Post # 1
So the secretary @ the church where we’re getting married called me to tell me that there’s a house for sale that they aren’t going to advertise. The house was someone in the congregations, but she died last fall. We’re going tomorrow to look at it & ask for prices. We’re meeting with someone from the church that has her house stuff…so not a formal real estate agent thing.
Things I should ask? We’d be first time home buyers….where’s the best place to get information on the first time buyer tax credit (or any other first time home buyer info)?
Post # 3
I would find out asking price first, then you need to get pre-approved. You will need a ratified contract by the end of April to get the tax credit. You also need to see if you’d do a conventional or FHA loan… (mainly depends on how much you can put down.) You’ll need 20% for a conventional loan. If you get a FHA, you don’t need 20% but you will pay more fee’s and usually a higher interest rate….
I would also look at a lot of other properties on the market. Make sure this is the RIGHT one and the correct price. I’d also get an appraisal and see market comps.
A friend of mine got an AWESOME deal on his townhome through his church… so it can be good, but you’ll need to do your research, get pre-approved NOW, and possbily find yourself a realtor. There’s a LOT of legal crap and craziness in buying a home. If we didn’t have our realtor communicating for us to the lawyers, banks, title companies, etc… I’d be going even more mad than I already am! House buying is SUPER stressful… but it’s worth it 🙂
Post # 4
Thanks! We’re meeting with the woman tomorrow, so we’ll see how it goes before we start everything if it’s for us!