$30,000!)
Good Luck!
In our experience, if the house is in good condition and comparable to what other houses sold for in the area recently, you will be paying close to asking price. We paid full asking price for our new home and we think we are getting it at a good deal considering the area and the condition of the house.
The house is in a great area/SD and in good condition - needs some updating (and we will be doing some work to it).....BUT we got lucky b/c the owner already relocated
Message edited 1/26/2007 4:44:33 PM.
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| Posted 1/26/07 4:38 PM |
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Diana1215
Living on a prayer!!!
Member since 10/05 29450 total posts
Name:
Diana
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Re: We have just decided to start looking
You can def. look at houses that are priced higher than you want to spend. You never know how motivated a seller is and what price they are looking to end up with.
As for what you should do first - I would suggest going to open houses in the areas that you are interested in that way you can get a feel for the type of house and neighborhood you want to live in.
Def. meet with a bank or a mortgage broker so that you can figure out how much you can spend monthly and he will break down the price range you should be looking in.
Also, sit down and make a list of the Must Haves that you and your DH want in a home. For ex: a basement? a garage? 3BRs? That will make your search much easier.
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| Posted 1/26/07 4:39 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: We have just decided to start looking
Posted by betty
Posted by MrsFlatbread
Posted by betty
Posted by MrsNaunie
1 more question- should I not even be looking at houses beyond my budget by $20K or so? Or is it a realistic possibility of getting something that much lower than it's asking price?
In this market, yes. We just got a house for $15,000 less than asking (after it dropped$30,000!)
Good Luck!
In our experience, if the house is in good condition and comparable to what other houses sold for in the area recently, you will be paying close to asking price. We paid full asking price for our new home and we think we are getting it at a good deal considering the area and the condition of the house.
The house is in a great area/SD and in good condition (however we will be doing work to it).....BUT we got lucky b/c the owner already relocated
This is what happened to us. The owners were desperatly wanting to get rid of the house because of a previous contract that fell through and another home purchase in Boston, and therefore lowered the price of the house. We knew that they would get asking price without question. We were not willing to lose this house, because we lost a previous house because we tried to bid lower. I agree with the above poster regarding it may depend on the seller. Good luck!!!!!
Message edited 1/26/2007 4:47:40 PM.
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| Posted 1/26/07 4:47 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: We have just decided to start looking
Posted by MrsFlatbread
Posted by betty
Posted by MrsNaunie
1 more question- should I not even be looking at houses beyond my budget by $20K or so? Or is it a realistic possibility of getting something that much lower than it's asking price?
In this market, yes. We just got a house for $15,000 less than asking (after it dropped$30,000!)
Good Luck!
In our experience, if the house is in good condition and comparable to what other houses sold for in the area recently, you will be paying close to asking price. We paid full asking price for our new home and we think we are getting it at a good deal considering the area and the condition of the house.
Agree -- definately research the area to see what goes for how much. In my case, we offered $15K below asking but the seller only went $5K below. Even at asking, we knew we'd be getting a good deal so we didn't push too hard.
But...I've also seen drastic reductions so I'd say, yes, look at houses that are a little more than you want to spend but don't go crazy. as my mom would say, you'll just upset yourself by looking at things you can't have. At first my broker was showing us things 20K above our limit and I started to freak out...then I saw prices drop so really, don't worry. I looked at houses that dropped their ASKING prices anywhere from 10 to 40K.
You never know...happy hunting!!!
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| Posted 1/26/07 4:56 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: We have just decided to start looking
what towns are you looking in?
I think looking at houses 20-15k above your budget is ok, as long as you are prepared to offer whatever your budget allows. There are more "motivated sellers" ads than I've seen in 6-8 years.
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| Posted 1/26/07 5:02 PM |
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MrsNaunie
Kai helps my father dump out.
Member since 9/06 1181 total posts
Name:
Lauren
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Re: We have just decided to start looking
Thanks everyone!
We are looking for a 2 BR starter home, low budget- like around $250K. I know it won't be easy, so we don't have a serious list of must haves. It would just be smarter to buy a small house, than rent a big apartment.
Currently looking in Ronkonkoma, Patchogue, maybe Medford...
Any other suggestions for towns with such affordable homes?
We want a good neighborhood, where reselling the house in 3 years or so wont be impossible...
TIA!
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| Posted 1/26/07 5:10 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: We have just decided to start looking
You consider Ridge, Yapank, Manorville, Selden & even Farmingville.
I've seen homes in all of those towns for 275-295k & occaisonally I'll see something for less but its usually not pretty. Can you up your budget slighty to 265-270, because I think that will give you alot more options.
We paid 260k in 2004 for our house in Ridge.
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| Posted 1/26/07 5:22 PM |
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MrsNaunie
Kai helps my father dump out.
Member since 9/06 1181 total posts
Name:
Lauren
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Re: We have just decided to start looking
I have been lokoing at th e$279K houses, we will see when we meet with the Mortgage broker, I would say $250K is on the low end.
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| Posted 1/26/07 5:24 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: We have just decided to start looking
you'll find something! Congrats on starting the process!
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| Posted 1/26/07 5:27 PM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: We have just decided to start looking
I think your first step s/b to meet with LIHP. Make an appt with Lynn Law. Lynn truly put my DH & I at ease with the entire process.
During your appt you review your finances - debts, income...you name it. She'll give you an idea on what you really can afford, not necessarily what the banks will approve you for. She works out the numbers to give you an idea on what your mthly payments would be, etc.
Then...they have access to loans that most banks will NOT tell you about. For instance, we're getting our mtg through BOA. We originally called them direct and they made us gag, but through a special program they have with LIHP we are financing 97%, NO PMI, NO 2 Mtgs and we just locked in a rate of 6/1%. By calling BOA direct...they didn't offer that to us at all.
Good luck on your search!
Message edited 1/26/2007 5:37:34 PM.
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| Posted 1/26/07 5:36 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: We have just decided to start looking
Posted by lorich
Then...they have access to loans that most banks will NOT tell you about. For instance, we're getting our mtg through BOA. We originally called them direct and they made us gag, but through a special program they have with LIHP we are financing 97%, NO PMI, NO 2 Mtgs and we just locked in a rate of 6/1%.
Good luck on your search!
Be careful about certain lenders like SONYMa etc, as it was stipulated in our contract that monies could not come from this form of lending source.
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| Posted 1/26/07 5:41 PM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: We have just decided to start looking
Posted by MrsFlatbread
Posted by lorich
Then...they have access to loans that most banks will NOT tell you about. For instance, we're getting our mtg through BOA. We originally called them direct and they made us gag, but through a special program they have with LIHP we are financing 97%, NO PMI, NO 2 Mtgs and we just locked in a rate of 6/1%.
Good luck on your search!
Be careful about certain lenders like SONYMa etc, as it was stipulated in our contract that monies could not come from this form of lending source.
It's not SonyMa though...it's Bank of America
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| Posted 1/26/07 5:48 PM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: We have just decided to start looking
Hey How. 
Something I've been doing too is searching this forum for info and organizing the threads I find in my notebook. That way, when I reach that "step", I've got the stuff to look through.
I posted this the other day too, it's a good starter guide:
http://michaelbluejay.com/house/
I've got a word doc version if you want me to email it to you too. 
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| Posted 1/26/07 7:48 PM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: We have just decided to start looking
Patchogue
Selden
Medford
Selden
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| Posted 1/26/07 10:28 PM |
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Diana1215
Living on a prayer!!!
Member since 10/05 29450 total posts
Name:
Diana
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Re: We have just decided to start looking
Posted by MrsNaunie
Thanks everyone!
We are looking for a 2 BR starter home, low budget- like around $250K. I know it won't be easy, so we don't have a serious list of must haves. It would just be smarter to buy a small house, than rent a big apartment.
Currently looking in Ronkonkoma, Patchogue, maybe Medford...
Any other suggestions for towns with such affordable homes?
We want a good neighborhood, where reselling the house in 3 years or so wont be impossible...
TIA!
You should FM MrsErod she is a realtor in those areas!!! Good luck!
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| Posted 1/26/07 10:39 PM |
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JMF
LIF Infant
Member since 3/06 230 total posts
Name:
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Re: We have just decided to start looking
Get preapproved... just call up some banks and answer a few questions.
Then start searching the paper, drive around areas you like looking for signs, and search MLSLI everyday!
Good luck and have fun!
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| Posted 1/27/07 5:28 PM |
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